Template-Type: ReDIF-Article 1.0
Author-Name: CHRIS PAPAGEORGIOU
Author-Name: FIDEL PEREZ-SEBASTIAN
Title: Is the Asymptotic Speed of Convergence a Good Proxy for the Transitional Growth Path?
Abstract:
This paper compares transitional dynamics in two alternative R&D non-scale
growth models, one with endogenous human capital and the other without. We
show that focusing only on the asymptotic speed of convergence to
discriminate between the two models' performance can be misleading. Our
analysis suggests that a careful study of the entire adjustment paths
predicted by alternative growth models starting far away from the
balanced-growth path is required in order to successfully discriminate
among them. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1-24
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:1-24

Template-Type: ReDIF-Article 1.0
Author-Name: BEEN-LON CHEN
Title: Multiple BGPs in a Growth Model with Habit Persistence
Abstract:
This paper establishes multiple balanced growth paths in an otherwise
standard, competitive growth model without externality or distortions and
with households' preference dependent upon how his/her consumption
compares to a habit stock formed by his/her own past consumption. The key
feature in our model is that consumption forms habits in combination with
existing habits. This model establishes multiple equilibria because habit
persistence induces an internal, intertemporal complementarity effect
among consumption flows, with current consumption reinforcing future
consumption. As a result, there exist two balanced-growth paths, with one
path exhibiting low consumption and habits and high economic growth, and
the other path exhibiting high consumption and habits and low growth that
is not necessarily a development trap. Both steady states are saddles, but
global indeterminacy arises where a high balanced growth path co-exists
with a low balanced growth path where the two equilibrium paths cannot be
pareto ranked and history need not matter for the selection of the
equilibrium path. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 25-48
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:25-48

Template-Type: ReDIF-Article 1.0
Author-Name: ASTRID A. DICK
Title: Market Size, Service Quality, and Competition in Banking
Abstract:
Local banking markets depict enormous variation in population size. Yet
this paper finds that the nature of bank competition across markets is
strikingly similar. First, markets remain similarly concentrated
regardless of size. Second, the number of dominant banks is roughly
constant across markets of different size; it is the number of fringe
banks that increases with market size. Third, service quality increases in
larger markets and is higher for dominant banks. The findings suggest that
banks use fixed-cost quality investments to capture the additional demand
when market size grows, thereby raising barriers to entry. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 49-81
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:49-81

Template-Type: ReDIF-Article 1.0
Author-Name: W. SCOTT FRAME
Author-Name: LAWRENCE J. WHITE
Title: Charter Value, Risk-Taking Incentives, and Emerging Competition for Fannie Mae and Freddie Mac
Abstract:
This paper examines two forces that may soon increase competition in the
U.S. secondary conforming mortgage market: (1) the Federal Home Loan Bank
mortgage purchase programs, and (2) the adoption of revised risk-based
capital requirements for large U.S. banks (Basel II). We argue that this
competition is likely to reduce the growth and relative importance of
Fannie Mae and Freddie Mac and hence reduce their charter values and
effective capital. Such developments could, in turn, lead to more risky
behaviors by these two companies. This last consequence warrants greater
supervisory awareness and legal authorities. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 83-103
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:83-103

Template-Type: ReDIF-Article 1.0
Author-Name: WAI-MING HO
Author-Name: JINLI ZENG
Author-Name: JIE ZHANG
Title: Inflation Taxation and Welfare with Externalities and Leisure
Abstract:
This paper examines how inflation taxation affects resource allocation and
welfare in a neoclassical growth model with leisure, a production
externality and money in the utility function. Switching from consumption
taxation to inflation taxation to finance government spending reduces real
money balances relative to income, but increases consumption, labor,
capital, and output. The net welfare effect of this switch depends
crucially on the strength of the externality and on the elasticity of
intertemporal substitution. While it is always negative without the
externality, it is likely to be positive with a strong externality and
elastic intertemporal substitution. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 105-131
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:105-131

Template-Type: ReDIF-Article 1.0
Author-Name: HANS GERSBACH
Author-Name: VOLKER HAHN
Title: Information Content of Wages and Monetary Policy
Abstract:
We examine whether it is sufficient for central banks to observe and
forecast nominal variables only. Analyzing the interplay of wage-setting
unions and a central bank we show that although central banks may not gain
more information by directly acquiring data about indicators of real
shocks in the economy, such activities are nevertheless beneficial for
central banks and yield lower social losses. Moreover, the extent of
research activities by central banks should depend on the process of union
formation. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 133-149
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:133-149

Template-Type: ReDIF-Article 1.0
Author-Name: ESTER FAIA
Title: Financial Differences and Business Cycle Co-Movements in a Currency Area
Abstract:
I propose a unitary framework to interpret the links between differences
in financial structures and the monetary policy regimes, on the one hand,
and the correlation of business cycles, on the other. Using a two-country
micro-founded model with financial frictions I predict that a greater
financial diversity should reduce cyclical correlation under a given
monetary regime and that moving from independent monetary policies to a
hard peg or a common currency should increase it, for any given degree of
financial diversity. I use the recent experience of EMU to test these
ideas and show that my model explains reasonably well the broad patterns
of business cycle correlation observed recently among the main euro area
countries. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 151-185
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:151-185

Template-Type: ReDIF-Article 1.0
Author-Name: CHANG-JIN KIM
Author-Name: JEREMY M. PIGER
Author-Name: RICHARD STARTZ
Title: The Dynamic Relationship between Permanent and Transitory Components of U.S. Business Cycles
Abstract:
This paper investigates the dynamic relationship between permanent and
transitory components of post-war U.S. business cycles. We specify a
time-series model for real GNP and consumption in which the two share a
common stochastic trend and transitory component, and Markov-regime
switching is used to model business cycle phases in these components. The
timing of switches between business cycle phases is allowed to differ
across the permanent and transitory components. We find strong evidence of
a lead-lag relationship between the switches in the two components.
Specifically, switches in the permanent component leads switches in the
transitory component when entering recessions. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 187-204
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:187-204

Template-Type: ReDIF-Article 1.0
Author-Name: HIONA BALFOUSSIA
Author-Name: MIKE WICKENS
Title: Macroeconomic Sources of Risk in the Term Structure
Abstract:
We develop a new way of modeling time variation in term premia, based on
the stochastic discount factor model of asset pricing. The joint
distribution of excess U.S. bond returns of different maturity and the
observable fundamental macroeconomic factors is modeled using multivariate
GARCH with conditional covariances in the mean to capture the term premia.
By testing the assumption of no arbitrage we derive a specification test
of our model. We estimate the contribution made to the term premia at
different maturities through real and nominal sources of risk. From the
estimated term premia we recover the term structure of interest rates and
examine how it varies through time. Finally, we examine whether the
reported failures of the rational expectations hypothesis can be
attributed to an omitted time-varying term premium. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 205-236
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:205-236

Template-Type: ReDIF-Article 1.0
Author-Name: JULIO J. ROTEMBERG
Title: The Persistence of Inflation Versus That of Real Marginal Cost in the New Keynesian Model
Abstract:
This note provides an example where the New Keynesian Phillips Curve leads
inflation to be substantially more persistent than the output gap. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 237-239
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:237-239

Template-Type: ReDIF-Article 1.0
Author-Name: KAZUO OGAWA
Title: Why Commercial Banks Held Excess Reserves: The Japanese Experience of the Late 1990s
Abstract:
We investigated, empirically, why Japanese banks held excess reserves in
the late 1990s. Specifically, we pin down two factors explaining the
demand for excess reserves: a low short-term interest rate, or call rate,
and the fragile financial health of banks. The virtually zero call rate
increased the demand for excess reserves substantially, and a high bad
loans ratio largely contributed to the increase in excess reserve
holdings. We found that the holdings of excess reserves would fall by
two-thirds if the call rate were to be raised to its level prior to the
adoption of the zero-interest-rate policy, and the bad loans ratio were to
fall by 50%. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 241-257
Issue: 1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:1:p:241-257

Template-Type: ReDIF-Article 1.0
Author-Name: FREDERIC S. MISHKIN
Title: Is Financial Globalization Beneficial?
Abstract:
This lecture examines whether financial globalization is beneficial to
developing countries by first examining the evidence on financial
development and economic growth and concludes that financial development
is indeed a key element in promoting economic growth. It then asks why if
financial development is so beneficial, it often does not occur. It then
goes on to examine whether globalization, particularly of the financial
kind, can help encourage financial and economic development and argues
that it can. However, financial globalization does not always work to
encourage economic development because it often leads to devastating
financial crises. The issue is thus not whether financial globalization is
inherently good or bad, but whether it can be done right. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 259-294
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:259-294

Template-Type: ReDIF-Article 1.0
Author-Name: MARK GERTLER
Author-Name: SIMON GILCHRIST
Author-Name: FABIO M. NATALUCCI
Title: External Constraints on Monetary Policy and the Financial Accelerator
Abstract:
We develop a small open economy macroeconomic model where financial
conditions influence aggregate behavior. Our goal is to explore the
connection between the exchange rate regime and financial distress. We
first show that a calibrated version of the model captures well the
behavior of the Korean economy during its financial crisis period of
1997-98. In particular, the model accounts for the sharp increase in
lending rates and the large drop in output, employment, investment, and
measured productivity. The financial market frictions play an important
role, further, explaining roughly half the decline in overall economic
activity. We then perform some counterfactual exercises to illustrate how
the fixed exchange rate regime likely exacerbated the crisis by tying the
hands of monetary policy. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 295-330
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:295-330

Template-Type: ReDIF-Article 1.0
Author-Name: ALLEN N. BERGER
Author-Name: ASTRID A. DICK
Author-Name: LAWRENCE G. GOLDBERG
Author-Name: LAWRENCE J. WHITE
Title: Competition from Large, Multimarket Firms and the Performance of Small, Single-Market Firms: Evidence from the Banking Industry
Abstract:
We offer and test two competing hypotheses for the consolidation trend in
banking using U.S. banking industry data over the period 1982-2000. Under
the "efficiency hypothesis", technological progress improved the
performance of large, multimarket firms relative to small, single-market
firms, whereas under the "hubris hypothesis", consolidation was largely
driven by corporate hubris. Our results are consistent with an empirical
dominance of the efficiency hypothesis over the hubris hypothesis-on net,
technological progress allowed large, multimarket banks to compete more
effectively against small, single-market banks in the 1990s than in the
1980s. We also isolate the extent to which technological progress occurred
through scale versus geographic effects and how they affected the
performance of small, single-market banks through revenues versus costs.
The results may shed light as well on some of the research and policy
issues related to community banking. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 331-368
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:331-368

Template-Type: ReDIF-Article 1.0
Author-Name: CECILIA GARCÃ•A-PE&Ntilde;ALOSA
Author-Name: STEPHEN J. TURNOVSKY
Title: Growth, Income Inequality, and Fiscal Policy: What Are the Relevant Trade-offs?
Abstract:
We develop an endogenous growth model with elastic labor supply, in which
agents differ in their initial endowments of physical capital. In this
context, the growth rate and the distribution of income are jointly
determined. We then examine the distributional impact of different ways of
financing an investment subsidy. Policies aimed at increasing the growth
rate result in a more unequal distribution of pre-tax income, consistent
with the positive correlation between income inequality and growth
observed in the recent empirical literature. However, there is no conflict
between efficiency and equity if inequality is measured in terms of the
distribution of welfare. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 369-394
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:369-394

Template-Type: ReDIF-Article 1.0
Author-Name: GLENN D. RUDEBUSCH
Author-Name: TAO WU
Title: Accounting for a Shift in Term Structure Behavior with No-Arbitrage and Macro-Finance Models
Abstract:
This paper examines a shift in the dynamics of the term structure of
interest rates in the United States during the mid-1980s. We document this
shift using standard interest rate regressions and using dynamic, affine,
no-arbitrage models estimated for the pre- and post-shift subsamples. The
term structure shift largely appears to be the result of changes in the
pricing of risk associated with a "level" factor. Using a macro-finance
model, we suggest a link between this shift in term structure behavior and
changes in the dynamics and risk pricing of the Federal Reserve's
inflation target as perceived by investors. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 395-422
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:395-422

Template-Type: ReDIF-Article 1.0
Author-Name: SHU WU
Title: Interest Rate Risk and the Forward Premium Anomaly in Foreign Exchange Markets
Abstract:
This paper shows that even adjusted for the time-varying risk premiums
implied by the yield curves across countries, uncovered interest parity is
still strongly rejected by the data. Moreover, factors that predict the
excess bond returns are found not significant at all in predicting the
foreign exchange returns. These results reject the joint restrictions on
the exchange rate and interest rates imposed by dynamic term-structure
models, suggesting that foreign exchange markets and bond markets may not
be fully integrated and we have to look beyond interest rate risk in order
to understand the exchange rate anomaly. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 423-442
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:423-442

Template-Type: ReDIF-Article 1.0
Author-Name: MAXIME CHARLEBOIS
Author-Name: STEPHEN SAPP
Title: Temporal Patterns in Foreign Exchange Returns and Options
Abstract:
Although the foreign exchange market is believed to be one of the most
efficient financial markets in the world, there is significant evidence
that technical analysis is profitable in this market. In this study we
investigate the ability of information from the options market to
supplement the commonly used information on past prices to predict
temporal patterns in foreign exchange returns. We find that strategies
using information from at-the-money options were more consistently
profitable than the commonly used strategies based on only historical spot
exchange rates (past prices). Consequently, options appear to contain
information regarding future spot exchange rate movements. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 443-470
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:443-470

Template-Type: ReDIF-Article 1.0
Author-Name: SANVI AVOUYI-DOVI
Author-Name: JULIEN MATHERON
Title: Technology Shocks and Monetary Policy: Revisiting the Fed's Performance
Abstract:
Would the U.S. economy's dynamic response to permanent technology shocks
have been different from the actual responses if monetary authorities'
systematic response to these shocks had been optimal? To answer this
question, we characterize the dynamic effects of permanent technology
shocks and the way in which U.S. monetary authorities reacted to these
shocks over the sample 1955(1)-2002(4) using a structural VAR. A sticky
price-sticky wage model is developed and estimated to reproduce these
responses. We then formally compare these responses with the outcome of
the optimal monetary policy. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 471-507
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:471-507

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL EHRMANN
Author-Name: MARCEL FRATZSCHER
Title: Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?
Abstract:
The paper assesses the communication strategies of the Federal Reserve,
the Bank of England, and the European Central Bank and their
effectiveness. We find that the effectiveness of communication is not
independent from the decision-making process. The paper shows that the
Federal Reserve has been pursuing a highly individualistic communication
strategy amid a collegial approach to decision making, while the Bank of
England is using a collegial communication strategy and highly
individualistic decision making. The European Central Bank (ECB) has
chosen a collegial approach both in its communication and in its decision
making. Assessing these strategies, we find that predictability of policy
decisions and the responsiveness of financial markets to communication are
equally good for the Federal Reserve and the ECB. This suggests that there
may not be a single best approach to designing a central bank
communication strategy. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 509-541
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:509-541

Template-Type: ReDIF-Article 1.0
Author-Name: DIMITRIS K. CHRISTOPOULOS
Author-Name: MIGUEL A. LEâˆšN-LEDESMA
Title: A Long-Run Non-Linear Approach to the Fisher Effect
Abstract:
We argue that the empirical failure of the Fisher effect found in the
literature may be due to the existence of non-linearities in the long-run
relationship between interest rates and inflation. We present evidence
that, for the U.S. during the 1960-2004 period, the Fisher relation
presents important non-linearities. We model the long-run non-linear
relationship and find that an ESTR model for the pre-Volcker era and an
LSTR model for the post-Volcker era are able to control for
non-linearities and constitute long-run co-integration vectors. Monte
Carlo evidence produces support for the hypothesis that non-linearities
may also be responsible for the less than proportional coefficients of
inflation usually found in the linear specifications. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 543-559
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:543-559

Template-Type: ReDIF-Article 1.0
Author-Name: LUTZ KILIAN
Author-Name: SIMONE MANGANELLI
Title: Quantifying the Risk of Deflation
Abstract:
We propose formal and quantitative measures of the risk that future
inflation will be excessively high or low relative to the range preferred
by a private sector agent. Unlike alternative measures of risk, our
measures are designed to make explicit the dependence of risk measures on
the private sector agent's preferences with respect to inflation. We
illustrate our methodology by estimating the risks of deflation for the
United States, Germany, and Japan for horizons of up to 2 years. The
question of how large these risks are has been subject to considerable
public debate. We find that, as of September 2002 when this question first
arose, there was no evidence of substantial deflation risks for the United
States and for Germany, contrary to some conjectures at the time. In
contrast, there was evidence of substantial deflation risks in Japan. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 561-590
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:561-590

Template-Type: ReDIF-Article 1.0
Author-Name: JONATHAN McCARTHY
Author-Name: EGON ZAKRAJSEK
Title: Inventory Dynamics and Business Cycles: What Has Changed?
Abstract:
To what extent can information-technology led improvements in inventory
management account for the apparent moderation of economic fluctuations in
the United States since the mid-1980s? We argue that changes in inventory
dynamics played a reinforcing-rather than a leading-role in the reduction
of output volatility. Since the mid-1980s, inventory dynamics have changed
in a manner consistent with a faster resolution of inventory imbalances.
However, these changes appear to be a consequence of changes in the
response of industry-level sales and aggregate economic activity to
monetary policy shocks. Our results suggest that it is the interaction
between the changes in inventory behavior at the industry level and the
macroeconomic environment-where the latter likely includes changes in the
conduct of monetary policy and the responses of the economy to policy
disturbances-rather than any single factor, that has contributed
importantly to the observed decline in economic volatility. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 591-613
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:591-613

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES C. MORLEY
Title: The Slow Adjustment of Aggregate Consumption to Permanent Income
Abstract:
This paper investigates the relationship between aggregate consumption and
permanent income using a new approach to the estimation of cointegrated
systems that builds on Stock and Watson's common stochastic trends
representation. The permanent and transitory movements in aggregate income
and consumption are estimated directly using the Kalman filter and are
allowed to be correlated. This approach avoids any implicit restriction
that permanent income be as smooth as consumption. Instead, permanent
income appears to be relatively volatile, with consumption adjusting
toward it only slowly over time. These results provide a clear rejection
of the standard version of the permanent income hypothesis and are
suggestive of alternative theories of consumption behavior such as habit
formation or precautionary savings. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 615-638
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:615-638

Template-Type: ReDIF-Article 1.0
Author-Name: WAKO WATANABE
Title: Prudential Regulation and the "Credit Crunch": Evidence from Japan
Abstract:
The underlying causes of sharp declines in bank lending during recessions
in large developed economies, as exemplified by the U.S. in the early
1990s and Japan in the late 1990s, are still being debated due to the lack
of any convincing identification strategy of the supply side
capital-lending relationship from lending demand. Using within bank share
of real estate lending in the late 1980s as an instrumental variable for
bank capital, we find that Japanese banks cut back on their lending in
response to a large loss of bank capital in fiscal year 1997. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 639-665
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:639-665

Template-Type: ReDIF-Article 1.0
Author-Name: SHIU-SHENG CHEN
Title: Does Monetary Policy Have Asymmetric Effects on Stock Returns?
Abstract:
This paper investigates whether monetary policy has asymmetric effects on
stock returns using Markov-switching models. Different measures of a
monetary policy stance are adopted. Empirical evidence from monthly
returns on the Standard & Poor's 500 price index suggests that monetary
policy has larger effects on stock returns in bear markets. Furthermore,
it is shown that a contractionary monetary policy leads to a higher
probability of switching to the bear-market regime. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 667-688
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:667-688

Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT A. CONNOLLY
Author-Name: Z. NURAY Gâ€¹NER
Author-Name: KENNETH N. HIGHTOWER
Title: Evidence on the Extent and Potential Sources of Long Memory in U.S. Treasury Security Returns and Yields
Abstract:
Unlike equity returns, many fixed-income return measures appear to display
long memory. We show that the extent of long memory differs strongly for
gross and excess holding period returns on U.S. Treasury securities.
Granger and others have argued that long memory may only reflect
infrequent structural breaks. We explore the impact of structural
instability on tests for long memory and find only weak indications that
it lies behind the long memory in our return series. The evidence of long
memory remains strong for yield and term premia series even after
accounting for a series of potential underlying structural changes. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 689-702
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:689-702

Template-Type: ReDIF-Article 1.0
Author-Name: Sâ€¦BASTIEN LOTZ
Author-Name: ANDREI SHEVCHENKO
Author-Name: CHRISTOPHER WALLER
Title: Heterogeneity and Lotteries in Monetary Search Models
Abstract:
We introduce ex ante heterogeneity into the Berentsen, Molico, and Wright
monetary search model with lotteries. We show that their three main
results regarding lotteries do not survive this modification of the
environment. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 703-712
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:703-712

Template-Type: ReDIF-Article 1.0
Author-Name: FABRICE COLLARD
Author-Name: HARRIS DELLAS
Title: The Great Inflation of the 1970s
Abstract:
The two leading explanations for the poor inflation performance during the
1970s are policy opportunism (Barro and Gordon 1983) and "inadvertently"
bad monetary policy (Clarida, Gali, and Gertler 2000, Orphanides 2003).
The main models of the latter category are that of Orphanides (loose
monetary policy was the outcome of mis-perceptions about potential output
rather than of inflation tolerance) and of Clarida, Gali, and Gertler
(weak policy reaction to expected inflation led to indeterminacies). We
show that both of these models can account for high and persistent
inflation and also have satisfactory overall performance if an
exceptionally large decrease in productivity took place at that time. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 713-731
Issue: 2-3
Volume: 39
Year: 2007
Month: 03
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:2-3:p:713-731

Template-Type: ReDIF-Article 1.0
Author-Name: JOONKYUNG HA
Author-Name: PETER HOWITT
Title: Accounting for Trends in Productivity and R&D: A Schumpeterian Critique of Semi-Endogenous Growth Theory
Abstract:
This paper argues that long-run trends in R&D and TFP are more supportive
of fully endogenous "Schumpeterian" growth theory than they are of
semi-endogenous growth theory. The distinctive prediction of
semi-endogenous theory that sustained TFP growth requires sustained growth
of R&D input is not supported by co-integration tests and forecasting
exercises, as TFP growth has been stationary even though the growth rate
of R&D input has fallen three-fold since the early 1950s. In contrast, the
prediction of Schumpeterian theory that sustained TFP growth requires a
sustained fraction of GDP to be spent on R&D is not contradicted by
similar tests. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 733-774
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:733-774

Template-Type: ReDIF-Article 1.0
Author-Name: ALLEN N. BERGER
Author-Name: ASTRID A. DICK
Title: Entry into Banking Markets and the Early-Mover Advantage
Abstract:
Using a sample for 1972-2002 with over 10,000 bank entries into local
markets, we find a market share advantage for early entrants. In
particular, the earlier a bank enters, the larger is its market share
relative to other banks, controlling for firm, market, and time effects,
with a market share advantage for early movers between 1 and 15 percentage
points, depending on the order of entry. The strongest early-mover
advantage is for banks that were in our sample in 1972 and survive into
the 1990s. Moreover, early entrants appear to have such hold in the market
by strategically investing in larger branch networks. Even controlling for
the potential survivorship bias, we find that a bank's share decreases by
0.1 percentage points for a change in its order of entry from "n"th to
("n"&plus; 1)th. High growth markets show a smaller difference between
late and early movers, consistent with a larger fraction of consumers yet
to be locked in with a bank in these markets. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 775-807
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:775-807

Template-Type: ReDIF-Article 1.0
Author-Name: HESS CHUNG
Author-Name: TROY DAVIG
Author-Name: ERIC M. LEEPER
Title: Monetary and Fiscal Policy Switching
Abstract:
A growing body of evidence finds that policy reaction functions vary
substantially over different periods in the United States. This paper
explores how moving to an environment in which monetary and fiscal regimes
evolve according to a Markov process can change the impacts of policy
shocks. In one regime monetary policy follows the Taylor principle and
taxes rise strongly with debt; in another regime the Taylor principle
fails to hold and taxes are exogenous. An example shows that a unique
bounded non-Ricardian equilibrium exists in this environment. A
computational model illustrates that because agents' decision rules embed
the probability that policies will change in the future, monetary and tax
shocks always produce wealth effects. When it is possible that fiscal
policy will be unresponsive to debt at times, active monetary policy (like
a Taylor rule) in one regime is not sufficient to insulate the economy
against tax shocks in that regime and it can have the unintended
consequence of amplifying and propagating the aggregate demand effects of
tax shocks. The paper also considers the implications of policy switching
for two empirical issues. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 809-842
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:809-842

Template-Type: ReDIF-Article 1.0
Author-Name: MIQUEL FAIG
Author-Name: BELâ€¦N JEREZ
Title: Precautionary Balances and the Velocity of Circulation of Money
Abstract:
The low velocity of circulation of money implies that households hold more
money than they normally spend. This behavior is explained if households
face uncertain expenditure needs, so that they have a precautionary motive
for holding money. We investigate this motive in a search model where
households are subject to preference shocks. The model predicts that
velocity is not only low but also interest elastic. The model closely fits
U.S. data on velocity and interest rates (1892-2004). The empirical
analysis reveals a dramatic reduction in precautionary balances toward the
end of our sample, which is important for policy issues. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 843-873
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:843-873

Template-Type: ReDIF-Article 1.0
Author-Name: MIGUEL CASARES
Title: Monetary Policy Rules in a New Keynesian Euro Area Model
Abstract:
The first part of this paper is devoted to describe a New Keynesian model,
which, after calibration, shows a great fit on Euro area macroeconomic
data. Then, the stabilizing properties of alternative monetary policy
rules are evaluated for consideration of the European Central Bank (ECB).
Our main finding is that a simple rule that provides the reaction of the
nominal interest rate to price inflation, wage inflation, and its previous
observation can fairly well approximate the optimal monetary policy. This
result is robust to including an ECB preference on interest-rate
smoothing. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 875-900
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:875-900

Template-Type: ReDIF-Article 1.0
Author-Name: YASUSHI HAMAO
Author-Name: JIANPING MEI
Author-Name: YEXIAO XU
Title: Unique Symptoms of Japanese Stagnation: An Equity Market Perspective
Abstract:
This paper documents several unique financial symptoms of Japanese
economic stagnation in the 1990s. We find a surprising "fall" in
firm-level volatility and turnover in Japanese stocks after the market
crash in 1990. These results stand in sharp contrast to the U.S. case,
where firm-level volatility generally "increases" after a market crash.
Further analysis reveals a parallel sharp reduction in earnings
heterogeneity among Japanese firms. Preliminary evidence suggests that the
reduction in firm-level volatility may be related to Japanese business
group protection. The large decrease in firm-level volatility may impede
the equity market's information role, as it has made it more difficult
over the past decade for both investors and managers to distinguish high
quality from low-quality firms. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 901-923
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:901-923

Template-Type: ReDIF-Article 1.0
Author-Name: LUÃ•S AGUIAR-CONRARIA
Author-Name: YI WEN
Title: Understanding the Large Negative Impact of Oil Shocks
Abstract:
This paper offers a plausible explanation for the close link between oil
prices and aggregate macroeconomic performance in the 1970s. Although this
link has been well documented in the empirical literature, standard
economic models are not able to replicate this link when actual oil prices
are used to simulate the models. In particular, standard models cannot
explain the depth of the recession in 1974-75 and the strong revival in
1976-78 based on the oil price movements in that period. This paper argues
that a missing multiplier-accelerator mechanism from standard models may
hold the key. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 925-944
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:925-944

Template-Type: ReDIF-Article 1.0
Author-Name: LEO FERRARIS
Author-Name: RAOUL MINETTI
Title: Foreign Lenders and the Real Sector
Abstract:
We develop a theory of the interaction between the entry of lenders and
the real sector. The high liquidation skills of incumbent lenders render
them too tough in terminating high-risk/return projects. Being "foreign"
to the market, newcomers have lower ability to liquidate than incumbents.
This makes them softer in liquidating high-risk/return projects but
renders their funding more costly. We show that the entry of lenders and
the share of high-risk/return projects can reinforce each other through
firms' liquidation values. This interaction dampens the output impact of
liquidity shocks. Hence, financial liberalization can enhance stability. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 945-964
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:945-964

Template-Type: ReDIF-Article 1.0
Author-Name: KEVIN B. GRIER
Author-Name: AARON D. SMALLWOOD
Title: Uncertainty and Export Performance: Evidence from 18 Countries
Abstract:
We study a sample of nine developed and nine developing countries to
evaluate the questions of how foreign income uncertainty and real exchange
rate (RER) uncertainty impact international trade and how those impacts
vary according to stage of development. RER uncertainty has a negative and
significant impact on export growth for six of the nine less developed
countries in our sample, while it has an insignificant effect for a
majority of the developed countries. In both groups, foreign income
uncertainty has a more pervasively significant (and frequently larger)
influence on trade than does RER uncertainty. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 965-979
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:965-979

Template-Type: ReDIF-Article 1.0
Author-Name: MARTIN ELLISON
Author-Name: TONY YATES
Title: Escaping Volatile Inflation
Abstract:
Why has inflation been so stable in developed economies since the early
1990s? In this paper, we answer that the United States and other countries
may have escaped from a volatile inflation equilibrium. Our argument
builds on the story proposed by Tom Sargent in "The Conquest of American
Inflation", where the fall in inflation in the 1980s was attributed to
changing government beliefs. To explain the escape in inflation
volatility, we unwind one of Sargent's simplifications and allow the
government to react to some of the shocks in the economy. In this case,
when government beliefs turned against the Phillips curve in the 1980s
they not only led to an escape from high inflation, but also stopped
government using changes in inflation to offset shocks. Inflation and
inflation volatility therefore escaped in tandem. Our analysis also sheds
some light on why the escape in inflation occurred at the time it did. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 981-993
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:981-993

Template-Type: ReDIF-Article 1.0
Author-Name: JINILL KIM
Author-Name: SUNGHYUN HENRY KIM
Title: Two Pitfalls of Linearization Methods
Abstract:
This paper illustrates two types of pitfalls when linearization methods
are improperly applied. First, if we linearize the constraints before
deriving the optimality conditions, the derived conditions are not correct
up to first order. Second, even when we obtain the behavior of the economy
that is correct to the first order, applying this behavior to welfare
implications may lead to incorrect results. We also review different ways
to avoid those pitfalls. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 995-1001
Issue: 4
Volume: 39
Year: 2007
Month: 06
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:995-1001

Template-Type: ReDIF-Article 1.0
Author-Name: JACQUES MINIANE
Author-Name: JOHN H. ROGERS
Title: Capital Controls and the International Transmission of U.S. Money Shocks
Abstract:
We assess whether capital controls effectively insulate countries from
U.S. monetary shocks, examining a large range of country experiences in a
unified estimation framework. We estimate the effect of identified U.S.
monetary shocks on the exchange rate and foreign country interest rates,
and test whether countries with less open capital accounts exhibit
systematically smaller responses. We find essentially no evidence of this.
Other country factors such as the exchange rate regime or degree of
dollarization explain more of the cross-country differences in responses.
The significant differences in responses we do find are more pronounced at
short horizons. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1003-1035
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1003-1035

Template-Type: ReDIF-Article 1.0
Author-Name: Jâ€¹RGEN VON HAGEN
Author-Name: TAI-KUANG HO
Title: Money Market Pressure and the Determinants of Banking Crises
Abstract:
This article develops an index of money market pressure to identify
banking crises. We define banking crises as periods in which there is
excessive demand for liquidity in the money market. We begin with the
theoretical foundation of this new method. With the newly defined crisis
episodes, we examine the determinants of banking crises using data
complied from 47 countries. We find that slowdown of real GDP, lower real
interest rates, extremely high inflation, large fiscal deficits, and
over-valued exchange rates tend to precede banking crises. The effects of
monetary base growth on the probability of banking crises are negligible. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1037-1066
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1037-1066

Template-Type: ReDIF-Article 1.0
Author-Name: ELENA CARLETTI
Author-Name: PHILIPP HARTMANN
Author-Name: GIANCARLO SPAGNOLO
Title: Bank Mergers, Competition, and Liquidity
Abstract:
We model the impact of bank mergers on loan competition, reserve holdings,
and aggregate liquidity. A merger changes the distribution of liquidity
shocks and creates an internal money market, leading to financial cost
efficiencies and more precise estimates of liquidity needs. The merged
banks may increase their reserve holdings through an internalization
effect or decrease them because of a diversification effect. The merger
also affects loan market competition, which in turn modifies the
distribution of bank sizes and aggregate liquidity needs. Mergers among
large banks tend to increase aggregate liquidity needs and thus the public
provision of liquidity through monetary operations of the central bank. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1067-1105
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1067-1105

Template-Type: ReDIF-Article 1.0
Author-Name: NARAYANA R. KOCHERLAKOTA
Author-Name: ILHYOCK SHIM
Title: Forbearance and Prompt Corrective Action
Abstract:
This article investigates whether a bank regulator should terminate
problem banks promptly or exercise forbearance. We construct a dynamic
model economy in which entrepreneurs pledge collateral, borrow from banks,
and invest in long-term projects. We assume that collateral value has
aggregate risk over time, that in any period entrepreneurs can abscond
with the projects but lose the collateral, and that depositors can
withdraw deposits. We show that optimal regulation exhibits forbearance if
the ex-ante probability of collapse in collateral value is sufficiently
low, but exhibits prompt termination of problem banks if this probability
is sufficiently high. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1107-1129
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1107-1129

Template-Type: ReDIF-Article 1.0
Author-Name: ANUSHA CHARI
Title: Heterogeneous Market-Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions
Abstract:
Using high-frequency data this article provides evidence that, on average,
central bank interventions lead to increased volatility and a widening of
bid-ask spreads in the intra-day market for foreign exchange. The results
also show that there is dispersion in the bid-ask spread revisions posted
by individual banks in response to the central bank entering the market.
The findings are consistent with predictions from standard models of
market microstructure with heterogeneous agents and have implications for
the market power of central banks as well as the payoff generated by
trading large amounts of international reserves. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1131-1162
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1131-1162

Template-Type: ReDIF-Article 1.0
Author-Name: ANTONIO FATÂ¡S
Author-Name: ILIAN MIHOV
Author-Name: ANDREW K. ROSE
Title: Quantitative Goals for Monetary Policy
Abstract:
We study empirically the macroeconomic effects of an explicit "de jure"
quantitative goal for monetary policy. Quantitative goals take three
forms: exchange rates, money growth rates, and inflation targets. We
analyze the effects on inflation of both having a quantitative target and
hitting a declared target. Our empirical work uses an annual data set
covering 42 countries between 1960 and 2000, and takes account of other
determinants of inflation (such as fiscal policy, the business cycle, and
openness to international trade) and the endogeneity of the monetary
policy regime. We find that both having and hitting quantitative targets
for monetary policy is systematically and robustly associated with lower
inflation. The exact form of the monetary target matters somewhat
(especially for the sustainability of the monetary regime) but is less
important than having some quantitative target. Successfully achieving a
quantitative monetary goal is also associated with less volatile output. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1163-1176
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1163-1176

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES BULLARD
Author-Name: KAUSHIK MITRA
Title: Determinacy, Learnability, and Monetary Policy Inertia
Abstract:
We show how monetary policy inertia can help alleviate problems of
indeterminacy and non-existence of stationary equilibrium observed for
some commonly studied monetary policy rules. We also find that inertia
promotes learnability of equilibrium. The context is a simple,
forward-looking model of the macroeconomy widely used in the rapidly
expanding literature in this area. We conclude that this might be an
important reason why central banks in the industrialized economies display
considerable inertia when adjusting monetary policy in response to
changing economic conditions. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1177-1212
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1177-1212

Template-Type: ReDIF-Article 1.0
Author-Name: IRIS CLAUS
Title: The Effects of Bank Lending in an Open Economy
Abstract:
This article assesses the effects of bank lending in a small open economy
with a floating exchange rate and sticky prices. A theoretical model with
costly financial intermediation is developed for New Zealand. The results
show that the long-run and business cycle effects of bank lending are
small. Whether firms borrow from financial intermediaries or public debt
markets is unlikely to affect economic activity. In other words, the
financial structure, or degree to which a country's financial system is
intermediary based or market based, does not matter. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1213-1243
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1213-1243

Template-Type: ReDIF-Article 1.0
Author-Name: SEUNG CHAN AHN
Author-Name: MICHAEL MELVIN
Title: Exchange Rates and FOMC Days
Abstract:
Federal Open Market Committee (FOMC) meeting days provide a natural
laboratory for exploring the effects of policy uncertainty and learning on
exchange rate determination. A reasonable hypothesis is that the meeting
outcomes are price-relevant public information associated with a switch to
an "informed-trading state." Evidence is provided by intradaily exchange
rates for 10 FOMC meetings. A particularly interesting finding is that the
informed-trading regime tends to emerge during the time that the FOMC
meets. An extensive search of public news indicates that the informed
trading cannot be explained as the response to public information. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1245-1266
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1245-1266

Template-Type: ReDIF-Article 1.0
Author-Name: DAVID C. PARSLEY
Author-Name: CHRISTIAN SCHLAG
Title: Measuring Financial Integration via Idiosyncratic Risk: What Effects Are We Really Picking Up?
Abstract:
We study the method proposed by Flood and Rose (FR, 2004, 2005) for
checking for financial integration by estimating the risk-free rate using
the idiosyncratic component of individual stock returns. Performing
simulations with data with a known return generation process, we find that
the FR methodology produces poor estimates of the risk-free rate, and
hence the FR method fails to accept integration when true. We then show
analytically that the FR method actually provides an estimate of the
market return, and conclude the FR methodology would also falsely accept
integration as long as the market returns in the two markets do not differ
widely. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1267-1273
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1267-1273

Template-Type: ReDIF-Article 1.0
Author-Name: LUCA BENATI
Title: The Time-Varying Phillips Correlation
Abstract:
We use complex demodulation techniques to investigate changes in the
correlation between real activity and inflation at the business-cycle
frequencies in the United States, the United Kingdom, the Eurozone, and 10
other Organization for Economic Cooperation and Development (OECD)
countries over the post-WWII era. Consistent with the analysis of Ball,
Mankiw, and Romer (1988) we document a positive correlation between the
time-varying average gain of real activity onto inflation at the
business-cycle frequencies and inflation's Hodrick-Prescott trend, which
is compatible with New Keynesian theories emphasizing the link between
trend inflation, the frequency of price adjustments, and the slope of the
Phillips trade-off. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1275-1283
Issue: 5
Volume: 39
Year: 2007
Month: 08
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:5:p:1275-1283

Template-Type: ReDIF-Article 1.0
Author-Name: KENNETH A. CAROW
Author-Name: STEVEN R. COX
Author-Name: DIANNE M. RODEN
Title: The Role of Insider Influence in Mutual-to-Stock Conversions
Abstract:
Using a sample of 347 demutualizing thrifts from 1991 to 2004, we show
that the level of inside participation is not a traditional signal of firm
performance. We conclude that unanticipated inside participation reflects
the incentives of insiders to reduce the size of the offer to influence
the level of expected initial public offer (IPO) returns. We find
unanticipated inside participation is related to lower offer size and
higher initial returns, but we do not find a relationship between inside
participation and post-IPO performance. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1285-1304
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1285-1304

Template-Type: ReDIF-Article 1.0
Author-Name: THORSTEN HENS
Author-Name: KLAUS REINER SCHENK-HOPPâ€¦
Author-Name: BODO VOGT
Title: The Great Capitol Hill Baby Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money?
Abstract:
This paper studies a centralized market with idiosyncratic uncertainty and
money as a medium of exchange from a theoretical as well as an
experimental perspective. In our model, prices are fixed and markets are
cleared by rationing. We prove the existence of stationary monetary
equilibria and of an optimum quantity of money. The rational solution of
our model, which is based on the assumption of individual rationality and
rational expectations, is compared with actual behavior in a laboratory
experiment. The theoretical results are strongly supported by this
experiment. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1305-1333
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1305-1333

Template-Type: ReDIF-Article 1.0
Author-Name: GEORGE W. EVANS
Author-Name: BRUCE McGOUGH
Title: Optimal Constrained Interest-Rate Rules
Abstract:
We show that if policymakers compute the optimal unconstrained
interest-rate rule within a Taylor-type class, they may be led to rules
that generate indeterminacy and/or instability under learning. This
problem is compounded by uncertainty about structural parameters since an
optimal rule that is determinate and stable under learning for one
calibration may be indeterminate or unstable under learning under a
different calibration. We advocate a procedure in which policymakers
restrict attention to rules constrained to lie in the determinate
learnable region for all plausible calibrations, and that minimize the
expected loss, computed using structural parameter priors, subject to this
constraint. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1335-1356
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1335-1356

Template-Type: ReDIF-Article 1.0
Author-Name: YONGSUNG CHANG
Author-Name: TAEYOUNG DOH
Author-Name: FRANK SCHORFHEIDE
Title: Non-stationary Hours in a DSGE Model
Abstract:
The time series fit of dynamic stochastic general equilibrium (DSGE)
models often suffers from restrictions on the long-run dynamics that are
at odds with the data. Using Bayesian methods we estimate a stochastic
growth model in which hours worked are stationary and a modified version
with permanent labor supply shocks. If firms can freely adjust labor
inputs, the data support the latter specification. Once we introduce
frictions in terms of labor adjustment costs, the overall time series fit
improves and the model specification in which labor supply shocks and
hours worked are stationary is preferred. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1357-1373
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1357-1373

Template-Type: ReDIF-Article 1.0
Author-Name: WENLI LI
Author-Name: RUI YAO
Title: The Life-Cycle Effects of House Price Changes
Abstract:
We develop a life-cycle model that explicitly incorporates the dual
feature of housing as both a consumption good and an investment asset. Our
analysis indicates that the consumption and welfare consequences of house
price changes on individual households vary significantly. In particular,
the non-housing consumption of young and old homeowners is much more
sensitive to house price changes than that of middle-aged homeowners. More
importantly, while house price appreciation increases the net worth and
consumption of all homeowners, it only improves the welfare of old
homeowners. Renters and young homeowners are worse off due to higher
lifetime housing consumption costs. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1375-1409
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1375-1409

Template-Type: ReDIF-Article 1.0
Author-Name: REBECCA HELLERSTEIN
Title: Is There a Dead Spot? New Evidence on FOMC Decisions Before Elections
Abstract:
Using new data that chronicle the Fed's internal forecast of the output
gap from 1973 to 1998, this paper tests for an electoral cycle in the
decisions of the Federal Open Market Committee (FOMC). The paper provides
evidence of a dead spot in the committee's decisions before presidential
elections. For given values of these internal forecasts, the FOMC is less
likely to decide to tighten monetary policy in the year preceding a
presidential election than at other times. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1411-1427
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1411-1427

Template-Type: ReDIF-Article 1.0
Author-Name: RADIM BOHÂ¡&Ccaron;EK
Author-Name: HUGO RODRÃ•GUEZ MENDIZÂ¡BAL
Title: Credit Markets and the Propagation of Monetary Policy Shocks
Abstract:
This paper analyzes the propagation of monetary policy shocks through the
creation of credit in an economy. Models of the monetary transmission
mechanism typically feature responses that last for a few quarters
contrary to what the empirical evidence suggests. To propagate the impact
of monetary shocks over time, these models introduce adjustment costs by
which agents find it optimal to change their decisions slowly. This paper
presents another explanation that does not rely on any sort of adjustment
costs or stickiness. In our economy, agents own assets and make
occupational choices. Banks intermediate between agents demanding and
supplying assets. Our interpretation is based on the way banks create
credit and how the monetary authority affects the process of financial
intermediation through its monetary policy. As the central bank lowers the
interest rate by buying government bonds in exchange for reserves, high
productive entrepreneurs are able to borrow more resources from
low-productivity agents. We show that this movement of capital among
agents sets in motion a response of the economy that resembles an
expansionary phase of the cycle. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1429-1455
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1429-1455

Template-Type: ReDIF-Article 1.0
Author-Name: MANMOHAN S. KUMAR
Author-Name: TATSUYOSHI OKIMOTO
Title: Dynamics of Persistence in International Inflation Rates
Abstract:
Characteristics of inflation play a key role in policy formulation and
market analysis. Several studies have analyzed inflation persistence and
reached diverging conclusions. In this paper, we investigate the dynamics
of inflation persistence using fractionally integrated processes and find
that there has been a clear decline in inflation persistence in the United
States over the past two decades. We also show that the presence of
fractional integration in inflation successfully explains previous
diverging results. Lastly, we provide some international comparisons to
examine the extent to which there has been a commensurate decline in
inflation persistence in the other G7 economies. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1457-1479
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1457-1479

Template-Type: ReDIF-Article 1.0
Author-Name: OLEG KORENOK
Author-Name: NORMAN R. SWANSON
Title: How Sticky Is Sticky Enough? A Distributional and Impulse Response Analysis of New Keynesian DSGE Models
Abstract:
In this paper, we add to the literature on the assessment of how well data
simulated from new-Keynesian dynamic stochastic general equilibrium (DSGE)
models reproduce the dynamic features of historical data. In particular,
we evaluate sticky price, sticky price with dynamic indexation, and sticky
information models using impulse response and correlation measures and via
implementation of a distribution based approach for comparing (possibly)
misspecified DSGE models using simulated and historical inflation and
output gap data. One of our main findings is that for a standard level of
stickiness (i.e., annual price or information adjustment), the sticky
price model with indexation dominates other models. We also find that when
a lower level of information and price stickiness is used (i.e., bi-annual
adjustment), there is much less to choose between the models (see Bils and
Klenow 2004, for evidence in favor of lower levels of stickiness). This
finding is due to the fact that simulated and historical densities are
"much" closer under bi-annual adjustment. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1481-1508
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1481-1508

Template-Type: ReDIF-Article 1.0
Author-Name: MIKAEL CARLSSON
Author-Name: JON SMEDSAAS
Title: Technology Shocks and the Labor-Input Response: Evidence from Firm-Level Data
Abstract:
We study the relationship between technology shocks and labor input on
Swedish firm-level data using a production function approach to identify
technology shocks. Taking standard steps yields a contractionary
contemporaneous labor-input response in line with previous studies. This
finding may, however, be driven by measurement errors in the labor-input
variable. Relying on a unique feature of our data set, which contains two
independently measured firm-specific labor input measures, we can evaluate
the potential bias. We do not find that this bias conceals any true
positive contemporaneous effect. The results thus point away from standard
flexible-price models and toward models emphasizing firm-level rigidities. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1509-1520
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1509-1520

Template-Type: ReDIF-Article 1.0
Author-Name: IVAN PAYA
Author-Name: AGUSTIN DUARTE
Author-Name: KEN HOLDEN
Title: On the Relationship between Inflation Persistence and Temporal Aggregation
Abstract:
This paper examines the impact of temporal aggregation on alternative
definitions of inflation persistence. Using the CPI and the core PCE
deflator of the United States, our results show that temporal aggregation
from the monthly to the quarterly to the annual frequency induces
persistence in the inflation series. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1521-1531
Issue: 6
Volume: 39
Year: 2007
Month: 09
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:6:p:1521-1531

Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT J. TETLOW
Author-Name: BRIAN IRONSIDE
Title: Real-Time Model Uncertainty in the United States: The Fed, 1996-2003
Abstract:
We study 30 vintages of FRB/US, the principal macro-model used by the
Federal Reserve Board staff for forecasting and policy analysis. We
document the surprisingly large and consequential changes in model
properties that occurred during the period from July 1996 to November 2003
and compute optimal Taylor-type rules for each vintage. Model uncertainty
is shown to be a substantial problem; the efficacy of purportedly optimal
policy rules should not be taken on faith. We also find that previous
findings that simple rules are robust to model uncertainty may be an
overly sanguine conclusion. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1533-1561
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1533-1561

Template-Type: ReDIF-Article 1.0
Author-Name: MATTHEW B. CANZONERI
Author-Name: ROBERT E. CUMBY
Author-Name: BEHZAD T. DIBA
Title: The Cost of Nominal Rigidity in NNS Models
Abstract:
We present a model with Calvo wage and price setting, capital formation,
and estimated rules for government spending and monetary policy. Our model
captures many aspects of U.S. data, including the volatility that has been
observed in various efficiency gaps. We estimate the cost of nominal
rigidity-welfare under flexible wages and prices minus welfare with
nominal rigidities-to be as much as 3% of consumption each period. Since
there are interest rate rules that virtually eliminate this cost, our
model suggests that-contrary to Lucas's (2003) assertion-there is
considerable room for improvement in demand management policy. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1563-1586
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1563-1586

Template-Type: ReDIF-Article 1.0
Author-Name: DOMENICO J. MARCHETTI
Author-Name: FRANCESCO NUCCI
Title: Pricing Behavior and the Response of Hours to Productivity Shocks
Abstract:
Recent contributions have suggested that technology shocks have a negative
impact on hours, contrary to the prediction of standard flexible-price
models of the business cycle. Some authors have interpreted this finding
as evidence in favor of sticky-price models, while others have either
extended flexible-price models or disputed the empirical finding itself.
In this paper, we estimate a variety of alternative total factor
productivity measures for a representative sample of Italian manufacturing
firms and on average find a negative effect of productivity shocks on
hours growth. More interestingly, using the reported frequency of price
reviews, we show that the contractionary effect is stronger for firms with
stickier prices and weaker or not significant for firms with more flexible
prices. Price stickiness remains a crucial factor in shaping the response
of hours after controlling for product storability or market power. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1587-1611
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1587-1611

Template-Type: ReDIF-Article 1.0
Author-Name: TURAN G. BALI
Title: A Generalized Extreme Value Approach to Financial Risk Measurement
Abstract:
This paper develops an unconditional and conditional extreme value
approach to calculating value at risk (VaR), and shows that the maximum
likely loss of financial institutions can be more accurately estimated
using the statistical theory of extremes. The new approach is based on the
distribution of extreme returns instead of the distribution of all returns
and provides good predictions of catastrophic market risks. Both the
in-sample and out-of-sample performance results indicate that the Box-Cox
generalized extreme value distribution introduced in the paper performs
surprisingly well in capturing both the rate of occurrence and the extent
of extreme events in financial markets. The new approach yields more
precise VaR estimates than the normal and skewed "t" distributions. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1613-1649
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1613-1649

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN D. WAGSTER
Title: Wealth and Risk Effects of Adopting Deposit Insurance in Canada: Evidence of Risk Shifting by Banks and Trust Companies
Abstract:
This paper confirms that adopting explicit deposit insurance expanded
risk-shifting incentives for Canadian Banks and Trust Companies. By
transferring responsibility for monitoring non-systematic risk to the
Canadian Deposit Insurance Corporation (CDIC), deposit insurance
eliminated the compensation previously paid to large-block stockholder
monitors. This transfer fueled a redistribution of insured-institution
stock from poorly diversified large-block shareholders to diversified
investors. Also, subsequent changes in market volatility support the
hypothesis that CDIC insurance and the absorption of catastrophic risk it
provided reduced systematic risk in the stock market as a whole even as it
increased non-systematic risk in the banking and trust-company sector. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1651-1681
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1651-1681

Template-Type: ReDIF-Article 1.0
Author-Name: JUIN-JEN CHANG
Author-Name: WEN-YA CHANG
Author-Name: CHING-CHONG LAI
Author-Name: PING WANG
Title: Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking
Abstract:
We construct an analytically tractable endogenous growth model of money
and banking where money provides "liquidity services" to facilitate
transactions and banks convert non-reserve deposits into productive
capital. We examine both the long- and short-run effects of changes in the
money growth rate or the reserve requirement ratio. In response to a
change in the required reserve ratio, the inflation rate and the growth
rates of capital, real balances, and consumption need not adjust
monotonically along the transition path. While the balanced growth
equilibrium may be either a saddle or a source locally, the global
dynamical system exhibits flip bifurcation. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1683-1710
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1683-1710

Template-Type: ReDIF-Article 1.0
Author-Name: ICHIRO FUKUNAGA
Title: Imperfect Common Knowledge, Staggered Price Setting, and the Effects of Monetary Policy
Abstract:
This paper studies the consequences of a lack of common knowledge in the
transmission of monetary policy by integrating the Woodford (2003a)
imperfect common knowledge model with Taylor-Calvo staggered price-setting
models. The average price set by monopolistically competitive firms
depends on their higher-order expectations about not only the current
state of the economy but also about the states in the future periods in
which prices are to be fixed. This integrated model provides a plausible
explanation for the observed effects of monetary policy: it shows
analytically how price adjustments are delayed and how the response of
output to monetary disturbances is amplified. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1711-1739
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1711-1739

Template-Type: ReDIF-Article 1.0
Author-Name: JOSEPH H. HASLAG
Author-Name: ANTOINE MARTIN
Title: Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation
Abstract:
Recent models with spatial separation and limited communication suggest
that the Friedman rule may not be optimal. This is important in light of
the disparity between theory and practice concerning optimal monetary
policy. We take a close look at these models and show that
intergenerational transfers are key to the suboptimality of the Friedman
rule. The Friedman rule is a necessary condition for achieving the
efficient allocation in equilibrium. We also show that the Friedman rule
is chosen whenever agents can implement mutually beneficial arrangements. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1741-1758
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1741-1758

Template-Type: ReDIF-Article 1.0
Author-Name: TATIANA KIRSANOVA
Author-Name: MATHAN SATCHI
Author-Name: DAVID VINES
Author-Name: SIMON WREN-LEWIS
Title: Optimal Fiscal Policy Rules in a Monetary Union
Abstract:
This paper investigates the importance of fiscal policy in providing
macroeconomic stabilization in a monetary union. We use a microfounded New
Keynesian model of a monetary union, which incorporates persistence in
inflation and non-Ricardian consumers, and derive optimal simple rules for
fiscal authorities. We find that fiscal policy can play an important role
in reacting to inflation, output, and the terms of trade, but that not
much is lost if national fiscal policy is restricted to react, on the one
hand, to "national differences" in inflation and, on the other hand, to
either national differences in output or changes in the terms of trade.
However, welfare is reduced if national fiscal policy responds only to
output, ignoring inflation. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1759-1784
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1759-1784

Template-Type: ReDIF-Article 1.0
Author-Name: DIETER GERDESMEIER
Author-Name: FRANCESCO PAOLO MONGELLI
Author-Name: BARBARA ROFFIA
Title: The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences
Abstract:
The paper provides a systematic comparison of the Eurosystem, the U.S.
Federal Reserve, and the Bank of Japan. These monetary authorities exhibit
somewhat different status and tasks, which reflect different historical
conditions and national characteristics. However, widespread changes in
central banking practices in the direction of greater independence and
increased transparency, as well as changes in the economic and financial
environment over the past 15-20 years, have contributed to reduce the
differences among these three world's principal monetary authorities. A
comparison based on simple "over-the-counter" policy reaction functions
shows no striking differences in terms of monetary policy implementation. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1785-1819
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1785-1819

Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT AMANO
Author-Name: STEVE AMBLER
Author-Name: NOOMAN REBEI
Title: The Macroeconomic Effects of Nonzero Trend Inflation
Abstract:
We study the macroeconomic effects of nonzero trend inflation in a simple
dynamic stochastic general equilibrium model under three common
time-dependent pricing schemes: Calvo, truncated-Calvo, and Taylor. We
show that, regardless of the pricing mechanism, trend inflation leads to a
reduction in the stochastic means of output, consumption and employment,
and an increase in the stochastic mean of inflation beyond its
deterministic steady-state level. The variability of most aggregates also
increases. These effects are quantitatively much stronger with Calvo
pricing. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1821-1838
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1821-1838

Template-Type: ReDIF-Article 1.0
Author-Name: LORENZO POZZI
Author-Name: GRIET MALENGIER
Title: Certainty Equivalence and the Excess Sensitivity of Private Consumption
Abstract:
For a panel of OECD countries, we show that the magnitude of the estimate
for the excess sensitivity of private consumption to current income cannot
be explained by a model based on certainty equivalence. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1839-1848
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1839-1848

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES H. STOCK
Author-Name: MARK W. WATSON
Title: Erratum to "Why Has U.S. Inflation Become Harder to Forecast?"
Journal: Journal of Money, Credit and Banking
Pages: 1849-1849
Issue: 7
Volume: 39
Year: 2007
Month: 10
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1849-1849

Template-Type: ReDIF-Article 1.0
Author-Name: PETER N. IRELAND
Title: Changes in the Federal Reserve's Inflation Target: Causes and Consequences
Abstract:
This paper estimates a New Keynesian model to draw inferences about the
behavior of the Federal Reserve's unobserved inflation target. The results
indicate that the target rose from 1 1/4% in 1959 to over 8% in the mid to
late 1970s before falling back below 2 1/2% in 2004. The results also
provide some support for the hypothesis that over the entire post-war
period, Federal Reserve policy has systematically translated short-run
price pressures set off by supply-side shocks into more persistent
movements in inflation itself, although considerable uncertainty remains
about the true source of shifts in the inflation target. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1851-1882
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:1851-1882

Template-Type: ReDIF-Article 1.0
Author-Name: MARTIN BROWN
Author-Name: CHRISTIAN ZEHNDER
Title: Credit Reporting, Relationship Banking, and Loan Repayment
Abstract:
How does information sharing between lenders affect borrowers repayment
behavior? We show-in a laboratory credit market-that information sharing
increases repayment rates, as borrowers anticipate that a good credit
record improves their access to credit. This incentive effect of
information sharing is substantial when repayment is not third-party
enforceable and lending is dominated by one-shot transactions. If,
however, repeat interaction between borrowers and lenders is feasible, the
incentive effect of credit reporting is negligible, as bilateral banking
relationships discipline borrowers. Information sharing nevertheless
affects market outcome by weakening lenders' ability to extract rents from
relationships. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1883-1918
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:1883-1918

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL BERLEMANN
Author-Name: GUNTHER MARKWARDT
Title: Unemployment and Inflation Consequences of Unexpected Election Results
Abstract:
The empirical evidence toward rational partisan theory of business cycles
is mixed and thus inconclusive. This is due to the enormous heterogeneity
of the existing empirical studies. Only a few of these test explicitly for
the central theoretical innovation that post-electoral blips in economic
activity depend on the degree of the electoral surprise. Using polling
data we present empirical evidence in favor of rational partisan theory
for a panel of OECD countries. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1919-1945
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:1919-1945

Template-Type: ReDIF-Article 1.0
Author-Name: GIORGIO DI GIORGIO
Author-Name: SALVATORE NISTICO
Title: Monetary Policy and Stock Prices in an Open Economy
Abstract:
This paper studies monetary policy in a two-country model where agents can
invest their wealth in both stock and bond markets. In our economy the
foreign country hosts the only active equity market where also residents
of the home country can trade stocks of listed foreign firms. We show
that, in order to achieve price stability, the Central Banks in both
countries should grant a dedicated response to movements in stock prices
driven by relative productivity shocks. Determinacy of rational
expectations equilibria and approximation of the "Wicksellian" interest
rate policy by simple monetary policy rules are also investigated. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1947-1985
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:1947-1985

Template-Type: ReDIF-Article 1.0
Author-Name: ALAN KACKMEISTER
Title: Yesterday's Bad Times Are Today's Good Old Times: Retail Price Changes Are More Frequent Today Than in the 1890s
Abstract:
This paper documents differences in the nominal rigidity of retail prices
across two 28-month periods: 1889-91 and 1997-99. The most striking
finding is that prices changed much less frequently in 1889-91. In the
late-1800s when price changes did occur they were smaller on average and
more narrowly distributed with fewer small or large price changes.
Further, price changes were more permanent 100-plus years ago. These
differences are consistent with a high occurrence of temporary price
shocks and a higher cost of changing prices in 1889-91 than in 1997-99. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1987-2020
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:1987-2020

Template-Type: ReDIF-Article 1.0
Author-Name: ALFREDO MARTÃ•N-OLIVER
Author-Name: VICENTE SALAS-FUMÂ¡S
Author-Name: JESUS SAURINA
Title: A Test of the Law of One Price in Retail Banking
Abstract:
This paper investigates the level and the determinants of retail banking
interest rate differences among Spanish banks in the period 1989-2003. We
find that the interest rates of twenty five different bank loan and
deposit products adjust rather rapidly to their long-term values in
response to external shocks, as the relative version of the Law of One
Price predicts, but the evidence runs contrary to the absolute version of
the Law. Credit risk premium, part of the marginal cost of the loans
granted by a particular bank, is an important source of interest rate
dispersion across banks and loan products, both before and after Spain
joined the Euro zone. Therefore, differences in credit risk policies
across banks must be taken into account when forming expectations about
European retail banking integration. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 2021-2040
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:2021-2040

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN DUFFY
Author-Name: WEI XIAO
Title: The Value of Interest Rate Stabilization Policies When Agents Are Learning
Abstract:
We examine the expectational stability (E-stability) of rational
expectations equilibrium in the "New Keynesian" model where monetary
policy is optimally derived and interest rate stabilization is added to
the central bank's traditional objectives of inflation and output
stabilization. We consider both the case where the central bank lacks a
commitment technology and the case of full commitment. We show that for
both cases, optimal policy rules yield rational expectations equilibria
that are E-stable for a wide range of empirically plausible parameter
values. These findings stand in contrast to Evans and Honkapohja's
findings for optimal monetary policy rules in environments where interest
rate stabilization is not a central bank objective. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 2041-2056
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:2041-2056

Template-Type: ReDIF-Article 1.0
Author-Name: JAEBEOM KIM
Author-Name: MASAO OGAKI
Author-Name: MINSEOK YANG
Title: Structural Error Correction Models: A System Method for Linear Rational Expectations Models and an Application to an Exchange Rate Model
Abstract:
This paper develops a system instrumental variable method to estimate the
speed of adjustment coefficient in the long-run equilibrium of structural
error correction models for a class of linear rational expectations
models. This method is applied to an exchange rate model with sticky
prices, in which the speed of adjustment coefficient governs the half-life
of the real exchange rate. Compared to single equation methods, the system
method gives smaller half-life estimates with sharper standard errors. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 2057-2075
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:2057-2075

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES YUJI HORIOKA
Author-Name: JUNMIN WAN
Title: The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data
Abstract:
In this paper, we conduct a dynamic panel analysis of the determinants of
the household saving rate in China using a life cycle model and panel data
on Chinese provinces for the 1995-2004 period from China's household
survey. We find that China's household saving rate has been high and
rising and that the main determinants of variations over time and over
space therein are the lagged saving rate, the income growth rate, (in many
cases) the real interest rate, and (in some cases) the inflation rate.
However, we find that the variables relating to the age structure of the
population have the expected impact on the household saving rate in only
one of the four samples. These results provide mixed support for the life
cycle hypothesis as well as the permanent income hypothesis, are
consistent with the existence of inertia or persistence, and imply that
China's household saving rate will remain high for some time to come. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 2077-2096
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:2077-2096

Template-Type: ReDIF-Article 1.0
Author-Name: CAROLYN SISSOKO
Title: Why Inside Money Matters
Abstract:
This note observes that in a simple infinite horizon economy with
heterogeneous endowments and a cash-in-advance constraint fiat money can
be used to implement a Pareto optimum only with type-specific taxation. By
contrast, if credit contracts are enforceable, the same allocation can be
reached in equilibrium without type specific policy. We argue that the
advantages of inside money and the fact that they depend on the capacity
of the economy to enforce the repayment of debt direct us toward the study
of the institutional infrastructure underlying self-enforcing inside money
equilibria. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 2097-2105
Issue: 8
Volume: 39
Year: 2007
Month: 12
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:8:p:2097-2105

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES H. STOCK
Author-Name: MARK W. WATSON
Title: Why Has U.S. Inflation Become Harder to Forecast?
Abstract:
We examine whether the U.S. rate of price inflation has become harder to
forecast and, to the extent that it has, what changes in the inflation
process have made it so. The main finding is that the univariate inflation
process is well described by an unobserved component trend-cycle model
with stochastic volatility or, equivalently, an integrated moving average
process with time-varying parameters. This model explains a variety of
recent univariate inflation forecasting puzzles and begins to explain some
multivariate inflation forecasting puzzles as well. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 3-33
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:3-33

Template-Type: ReDIF-Article 1.0
Author-Name: OLIVIER BLANCHARD
Author-Name: JORDI GALÃ•
Title: Real Wage Rigidities and the New Keynesian Model
Abstract:
Most central banks perceive a trade-off between stabilizing inflation and
stabilizing the gap between output and desired output. However, the
standard new Keynesian framework implies no such trade-off. In that
framework, stabilizing inflation is equivalent to stabilizing the
welfare-relevant output gap. In this paper, we argue that this property of
the new Keynesian framework, which we call the "divine coincidence", is
due to a special feature of the model: the absence of nontrivial "real"
imperfections. We focus on one such real imperfection, namely, real wage
rigidities. When the baseline new Keynesian model is extended to allow for
real wage rigidities, the divine coincidence disappears, and central banks
indeed face a trade-off between stabilizing inflation and stabilizing the
welfare-relevant output gap. We show that not only does the extended model
have more realistic normative implications, but it also has appealing
positive properties. In particular, it provides a natural interpretation
for the dynamic inflation-unemployment relation found in the data. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 35-65
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:35-65

Template-Type: ReDIF-Article 1.0
Author-Name: TIMOTHY COGLEY
Author-Name: RICCARDO COLACITO
Author-Name: THOMAS J. SARGENT
Title: Benefits from U.S. Monetary Policy Experimentation in the Days of Samuelson and Solow and Lucas
Abstract:
A policy maker knows two models. One implies an exploitable
inflation-unemployment trade-off, the other does not. The policy maker's
prior probability over the two models is part of his state vector. Bayes'
law converts the prior probability into a posterior probability and gives
the policy maker an incentive to experiment. For models calibrated to U.S.
data through the early 1960s, we compare the outcomes from two Bellman
equations. The first tells the policy maker to "experiment and learn." The
second tells him to "learn but don't experiment." In this way, we isolate
a component of government policy that is due to experimentation and
estimate the benefits from intentional experimentation. We interpret the
Bellman equation that learns but does not intentionally experiment as an
"anticipated utility" model and study how well its outcomes approximate
those from the "experiment and learn" Bellman equation. The approximation
is good. For our calibrations, the benefits from purposeful
experimentation are small because random shocks are big enough to provide
ample unintentional experimentation. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 67-99
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:67-99

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL T. KILEY
Title: A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting
Abstract:
I estimate sticky-price and sticky-information models of price setting for
the United States via maximum-likelihood techniques, reaching several
conclusions. First, the sticky-price model fits best, and captures
inflation dynamics as well as reduced-form equations once hybrid-behavior
is allowed. Second, the importance of hybrid behavior in sticky-price
models is potentially consistent with a role for some information
imperfections, such as sticky information, as a complement to nominal
price rigidities. Finally, the favorable results herein for the hybrid
sticky-price model when evaluated by statistics that summarize the
relative fit of different models is consistent with the existing
literature that is both supportive and dismissive of such models, as this
literature has largely ignored fit in evaluating such models. Many
previous studies have focused on ancillary issues, such as the standard
errors associated with certain parameters or Granger-causality tests that
may not provide much information about sticky-price models. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 101-125
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:101-125

Template-Type: ReDIF-Article 1.0
Author-Name: JEAN-PHILIPPE LAFORTE
Title: Pricing Models: A Bayesian DSGE Approach for the U.S. Economy
Abstract:
This paper compares and estimates three pricing mechanisms in the context
of a small DSGE model of the U.S. economy. We interpret our results as
favoring the pricing mechanism presented in Wolman (1999 Wolman model)
over the New Keynesian model with indexation (Gali and Gertler 1999, Smets
and Wouters 2004a) and the sticky information model of Mankiw and Reis
(2002). The key factor that explains the performance of the Wolman model
is that the data reject the key assumption of the New Keynesian model that
the firm's probability of price change is constant over time and
independent of the contract's vintage. Our results also show that
incorporating indexation in the New Keynesian model represents a poor
expedient in matching the autocorrelation function of the inflation
process over the last 20 years. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 127-154
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:127-154

Template-Type: ReDIF-Article 1.0
Author-Name: JEREMY RUDD
Author-Name: KARL WHELAN
Title: Modeling Inflation Dynamics: A Critical Review of Recent Research
Abstract:
In recent years, a broad academic consensus has arisen that favors using
rational expectations sticky-price models to capture inflation dynamics.
We review the principal conclusions of this literature concerning: (1) the
ability of these models to fit the data; (2) the importance of rational
forward-looking expectations in price setting; and (3) the appropriate
measure of inflationary pressures. We argue that existing models fail to
provide a useful empirical description of the inflation process. Copyright 2007 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 155-170
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:155-170

Template-Type: ReDIF-Article 1.0
Author-Name: STANLEY FISCHER
Title: "The Econometrics of Price Determination", Thirty-Five Years Later
Journal: Journal of Money, Credit and Banking
Pages: 171-179
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:171-179

Template-Type: ReDIF-Article 1.0
Author-Name: DONALD L. KOHN
Title: Inflation Modeling: A Policymaker's Perspective
Journal: Journal of Money, Credit and Banking
Pages: 181-186
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:181-186

Template-Type: ReDIF-Article 1.0
Author-Name: N. GREGORY MANKIW
Title: "Comments Presented at Federal Reserve Conference" Price Dynamics: Three Open Questions
Journal: Journal of Money, Credit and Banking
Pages: 187-192
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:187-192

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN B. TAYLOR
Title: Thirty-Five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a Renaissance
Journal: Journal of Money, Credit and Banking
Pages: 193-201
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:193-201

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL WOODFORD
Title: Interpreting Inflation Persistence: Comments on the Conference on "Quantitative Evidence on Price Determination"
Journal: Journal of Money, Credit and Banking
Pages: 203-210
Issue: s1
Volume: 39
Year: 2007
Month: 02
Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:s1:p:203-210

Template-Type: ReDIF-Article 1.0
Author-Name: SETH CARPENTER
Author-Name: SELVA DEMIRALP
Title: The Liquidity Effect in the Federal Funds Market: Evidence at the Monthly Frequency
Abstract:
In this paper, we argue that much of the research into the link between
money and interest rates suffers from misspecification. The measure of
money and the measure of interest rates are not always well matched. In
examining the transmission of monetary policy, we show that using an
appropriate measure of money, Federal Reserve balances, and the
appropriate interest rate, the federal funds rate, a clear liquidity
effect exists. Furthermore, we explain how a lack of a clear institutional
understanding may have contributed to the finding of a "liquidity puzzle"
in the past. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1-24
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:1-24

Template-Type: ReDIF-Article 1.0
Author-Name: WENYING JIANGLI
Author-Name: HALUK UNAL
Author-Name: CHIWON YOM
Title: Relationship Lending, Accounting Disclosure, and Credit Availability during the Asian Financial Crisis
Abstract:
We examine whether lending relationships benefit firms by making credit
more available during periods of financial stress. Our main finding is
that during the Asian financial crisis of July 1997 through the end of
1998, relationship lending increased the likelihood that Korean and Thai
firms would obtain credit but it had no effect on Indonesian and
Philippine firms. We ask if accounting disclosure might explain the
observed differences among the three countries for which audit information
is available. We find that for Indonesian firms with weak lending
relationships, banks replace relationship lending technology with a
financial-statement lending technology. Such a result does not hold for
Korean and Philippine firms. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 25-55
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:25-55

Template-Type: ReDIF-Article 1.0
Author-Name: NADA MORA
Title: The Effect of Bank Credit on Asset Prices: Evidence from the Japanese Real Estate Boom during the 1980s
Abstract:
This paper studies whether bank credit fuels asset prices. Financial
deregulation during the 1980s allowed keiretsus to obtain finance publicly
and reduce their dependence on banks. Banks that lost these blue-chip
customers increased their property lending, and serve as an instrument for
the supply of real estate loans. Using this instrument, I find that a 0.01
increase in a prefecture's real estate loans as a share of total loans
causes 14-20% higher land inflation compared with other prefectures over
the 1981-91 period. The timing of losses of keiretsu customers also
coincides with subsequent land inflation in a prefecture. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 57-87
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:57-87

Template-Type: ReDIF-Article 1.0
Author-Name: BEN CRAIG
Author-Name: GUILLAUME ROCHETEAU
Title: Inflation and Welfare: A Search Approach
Abstract:
This paper uses a search model of monetary exchange to provide new
insights for evaluating the welfare costs of inflation. We first show that
the search model of money can rationalize the estimates of the welfare
cost of inflation based on the "welfare triangle" methodology of Bailey
(1956) and Lucas (2000) provided that buyers appropriate the social
marginal benefit of their real balances. For other mechanisms, the measure
given by the welfare triangle has to be scaled up by a factor that
increases with sellers' market power. We introduce capital and endogenous
participation decisions and study how the cost of inflation is affected.
We provide calibrated examples in which a deviation from the Friedman rule
is optimal. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 89-119
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:89-119

Template-Type: ReDIF-Article 1.0
Author-Name: LUCA BENATI
Title: The "Great Moderation" in the United Kingdom
Abstract:
We use a Bayesian time-varying parameters structural VAR with stochastic
volatility for GDP deflator inflation, real GDP growth, a 3-month nominal
rate, and the rate of growth of M4 to investigate the underlying causes of
the Great Moderation in the United Kingdom. Our evidence points toward a
dominant role played by good luck in fostering the more stable
macroeconomic environment of the last two decades. Results from
counterfactual simulations, in particular, show that (i) "bringing the
Monetary Policy Committee back in time" would only have had a limited
impact on the Great Inflation episode, at the cost of lower output growth;
(ii) imposing the 1970s monetary rule over the entire sample period would
have made almost "no" difference in terms of inflation and output growth
outcomes; and (iii) the Great Inflation was due, to a dominant extent, to
large demand non-policy shocks, and to a lesser extent-especially in 1973
and 1979-to supply shocks. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 121-147
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:121-147

Template-Type: ReDIF-Article 1.0
Author-Name: RON BORZEKOWSKI
Author-Name: K. KISER ELIZABETH
Author-Name: AHMED SHAISTA
Title: Consumers' Use of Debit Cards: Patterns, Preferences, and Price Response
Abstract:
Debit card use at the point of sale has grown dramatically in recent years
in the United States and now exceeds the number of credit card
transactions. However, many questions remain regarding patterns of debit
card use, consumer preferences when using debit, and how consumers might
respond to explicit pricing of card transactions. Using a new nationally
representative consumer survey, this paper describes the current use of
debit cards by U.S. consumers, including how demographics affect use. In
addition, consumers' stated reasons for using debit cards are used to
analyze how consumers substitute between debit and other payment
instruments. We also examine the relationship between household financial
conditions and payment choice. Finally, we use a key variable on
bank-imposed transaction fees to analyze price sensitivity of card use,
and find a 12% decline in overall use in reaction to a mean 1.8% fee
charged on certain debit card transactions; we believe this represents the
first microeconomic evidence in the United States on price sensitivity for
a card payment at the point of sale. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 149-172
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:149-172

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN M. BARRON
Author-Name: BYUNG-UK CHONG
Author-Name: MICHAEL E. STATEN
Title: Emergence of Captive Finance Companies and Risk Segmentation in Loan Markets: Theory and Evidence
Abstract:
A seller with some degree of market power in its product market can earn
rents. In this context, there is a gain to granting credit to purchase of
the product and thus to the establishment of a captive finance company.
This paper examines the optimal behavior of such a durable good seller and
its captive finance company. The model predicts a critical difference
between the captive finance company's credit standard and that of
independent lenders ("banks"), namely, that the captive finance company
will adopt a more lenient credit standard. Thus, we should expect the
likelihood of repayment of a captive loan to be lower than that of a bank
loan, other things equal. This prediction is tested using a unique data
set drawn from a major credit bureau in the United States, and the
evidence supports the theoretical prediction. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 173-192
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:173-192

Template-Type: ReDIF-Article 1.0
Author-Name: LEONARDO BARTOLINI
Author-Name: SPENCE HILTON
Author-Name: ALESSANDRO PRATI
Title: Money Market Integration
Abstract:
We use transaction-level data and detailed modeling of the high-frequency
behavior of federal funds-Eurodollar spreads to provide evidence of strong
integration of the U.S. markets for federal funds and Eurodollars, the two
core components of the dollar money market. Our evidence of negligible
federal funds-Eurodollar premia contrasts with previous findings of large
and predictable premia, which have been interpreted as evidence of
segmentation "between" the markets for federal funds and Eurodollars. Our
results, however, are consistent with possible persistent segmentation
"within" the global Eurodollar market. We document several patterns in the
behavior of federal funds-Eurodollar spreads, including liquidity effects
from trading volume to yield spreads' volatility. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 193-213
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:193-213

Template-Type: ReDIF-Article 1.0
Author-Name: VIRAL V. ACHARYA
Author-Name: TANJU YORULMAZER
Title: Information Contagion and Bank Herding
Abstract:
We show that the likelihood of information contagion induces
profit-maximizing bank owners to herd with other banks. When bank loan
returns have a common systematic factor, the cost of borrowing for a bank
increases when there is adverse news on other banks since such news
conveys adverse information about the common factor. The increase in a
bank's cost of borrowing relative to the situation of good news about
other banks is greater when bank loan returns have less commonality (in
addition to the systematic risk factor). Hence, banks herd and undertake
correlated investments so as to minimize the impact of such information
contagion on the expected cost of borrowing. Competitive effects such as
superior margins from lending in different industries mitigate herding
incentives. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 215-231
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:215-231

Template-Type: ReDIF-Article 1.0
Author-Name: RICHARD C. K. BURDEKIN
Author-Name: MARC D. WEIDENMIER
Title: Can Interest-Bearing Money Circulate? A Small-Denomination Arkansan Experiment, 1861-63
Abstract:
Legal restrictions theory suggests that dominance of non-interest-bearing
currency is possible only because legal impediments prevent financial
institutions from offering interest-bearing alternatives. A viable
interest-bearing medium must be issued in denominations low enough for
day-to-day use, however, and without historical examples of
small-denomination interest-bearing issues we cannot properly test whether
interest-bearing currency will circulate as legal restrictions theory
predicts. Civil War Arkansas offers a rare instance where large quantities
of small-denomination interest-bearing money were actually issued, mostly
below $5. The results of this Arkansan experiment show that
small-denomination interest-bearing issues can indeed function as the
primary medium of exchange. Copyright 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 233-241
Issue: 1
Volume: 40
Year: 2008
Month: 02
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:1:p:233-241

Template-Type: ReDIF-Article 1.0
Author-Name: FEDERICO RAVENNA
Author-Name: FABIO M. NATALUCCI
Title: Monetary Policy Choices in Emerging Market Economies: The Case of High Productivity Growth
Abstract:
We develop a general equilibrium model of an emerging market economy where
productivity growth differentials between tradable and non-tradable
sectors result in an equilibrium appreciation of the real exchange
rate-the so-called Balassa-Samuelson effect. The paper explores the
dynamic properties of this economy and the welfare implications of
alternative policy rules. We show that the real exchange rate appreciation
limits the range of policy rules that, with a given probability, keep
inflation and exchange rate within predetermined numerical targets. We
also find that the B-S effect raises by an order of magnitude the welfare
loss associated with policy rules that prescribe active exchange rate
management. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 243-271
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:243-271

Template-Type: ReDIF-Article 1.0
Author-Name: ADAM B. ASHCRAFT
Title: Are Bank Holding Companies a Source of Strength to Their Banking Subsidiaries?
Abstract:
I document evidence that a bank affiliated with a multi-bank holding
company (MBHC) is significantly safer than either a stand-alone bank or a
bank affiliated with a one-bank holding company. Not only does MBHC
affiliation reduce the probability of future financial distress, but
distressed affiliated banks are also more likely to receive capital
injections, recover more quickly, and are less likely to fail over the
next year. Moreover, the measured benefits of affiliation are much larger
than those that existed before recent reforms of bank holding company
regulation, suggesting that much of the observed benefit can be attributed
to regulation and not the market. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 273-294
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:273-294

Template-Type: ReDIF-Article 1.0
Author-Name: THOMAS B. KING
Title: Discipline and Liquidity in the Interbank Market
Abstract:
Using 20 years of panel data, I demonstrate that high-risk banks have
consistently paid more than safe banks for interbank loans and have been
less likely to use these loans as a source of liquidity. The economic
importance of this effect was relatively small until the mid-1990s, when
regulatory and institutional changes began to impose more of the costs of
bank failure on uninsured creditors. Subsequently, interbank-market price
discipline roughly doubled, and risk-based rationing effects increased by
a factor of six. In imposing this discipline, lenders seem to care most
about credit risk at borrowing institutions. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 295-317
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:295-317

Template-Type: ReDIF-Article 1.0
Author-Name: S. BORAGAN ARUOBA
Title: Data Revisions Are Not Well Behaved
Abstract:
We document the empirical properties of revisions to major macroeconomic
variables in the United States. Our findings suggest that they do not
satisfy simple desirable statistical properties. In particular, we find
that these revisions do not have a zero mean, which indicates that the
initial announcements by statistical agencies are biased. We also find
that the revisions are quite large compared to the original variables and
they are predictable using the information set at the time of the initial
announcement, which means that the initial announcements of statistical
agencies are not rational forecasts. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 319-340
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:319-340

Template-Type: ReDIF-Article 1.0
Author-Name: GARY KOOP
Author-Name: SIMON M. POTTER
Author-Name: RODNEY W. STRACHAN
Title: Re-Examining the Consumption-Wealth Relationship: The Role of Model Uncertainty
Abstract:
This paper discusses the consumption-wealth relationship. We use data on
consumption, assets, and labor income and a vector error correction
framework. This framework defines a set of models that differ in the
number of co-integrating vectors, the form of deterministic components and
lag length. Further models can be defined through parametric restrictions
and, in particular, interest centers on a weak exogeneity restriction that
says that the co-integrating residuals do not affect consumption and
income directly. Key results in previous work relate to the roles of
permanent and transitory shocks in driving wealth and how consumption
responds to these shocks. We investigate the robustness of these results
to model uncertainty and argue for the use of Bayesian model averaging. We
find that there is a large degree of model uncertainty. Whether this
uncertainty has important empirical implications depends on the
researcher's attitude toward the theory used to motivate a co-integrating
relationship between consumption, assets and income. If we work with
models consistent with this theory and impose the weak exogeneity
restriction, we find precisely estimated results that show that permanent
shocks have only a small role in driving assets and that the predominant
transitory shocks have little effect on consumption. These findings are
consistent with the previous literature. However, if we work with a
broader set of models and let the data speak, we find that the exact
magnitude of the role of permanent shocks is hard to estimate precisely.
Thus, although some support exists for the view that their role is small,
we cannot rule out the possibility that they have a substantive role to
play. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 341-367
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:341-367

Template-Type: ReDIF-Article 1.0
Author-Name: LUCA GAMBETTI
Author-Name: EVI PAPPA
Author-Name: FABIO CANOVA
Title: The Structural Dynamics of U.S. Output and Inflation: What Explains the Changes?
Abstract:
We examine the dynamics of U.S. output and inflation using a structural
time-varying coefficients vector autoregression. There are changes in the
volatility of both variables and in the persistence of inflation, but
variations are statistically insignificant. Technology shocks explain
changes in output volatility; real demand disturbances variations in the
persistence and volatility of inflation. We detect important time
variations in the transmission of technology shocks to output and demand
shocks to inflation and significant changes in the variance of technology
and of monetary policy shocks. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 369-388
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:369-388

Template-Type: ReDIF-Article 1.0
Author-Name: DAVID DEMERY
Author-Name: NIGEL W. DUCK
Title: Relative Prices as Aggregate Supply Shocks with Trend Inflation
Abstract:
Ball and Mankiw (1995) use a static menu-cost model to explain the
historical behavior of the first and higher moments of commodity price
changes in U.S. producer prices. We show that when appropriately modified
for a world of positive trend inflation and forward-looking behavior by
firms, the menu-cost model predicts a much weaker (possibly zero)
correlation between the mean and the skewness of price changes than that
found in the data. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 389-408
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:389-408

Template-Type: ReDIF-Article 1.0
Author-Name: MATTHEW DOYLE
Author-Name: BARRY FALK
Title: Testing Commitment Models of Monetary Policy: Evidence from OECD Economies
Abstract:
Inflation in many Organisation for Economic Co-operation and Development
(OECD) countries was low in the 1960s, rose for a time before peaking in
the 1970s or early 1980s, and then fell back to initial levels. This paper
shows that a simple time inconsistency model of monetary policy does not
explain OECD inflation outcomes, except in the United States. The
hypothesis that time inconsistency mattered only in earlier decades fits
the data no better than the baseline model. We find some, albeit limited
support for a model in which inflation spills over from the United States
into other countries as a result of exchange rate targeting. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 409-425
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:409-425

Template-Type: ReDIF-Article 1.0
Author-Name: LIAM GRAHAM
Author-Name: DENNIS J. SNOWER
Title: Hyperbolic Discounting and the Phillips Curve
Abstract:
Using a standard dynamic general equilibrium model, we show that the
interaction of staggered nominal contracts with hyperbolic discounting
leads to inflation having significant long-run effects on real variables. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 427-448
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:427-448

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES L. WEISE
Title: Private Sector Influences on Monetary Policy in the United States
Abstract:
I examine the extent to which the Federal Reserve's monetary policy
actions are correlated with the expressed wishes of private sector
lobbying groups. I update and extend work by Havrilesky (1990, 1993)
regarding the effect of signals from the banking industry through the
Federal Advisory Council (FAC). I also construct a new database containing
statements from non-financial interest groups. I find that monetary policy
actions are correlated with signals from non-financial groups before 1979
but not after, and are correlated with signals from the FAC after 1979 but
not before. I also find that the Fed's policy stance more closely matches
the preferred stance of the banking industry after 1979. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 449-462
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:449-462

Template-Type: ReDIF-Article 1.0
Author-Name: YASUYUKI SAWADA
Author-Name: SATOSHI SHIMIZUTANI
Title: How Do People Cope with Natural Disasters? Evidence from the Great Hanshin-Awaji (Kobe) Earthquake in 1995
Abstract:
This paper investigates the coping strategies employed by victims of the
Great Hanshin-Awaji (Kobe) earthquake in 1995. Using a unique household
data set, we show that households that held a large amount of
collateralizable assets before the catastrophe and were free from a
binding borrowing constraint were able to maintain their consumption
levels by borrowing. In contrast, households subject to a binding
borrowing constraint before the disaster were unable to borrow to cope
with the losses inflicted by the earthquake. On the other hand, both types
of households relied on private transfers, depending on the extent of the
damage. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 463-488
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:463-488

Template-Type: ReDIF-Article 1.0
Author-Name: TIMOTHY BATES
Author-Name: WILLIAM D. BRADFORD
Title: Venture-Capital Investment in Minority Business
Abstract:
This study analyzes the performance of mature investments made by
venture-capital (VC) funds that specialize in financing minority business
enterprises. We explore the hypothesis that VCs focusing on investing in
minority businesses earn attractive returns because this market niche is
underserved. Minority VC funds collectively earned yields on their
realized investments that were estimated to be broadly equivalent to those
of the mainstream VC industry. However, these yields vary greatly from
fund to fund. VC fund traits that predict high yields on individual
investments are identified by estimating multivariate regressions
explaining net investment returns. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 489-504
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:489-504

Template-Type: ReDIF-Article 1.0
Author-Name: JEAN-GUILLAUME SAHUC
Author-Name: FRANK SMETS
Title: Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model
Abstract:
Using two estimated models for the euro area and the United States, this
paper investigates whether the observed difference in the amplitude of the
interest rate cycle since 1999 in both areas is due to differences in the
estimated monetary policy reaction function, differences in the structure
of the economy or differences in the size and nature of the shocks hitting
both economies. The paper concludes that differences in the type, size and
persistence of shocks in both areas can largely explain the different
interest rate setting. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 505-521
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:505-521

Template-Type: ReDIF-Article 1.0
Author-Name: ATSUSHI INOUE
Author-Name: BARBARA ROSSI
Title: Monitoring and Forecasting Currency Crises
Abstract:
Can we improve forecasts of currency crises by using a large number of
predictors? Which predictors should we use? This paper evaluates the
performance of traditional leading indicators and a new Diffusion Index
(DI) method as Early Warning Systems to monitor the risk and forecast the
likelihood of the recent currency crises in East Asia. We find that the DI
performs quite well in real time. For most countries, the forecasted
probabilities of a crisis increase substantially around the actual time of
the crisis. The economic variables that help in forecasting future crises
are output growth, interest rates and money growth. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 523-534
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:523-534

Template-Type: ReDIF-Article 1.0
Author-Name: YEHNING CHEN
Author-Name: IFTEKHAR HASAN
Title: Why Do Bank Runs Look Like Panic? A New Explanation
Abstract:
This paper demonstrates that, even if depositors are fully rational and
always choose the Pareto-dominant equilibrium when there are multiple
equilibria, a bank run may still occur when depositors' expectations on
the bank's fundamentals do not change. More specifically, a bank run may
occur when depositors learn that noisy bank-specific information will be
revealed, or when they learn that precise bank-specific information will
not be revealed. The results in this paper are consistent with the
empirical evidence about bank runs. It also implies that suspension of
convertibility can improve the efficiency of bank runs. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 535-546
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:535-546

Template-Type: ReDIF-Article 1.0
Author-Name: JUHA KILPONEN
Author-Name: KAI LEITEMO
Title: Model Uncertainty and Delegation: A Case for Friedman's "k"-Percent Money Growth Rule?
Abstract:
Model uncertainty affects the monetary policy delegation problem. If there
is uncertainty with regards to the determination of the delegated
objective variables, the central bank will want robustness against
potential model misspecifications. We show that with plausible degree of
model uncertainty, delegation of the Friedman rule of increasing the money
stock by "k" percent to the central bank will outperform commitment to the
social loss function (flexible inflation targeting). The reason is that
the price paid for robustness under flexible inflation targeting outweighs
the inefficiency of money growth targeting. Imperfect control of money
growth does not change this conclusion. Copyright (c)2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 547-556
Issue: 2-3
Volume: 40
Year: 2008
Month: 03
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:547-556

Template-Type: ReDIF-Article 1.0
Author-Name: FREDERIC S. MISHKIN
Author-Name: NIKLAS J. WESTELIUS
Title: Inflation Band Targeting and Optimal Inflation Contracts
Abstract:
In this paper we provide a theoretical treatment of how inflation target
ranges cope with the time-inconsistency problem arising from incentives
for the monetary policymaker to exploit the short-run trade-off between
employment and inflation to pursue short-run employment objectives, as in
a Barro-Gordon (1983) model. Inflation band targets are able to achieve
many of the benefits that arise under practically less attractive
solutions such as the conservative central banker and optimal inflation
contracts. Our theoretical model also shows how an inflation targeting
range should be set and how it should respond to changes in the nature of
shocks to the economy. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 557-582
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:557-582

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL SAGER
Author-Name: MARK P. TAYLOR
Title: Commercially Available Order Flow Data and Exchange Rate Movements: "Caveat Emptor"
Abstract:
Research suggests that customer order flow should help predict exchange
rates. We make two contributions. First, we provide a review of the recent
literature on order flow and exchange rate movements. Second, we
critically evaluate the practical value of customer order flow data that
are commercially available to the wider market, as well as the forecasting
properties of inter-dealer order flow. In line with microstructure theory,
we find little evidence that the latter can forecast exchange rates, but
our results also cast considerable doubt on the practical value to market
practitioners of commercially available customer order flow data. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 583-625
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:583-625

Template-Type: ReDIF-Article 1.0
Author-Name: ADAM HALE SHAPIRO
Title: Estimating the New Keynesian Phillips Curve: A Vertical Production Chain Approach
Abstract:
It has become customary to estimate the New Keynesian Phillips Curve
(NKPC) with generalized method of moments using a large instrument set
that includes lags of variables that are ad hoc to the firm's
price-decision problem. Researchers have also conventionally used real
unit labor cost (RULC) as the proxy for real marginal cost even though it
is difficult to support its significance. This paper introduces a new
proxy for the real marginal cost term as well as a new instrument set,
both of which are based on the micro foundations of the vertical chain of
production. I find that the new proxy, based on input prices as opposed to
wages, provides a more robust and significant fit to the model.
Instruments that are based on the vertical chain of production appear to
be both more valid and relevant toward the model. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 627-666
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:627-666

Template-Type: ReDIF-Article 1.0
Author-Name: CHENGSI ZHANG
Author-Name: DENISE R. OSBORN
Author-Name: DONG HEON KIM
Title: The New Keynesian Phillips Curve: From Sticky Inflation to Sticky Prices
Abstract:
The New Keynesian Phillips Curve (NKPC) model of inflation dynamics based
on forward-looking expectations is of great theoretical significance in
monetary policy analysis. Empirical studies, however, often find that
backward-looking inflation inertia dominates the dynamics of the short-run
aggregate supply curve. This inconsistency is examined by investigating
multiple structural changes in the NKPC for the U.S. between 1960 and
2005, employing both inflation expectations survey data and a rational
expectations approximation. We find that forward-looking behavior plays a
smaller role during the high and volatile inflation regime to 1981 than in
the subsequent period of moderate inflation, providing empirical support
for sticky price models over the last two decades. A break in the
intercept of the NKPC is also identified around 2001 and this may be
associated with U.S. monetary policy in that period. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 667-699
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:667-699

Template-Type: ReDIF-Article 1.0
Author-Name: FALKO FECHT
Author-Name: KEVIN X. D. HUANG
Author-Name: ANTOINE MARTIN
Title: Financial Intermediaries, Markets, and Growth
Abstract:
We build a model in which financial intermediaries provide insurance to
households against idiosyncratic liquidity shocks. Households can invest
in financial markets directly if they pay a cost. In equilibrium, the
ability of intermediaries to share risk is constrained by the market. From
a growth perspective, this can be beneficial because intermediaries invest
less in the productive technology when they provide more risk-sharing. Our
model predicts that bank-oriented economies can grow more slowly than more
market-oriented economies, which is consistent with some recent empirical
evidence. Copyright (c) 2008 Federal Reserve Bank of New York with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 701-720
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:701-720

Template-Type: ReDIF-Article 1.0
Author-Name: ESTER FAIA
Author-Name: TOMMASO MONACELLI
Title: Optimal Monetary Policy in a Small Open Economy with Home Bias
Abstract:
We analyze optimal monetary policy in a small open economy characterized
by home bias in consumption. Peculiar to our framework is the application
of a Ramsey-type analysis to a model of the recent open-economy New
Keynesian literature. We show that home bias in consumption is a
sufficient condition for inducing the monetary policymaker of an open
economy to deviate from a strategy of strict markup stabilization and
contemplate some (optimal) degree of exchange rate stabilization. We focus
on the optimal setting of policy both in the case of firms setting prices
one period in advance and in a gradual fashion subject to adjustment
costs. While the first setup allows us to analytically highlight home bias
as an independent source of equilibrium markup variability, the second
setup allows to study the effects of future expectations on the optimal
policy problem and the effect of home bias on optimal inflation
volatility. The latter, in particular, is shown to be related to the
degree of trade openness in a U-shaped fashion, whereas exchange rate
volatility is monotonically decreasing in openness. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 721-750
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:721-750

Template-Type: ReDIF-Article 1.0
Author-Name: LAWRENCE H. WHITE
Title: Did Hayek and Robbins Deepen the Great Depression?
Abstract:
Contrary to some accounts, the Hayek-Robbins ("Austrian") theory of the
business cycle did not prescribe a monetary policy of "liquidationism" in
the sense of passive indifference to sharp deflation during the early
years of the Great Depression. There is no evidence that Hayek or Robbins
influenced any "liquidationist" in the Hoover administration or the
Federal Reserve System. Federal Reserve policy during the Great Depression
was instead influenced by the real bills doctrine, which (despite some
apparent similarities) was diametrically opposed in key respects to
Hayek's norms for central bank policy. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 751-768
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:751-768

Template-Type: ReDIF-Article 1.0
Author-Name: PAULA LOPES
Title: Credit Card Debt and Default over the Life Cycle
Abstract:
This paper solves an empirically parameterized model of life cycle
consumption, which allows for uncollaterized borrowing and the possibility
of default. The simulation results show that: (i) "social "stigma"" and
credit limit have a very large impact on default rates; (ii) education
level also has a significant effect on the probability of default, namely,
through differences in the shape of lifetime labor income profiles; and
(iii) the response of simulated default rates to labor income shocks is
determined by the nature of labor income uncertainty (temporary versus
permanent). Additionally, the model generates simultaneous consumer
holdings of credit card debt and liquid assets. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 769-790
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:769-790

Template-Type: ReDIF-Article 1.0
Author-Name: ALEXIS DIRER
Title: Multiple Equilibria in Markets with Screening
Abstract:
This paper adds endogenous screening to Broecker (1990) and shows the
possibility of multiple screening equilibria. A high intensity of
screening by a bank decreases average quality of firms applying to other
banks, which in turn have further incentives to screen. The link between
the degree of concentration of the banking industry and the extension of
credit is also discussed. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 791-798
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:791-798

Template-Type: ReDIF-Article 1.0
Author-Name: DEAN SCRIMGEOUR
Title: The Great Inflation Was Not Asymmetric: International Evidence
Abstract:
The rise and fall of inflation during the Great Inflation were events of
approximately equal duration in developed economies. Relying on
data-driven methods, this paper shows the American experience, in which
inflation fell more quickly than it rose, was anomalous. This suggests
that theories explaining the asymmetry in the American data may not be so
applicable to a broader sample of countries. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 799-815
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:799-815

Template-Type: ReDIF-Article 1.0
Author-Name: JOSHUA AIZENMAN
Author-Name: REUVEN GLICK
Title: Pegged Exchange Rate Regimes-A Trap?
Abstract:
We analyze the role of an exchange rate peg as a commitment mechanism to
achieve inflation stability when multiple equilibria are possible. We show
that there are "ex ante" large gains from choosing a more conservative
regime not only in order to mitigate inflation bias from time
inconsistency but also to avoid high inflation equilibria. In these
circumstances, using a pegged exchange rate as an anti-inflation
commitment device can create a "trap" whereby the regime initially confers
gains in anti-inflation credibility but ultimately results in an exit
occasioned by a big enough adverse real shock that creates large welfare
losses to the economy. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 817-835
Issue: 4
Volume: 40
Year: 2008
Month: 06
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:4:p:817-835

Template-Type: ReDIF-Article 1.0
Author-Name: PHILIPPE BACCHETTA
Author-Name: ERIC VAN WINCOOP
Title: Higher Order Expectations in Asset Pricing
Abstract:
We examine formally Keynes' idea that higher order beliefs can drive a
wedge between an asset price and its fundamental value based on expected
future payoffs. We call this the higher order wedge, which depends on the
difference between higher and first order expectations of future payoffs.
We analyze the determinants of this wedge and its impact on the
equilibrium price in the context of a dynamic noisy rational expectations
model. We show that the wedge reduces asset price volatility and
disconnects the price from the present value of future payoffs. The impact
of the higher order wedge on the equilibrium price can be quantitatively
large. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 837-866
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:837-866

Template-Type: ReDIF-Article 1.0
Author-Name: ROC ARMENTER
Title: A General Theory (and Some Evidence) of Expectation Traps in Monetary Policy
Abstract:
I show that multiple equilibria are a general property of economies under
full monetary policy discretion. Three simple conditions are sufficient to
rule out, generically, a unique equilibrium in a static economy. The key
departure from Barro and Gordon (1983) is to consider bounded welfare
costs of inflation. I also show that in a two Markov equilibrium economy
the inflation response to certain perturbations is, generically,
qualitatively different in each equilibrium. Finally, I discuss some
evidence on inflation dynamics that supports the hypothesis that U.S.
monetary policy was caught in an expectation trap during the high
inflation episode of the 1970s. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 867-895
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:867-895

Template-Type: ReDIF-Article 1.0
Author-Name: DOUGLAS D. EVANOFF
Author-Name: EVREN ORS
Title: The Competitive Dynamics of Geographic Deregulation in Banking: Implications for Productive Efficiency
Abstract:
Deregulation of geographic restrictions in banking over the past 20 years
has intensified both potential and actual competition in the industry. The
accumulating empirical evidence suggests that potential efficiency gains
associated with consolidating banks are often not realized. We evaluate
the impact of this increased competition on the productive efficiency of
non-merging banks confronted with new entry in their local markets and
find that the incumbent banks respond by improving cost efficiency. Thus,
studies evaluating the impact of bank mergers on the efficiency of the
combining parties alone may be overlooking the most significant
welfare-enhancing aspect of merger activity. Copyright (c) 2008 Federal Reserve Bank of New York with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 897-928
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:897-928

Template-Type: ReDIF-Article 1.0
Author-Name: MATTEO IACOVIELLO
Title: Household Debt and Income Inequality, 1963-2003
Abstract:
I construct an economy with heterogeneous agents that mimics the
time-series behavior of the earnings distribution in the United States
from 1963 to 2003. Agents face aggregate and idiosyncratic shocks and
accumulate real and financial assets. I estimate the shocks that drive the
model using data on income inequality, aggregate income, and measures of
financial liberalization. I show how the model economy can replicate two
empirical facts: the trend and cyclical behavior of household debt and the
diverging patterns in consumption and wealth inequality over time. While
business cycle fluctuations can account for the short-run changes in
household debt, its prolonged rise of the 1980s and the 1990s can be
quantitatively explained only by the concurrent increase in income
inequality. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 929-965
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:929-965

Template-Type: ReDIF-Article 1.0
Author-Name: YASUO HIROSE
Title: Equilibrium Indeterminacy and Asset Price Fluctuation in Japan: A Bayesian Investigation
Abstract:
This paper investigates sources of asset price fluctuation in Japan using
an estimated financial accelerator model. For explicit treatment of
expectational beliefs characterized by sunspots, the model is analyzed
over the parameter space where the equilibrium can be indeterminate. We
show that indeterminacy arises if the financial accelerator effect is
sufficiently large. According to our Bayesian estimation results, Japan's
economy was affected by sunspot shocks; however, the contribution of the
sunspots to asset price volatility was low. Rather, net worth and cost
shocks drove the asset price fluctuation. We find, however, that the
sunspots substantially affected capital investment. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 967-999
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:967-999

Template-Type: ReDIF-Article 1.0
Author-Name: ALESSANDRO RIBONI
Author-Name: FRANCISCO J. RUGE-MURCIA
Title: The Dynamic (In)Efficiency of Monetary Policy by Committee
Abstract:
This paper develops a model where the value of the monetary policy
instrument is selected by a heterogenous committee engaged in a dynamic
voting game. Committee members differ in their institutional power, and in
certain states of nature, they also differ in their preferred instrument
value. Preference heterogeneity and concern for the future interact to
generate decisions that are dynamically inefficient and inertial around
the previously agreed instrument value. This model endogenously generates
autocorrelation in the policy variable and helps explain the empirical
observation that the distribution of actual interest rate changes has a
mode of zero. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1001-1032
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1001-1032

Template-Type: ReDIF-Article 1.0
Author-Name: LUIS-GONZALO LLOSA
Author-Name: VICENTE TUESTA
Title: Determinacy and Learnability of Monetary Policy Rules in Small Open Economies
Abstract:
This paper evaluates under which conditions different Taylor-type rules
lead to determinacy and expectational stability (E-stability) of rational
expectations equilibrium in a simple "New Keynesian" small open economy
model, developed by Gali and Monacelli (2005). In particular, we extend
Bullard and Mitra (2002) results of determinacy and E-stability in a
closed economy to this small open economy framework. Our results highlight
an important link between the Taylor principle and both determinacy and
learnability of equilibrium in small open economies. More importantly, the
degree of openness coupled with the nature of the policy rule adopted by
the monetary authorities might change this link in important ways. A key
finding is that, contrary to Bullard and Mitra, expectations-based rules
that involve the consumer price inflation and/or the nominal exchange rate
limit the region of E-stability and the Taylor Principle does not
guarantee E-stability. We also show that some forms of managed exchange
rate rules can help to alleviate problems of both indeterminacy and
expectational instability, yet these rules might not be desirable since
they can promote greater volatility in the economy. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1033-1063
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1033-1063

Template-Type: ReDIF-Article 1.0
Author-Name: MASAKATSU OKUBO
Title: On the Intertemporal Elasticity of Substitution under Nonhomothetic Utility
Abstract:
In this note, we use a model with nonseparable and nonhomothetic
preferences to estimate the intertemporal elasticity of substitution
(IES). We show that, while the homothetic utility model may induce a bias
that increases the elasticity of substitution between nondurables and
durables, the estimated IES remains positive and significant. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1065-1072
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1065-1072

Template-Type: ReDIF-Article 1.0
Author-Name: MARK WEDER
Title: Sticky Prices and Indeterminacy
Abstract:
The aim of this paper is to analyze the link between price rigidity and
indeterminacy. This is done within a cash-in-advance economy that is known
to exhibit indeterminacy at high degrees of relative risk aversion. My
findings show that price stickiness reduces the scope of these sunspot
equilibria: to be compatible with indeterminacy, sluggish price adjustment
requires degrees of relative risk aversion that prove too high to square
with data. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1073-1082
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1073-1082

Template-Type: ReDIF-Article 1.0
Author-Name: ANDREW T. YOUNG
Author-Name: MATTHEW J. HIGGINS
Author-Name: DANIEL LEVY
Title: Sigma Convergence versus Beta Convergence: Evidence from U.S. County-Level Data
Abstract:
In this paper, we outline (i) why &sigma;-convergence may not accompany
&beta;-convergence, (ii) discuss evidence of &beta;-convergence in the
United States, and (iii) use U.S. county-level data containing over 3,000
cross-sectional observations to demonstrate that &sigma;-convergence
cannot be detected at the county level across the United States, or within
the large majority of the individual U.S. states considered separately.
Indeed, in many cases statistically significant &sigma;-"divergence" is
found. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1083-1093
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1083-1093

Template-Type: ReDIF-Article 1.0
Author-Name: WILLIAM A. BRANCH
Author-Name: TROY DAVIG
Author-Name: BRUCE McGOUGH
Title: Monetary-Fiscal Policy Interactions under Implementable Monetary Policy Rules
Abstract:
This paper examines the implications of forward- and backward-looking
monetary policy rules in an environment with monetary-fiscal interactions.
We find that the unique stationary rational expectations equilibrium (REE)
is always non-Ricardian under simple implementable monetary policy rules. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1095-1102
Issue: 5
Volume: 40
Year: 2008
Month: 08
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:5:p:1095-1102

Template-Type: ReDIF-Article 1.0
Author-Name: LUTZ KILIAN
Author-Name: SIMONE MANGANELLI
Title: The Central Banker as a Risk Manager: Estimating the Federal Reserve's Preferences under Greenspan
Abstract:
We derive a natural generalization of the Taylor rule that links changes
in the interest rate to the balance of the risks implied by the dual
objective of sustainable economic growth and price stability. This
monetary policy rule reconciles economic models of expected utility
maximization with the risk management approach to central banking. Within
this framework, we formally test and reject the standard assumption of
quadratic and symmetric preferences in inflation and output that underlies
the derivation of the Taylor rule. Our results suggest that Fed policy
decisions under Greenspan were better described in terms of the Fed
weighing upside and downside risks to their objectives rather than simply
responding to the conditional mean of inflation and of the output gap. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1103-1129
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1103-1129

Template-Type: ReDIF-Article 1.0
Author-Name: MARKKU LANNE
Author-Name: HELMUT Lâ€¹TKEPOHL
Title: Identifying Monetary Policy Shocks via Changes in Volatility
Abstract:
A central issue of monetary policy analysis is the specification of
monetary policy shocks. In a structural vector autoregressive setting
there has been some controversy about which restrictions to use for
identifying the shocks because standard theories do not provide enough
information to fully identify monetary policy shocks. In fact, to compare
different theories it would even be desirable to have over-identifying
restrictions that would make statistical tests of different theories
possible. It is pointed out that some progress toward over-identifying
monetary policy shocks can be made by using specific data properties. In
particular, it is shown that changes in the volatility of the shocks can
be used for identification. Based on monthly U.S. data from 1965 to 1996
different theories are tested and it is found that associating monetary
policy shocks with shocks to nonborrowed reserves leads to a particularly
strong rejection of the model whereas assuming that the Fed accommodates
demand shocks to total reserves cannot be rejected. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1131-1149
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1131-1149

Template-Type: ReDIF-Article 1.0
Author-Name: XAVIER FREIXAS
Author-Name: JOSâ€¦ JORGE
Title: The Role of Interbank Markets in Monetary Policy: A Model with Rationing
Abstract:
This paper analyzes the impact of asymmetric information in the interbank
market and establishes its crucial role in the microfoundations of the
monetary policy transmission mechanism. We show that interbank market
imperfections induce an equilibrium with rationing in the credit market.
This has two major implications: first, it reconciles the irresponsiveness
of business investment to the user cost of capital with the large impact
of monetary policy ("magnitude effect"), and second, it shows that banks'
liquidity positions condition their reaction to monetary policy ("Kashyap
and Stein liquidity effect"). Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1151-1176
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1151-1176

Template-Type: ReDIF-Article 1.0
Author-Name: PETER D. SPENCER
Title: Stochastic Volatility in a Macro-Finance Model of the U.S. Term Structure of Interest Rates 1961-2004
Abstract:
This paper generalizes the standard homoscedastic macro-finance model by
allowing for stochastic volatility, using the "square root" specification
of the mainstream finance literature. Empirically, this specification
dominates the standard model because it is consistent with the square root
volatility found in macroeconomic time series. Thus it establishes an
important connection between the stochastic volatility of the mainstream
finance model and macro-economic volatility of the Okun-Friedman type.
This research opens the way to a richer specification of both
macro-economic and term structure models, incorporating the best features
of both macro-finance and mainstream finance models. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1177-1215
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1177-1215

Template-Type: ReDIF-Article 1.0
Author-Name: SAIYING (ESTHER) DENG
Author-Name: ELYAS ELYASIANI
Title: Geographic Diversification, Bank Holding Company Value, and Risk
Abstract:
We assess the association between geographic diversification and bank
holding company (BHC) value and risk, controlling for the distance between
the headquarters and branches. The distance-adjusted deposit dispersion
index used as a measure of geographic diversification accounts for the
number of locations where a BHC operates, the level of activity in each
location, and the distance between a BHC and its branches. We find that
geographic diversification is associated with BHC value enhancement and
risk reduction, increased distance between a BHC and its branches is
associated with firm value reduction and risk increase, and geographic
diversification across more remote areas is associated with greater value
enhancement but smaller risk reduction. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1217-1238
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1217-1238

Template-Type: ReDIF-Article 1.0
Author-Name: FELIPE MEZA
Title: Financial Crisis, Fiscal Policy, and the 1995 GDP Contraction in Mexico
Abstract:
In 1995 Mexico experienced its largest contraction of gross domestic
product (GDP) since the early twentieth century. I propose a simple
mechanism to partially account for the contraction: the effects of changes
in fiscal policy. The contraction of GDP was preceded by a financial
crisis. The government responded by raising taxes and reducing spending.
Using a model with taxation and government consumption, and the business
cycle accounting methodology, I measure the impact of fiscal policy.
Fiscal policy accounts for 20.7% of the fall in output. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1239-1261
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1239-1261

Template-Type: ReDIF-Article 1.0
Author-Name: JOEL T. HARPER
Author-Name: JAMES E. MCNULTY
Title: Financial System Size in Transition Economies: The Effect of Legal Origin
Abstract:
Gorton and Winton (1998) link the size of the banking system in transition
economies to financial stability. We provide empirical evidence consistent
with their notion that the size of the financial system will be smaller in
these countries. This effect holds even after controlling for the effect
of rule of law and/or legal origin, and other relevant variables.
Transition economy status, thus adds additional explanatory power to
traditional law and finance explanations of financial development.
Classification of transition economies by legal origin reveals that
Russian legal origin has a strong negative effect on financial
development. Regression analysis shows claims on the private sector/gross
domestic product (GDP) to be 46 to 60 percentage points lower in the
countries of the former Soviet Union, and 23 to 39 percentage points lower
in non-Soviet transition economies compared to countries of English legal
origin. There is a positive relation between claims on the private sector
and the rule of law for a broad cross section of countries. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1263-1280
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1263-1280

Template-Type: ReDIF-Article 1.0
Author-Name: SZILÂ¡RD BENK
Author-Name: MAX GILLMAN
Author-Name: MICHAL KEJAK
Title: Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks
Abstract:
The paper sets the neoclassical monetary business cycle model within
endogenous growth, adds exchange credit shocks, and finds that money and
credit shocks explain much of the velocity variations. The role of the
shocks varies across subperiods in an intuitive fashion. Endogenous growth
is key to the construction of the money and credit shocks because these
have similar effects on velocity, but opposite effects upon growth. The
model matches the data's average velocity and simulates well velocity
volatility. Its Cagan-like money demand means that money and credit shocks
cause greater velocity variation, the higher is the nominal interest rate. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1281-1293
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1281-1293

Template-Type: ReDIF-Article 1.0
Author-Name: GABRIELE CAMERA
Author-Name: YITING LI
Title: Another Example of a Credit System that Co-Exists with Money
Abstract:
We study an economy in which exchange occurs pairwise, there is no
commitment, and anonymous agents choose between random monetary trade or
deterministic credit trade. To accomplish the latter, agents can exploit a
costly technology that allows limited record-keeping, and enforcement. An
equilibrium with money and credit is shown to exist if the cost of using
the technology is sufficiently small. Anonymity, record-keeping, and
enforcement limitations also permit some incidence of default, in
equilibrium. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1295-1308
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1295-1308

Template-Type: ReDIF-Article 1.0
Author-Name: BEEN-LON CHEN
Author-Name: MEI HSU
Author-Name: CHIA-HUI LU
Title: Inflation and Growth: Impatience and a Qualitative Equivalence
Abstract:
This paper studies the role of an endogenous time preference on the
relationship between inflation and growth in the long run in both the
money-in-utility-function (MIUF) and transactions-costs (TC) models. We
establish a qualitative equivalence between the two models in a setup
without a labor-leisure tradeoff. When the time preference is decreasing
(or increasing) in consumption and real balances, both the MIUF and TC
models are qualitatively equivalent in terms of predicting a negative (or
positive) relationship between inflation and growth in a steady state.
Both a decreasing and an increasing time preference in consumption are
consistent with the arguments found within the literature. While a
decreasing time preference in real balances corroborates with empirical
evidence, there is no evidence in support of an increasing time preference
in real balances. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1309-1323
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1309-1323

Template-Type: ReDIF-Article 1.0
Author-Name: GREGOR W. SMITH
Title: Japan's Phillips Curve Looks Like Japan
Abstract:
During the past 15 years Japan has experienced unprecedented, high
unemployment rates and low (often negative) inflation rates. This research
shows that these outcomes were predictable as part of a stable, readily
recognized Phillips curve. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1325-1326
Issue: 6
Volume: 40
Year: 2008
Month: 09
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:6:p:1325-1326

Template-Type: ReDIF-Article 1.0
Author-Name: VARADARAJAN V. CHARI
Author-Name: PATRICK J. KEHOE
Title: Time Inconsistency and Free-Riding in a Monetary Union
Abstract:
In monetary unions, a time inconsistency problem in monetary policy leads
to a novel type of free-rider problem in the setting of non-monetary
policies. The free-rider problem leads union members to pursue lax
non-monetary policies that induce the monetary authority to generate high
inflation. Free-riding can be mitigated by imposing constraints on
non-monetary policies. Without a time inconsistency problem, the union has
no free-rider problem; then constraints on non-monetary policies are
unnecessary and possibly harmful. This theory is here detailed and applied
to several non-monetary policies: labor market policy, fiscal policy, and
bank regulation. Copyright (c) 2008 Federal Reserve Bank of Minneapolis with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1329-1356
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1329-1356

Template-Type: ReDIF-Article 1.0
Author-Name: RAJEEV DHAWAN
Author-Name: KARSTEN JESKE
Title: Energy Price Shocks and the Macroeconomy: The Role of Consumer Durables
Abstract:
We create a model with a distinction between investment in consumer
durables and capital goods, as well as energy use by households and firms,
to evaluate the importance of energy price shocks for output fluctuations.
Simulation results indicate that this economy has a smaller proportion of
output fluctuations attributable to energy price shocks than one without
durable goods and household energy use. We show that an energy price hike
is absorbed by reducing investment in durables more than in fixed capital.
This rebalancing effect cushions the hit to future production. Thus,
productivity shocks remain the prime driver for output fluctuations. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1357-1377
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1357-1377

Template-Type: ReDIF-Article 1.0
Author-Name: THORSTEN BECK
Author-Name: ASLI DEMIRGUC-KUNT
Author-Name: LUC LAEVEN
Author-Name: ROSS LEVINE
Title: Finance, Firm Size, and Growth
Abstract:
Although research shows that financial development accelerates aggregate
economic growth, economists have not resolved conflicting theoretical
predictions and ongoing policy disputes about the cross-firm
distributional effects of financial development. Using cross-industry,
cross-country data, the results are consistent with the view that
financial development exerts a disproportionately positive effect on small
firms. These results have implications for understanding the political
economy of financial sector reform. Copyright (c) 2008 International Monetary Fund with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1379-1405
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1379-1405

Template-Type: ReDIF-Article 1.0
Author-Name: TAKATOSHI ITO
Author-Name: KIYOTAKA SATO
Title: Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: Vector Autoregression Analysis of the Exchange Rate Pass-Through
Abstract:
Macro-economic consequences of large currency depreciations among the
crisis-hit Asian economies varied from one country to another. Inflation
did not soar after the Asian currency crisis of 1997-98 in most crisis-hit
countries except Indonesia where high inflation followed a very large
nominal depreciation of the rupiah. The high inflation meant a loss of
price competitive advantage, a key for economic recovery from a crisis.
This paper examines the pass-through effects of exchange rate changes on
the domestic prices in the East Asian economies using a vector
autoregression analysis. The main results are as follows: (i) the degree
of exchange rate pass-through to import prices was quite high in the
crisis-hit economies; (ii) the pass-through to Consumer Price Index (CPI)
was generally low, with a notable exception of Indonesia; and (iii) in
Indonesia, both the impulse response of monetary policy variables to
exchange rate shocks and that of CPI to monetary policy shocks were
positive, large, and statistically significant. Thus, Indonesia's
accommodative monetary policy, coupled with the high degree of CPI
responsiveness to exchange rate changes was an important factor in the
inflation-depreciation spiral in the wake of the currency crisis. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1407-1438
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1407-1438

Template-Type: ReDIF-Article 1.0
Author-Name: FLORIN O. BILBIIE
Author-Name: ANDRâ€¦ MEIER
Author-Name: GERNOT J. Mâ€¹LLER
Title: What Accounts for the Changes in U.S. Fiscal Policy Transmission?
Abstract:
Using vector autoregressions on U.S. time series for 1957-79 and
1983-2004, we find government spending shocks to have stronger effects on
output, consumption, and wages in the earlier period. We try to account
for this observation within a DSGE model featuring price rigidities and
limited asset market participation. Specifically, we estimate the
structural parameters of the model for both periods by matching impulse
responses. Model-based counterfactual experiments suggest that most of the
changes in fiscal policy transmission are accounted for by increased asset
market participation and the more active monetary policy of the
Volcker-Greenspan period. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1439-1470
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1439-1470

Template-Type: ReDIF-Article 1.0
Author-Name: MARCELLO PERICOLI
Author-Name: MARCO TABOGA
Title: Canonical Term-Structure Models with Observable Factors and the Dynamics of Bond Risk Premia
Abstract:
We derive a canonical representation for the no-arbitrage discrete-time
term structure models with both observable and unobservable state
variables, popularized by Ang and Piazzesi (2003). We conduct a
specification analysis based on this canonical representation and we
analyze how alternative parameterizations affect estimated risk premia,
impulse response functions, and variance decompositions. We find a
trade-off between the need to obtain parsimonious parameterizations and
the ability of the models to match observed patterns of variation in risk
premia. We also find that more richly parameterized models uncover a
greater influence of macroeconomic fundamentals on the long-end of the
yield curve. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1471-1488
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1471-1488

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES M. STEELEY
Title: Testing Term Structure Estimation Methods: Evidence from the UK STRIPS Market
Abstract:
Prices and yields of UK government zero-coupon bonds are used to test
alternative yield curve estimation models. Zero-coupon bonds permit a more
pure comparison, as the models are providing only the interpolation
service and also not making estimation feasible. It is found that better
yield curves estimates are obtained by fitting to the yield curve directly
rather than fitting first to the discount function. A simple procedure to
set the smoothness of the fitted curves is developed, and a positive
relationship between over-smoothness and the fitting error is identified.
A cubic spline function fitted directly to the yield curve provides the
best overall balance of fitting error and smoothness, both along the yield
curve and within local maturity regions. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1489-1512
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1489-1512

Template-Type: ReDIF-Article 1.0
Author-Name: JÃ·RG DÃ·PKE
Author-Name: JONAS DOVERN
Author-Name: ULRICH FRITSCHE
Author-Name: JIRI SLACALEK
Title: Sticky Information Phillips Curves: European Evidence
Abstract:
We estimate the Sticky Information Phillips Curve model of Mankiw and Reis
(2002) using survey expectations of professional forecasters from four
major European economies. Our estimates imply that inflation expectations
in France, Germany, and the United Kingdom are updated about once a year,
while in Italy, about once each 6 months. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1513-1520
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1513-1520

Template-Type: ReDIF-Article 1.0
Author-Name: PIERFEDERICO ASDRUBALI
Author-Name: SOYOUNG KIM
Title: Incomplete Intertemporal Consumption Smoothing and Incomplete Risk Sharing
Abstract:
This paper develops a method to estimate jointly the degree of
intertemporal consumption smoothing and the degree of "inter-regional"
risk sharing. The empirical results for the U.S. states and OECD and EU
countries suggest that: (i) regardless of the assumption on the degree of
intertemporal consumption smoothing, the degree of risk sharing within a
country is larger than across countries; (ii) the degree of intertemporal
consumption smoothing within a country is also larger than across
countries; and (iii) the difference between the degree of intertemporal
consumption smoothing within U.S. states and across OECD and EU countries
is as large as the difference between the degree of risk sharing, contrary
to the findings of some past studies. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1521-1531
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1521-1531

Template-Type: ReDIF-Article 1.0
Author-Name: ANGELO BAGLIONI
Author-Name: ANDREA MONTICINI
Title: The Intraday Price of Money: Evidence from the e-MID Interbank Market
Abstract:
We provide empirical evidence, based on tick-by-tick data for the e-MID
euro area interbank market covering 2003 and 2004, that the overnight
interest rate shows a clear downward pattern throughout the operating day.
Thus, a positive hourly interest rate (half basis point) implicitly
emerges from the intraday term structure of the overnight rate. Such a
pattern was not detected in the mid-1990s: we explain this evolution as an
outcome of the recent trend toward real-time settlement. The estimated
intraday interest rate is lower than in the United States: this is due to
the different cost of central bank daylight credit. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1533-1540
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1533-1540

Template-Type: ReDIF-Article 1.0
Author-Name: BARBARA CAPORALE
Author-Name: TONY CAPORALE
Title: Political Regimes and the Cost of Disinflation
Abstract:
This study investigates, using data from 1960 to 1998, whether the nature
of political regimes can help explain cross-national and intertemporal
variations in the cost of disinflationary policies, as measured by the
sacrifice ratio. We show that, "ceteris paribus", right-wing governments
have lower costs of disinflations than left-wing governments. We argue
this is due to a superior credibility, resulting from their stronger
anti-inflation reputations. In addition (and in marked contrast to
previous studies), we find that when we control for political regimes,
trade openness, and other standard factors in this literature, central
bank independence has no significant effect on the sacrifice ratio. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1541-1554
Issue: 7
Volume: 40
Year: 2008
Month: 10
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:7:p:1541-1554

Template-Type: ReDIF-Article 1.0
Author-Name: HARRIS DELLAS
Author-Name: THOMAS JORDAN
Author-Name: ULRICH KOHLI
Title: Monetary Theory: Where Do We Stand?
Journal: Journal of Money, Credit and Banking
Pages: 1557-1560
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1557-1560

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL WOODFORD
Title: How Important Is Money in the Conduct of Monetary Policy?
Abstract:
I consider some of the leading arguments for assigning an important role
to tracking the growth of monetary aggregates when making decisions about
monetary policy. First, I consider whether ignoring money means returning
to the conceptual framework that allowed the high inflation of the 1970s.
Second, I consider whether models of inflation determination with no role
for money are incomplete, or inconsistent with elementary economic
principles. Third, I consider the implications for monetary policy
strategy of the empirical evidence for a long-run relationship between
money growth and inflation. And fourth, I consider reasons why a monetary
policy strategy based solely on short-run inflation forecasts derived from
a Phillips curve may not be a reliable way of controlling inflation. I
argue that none of these considerations provides a compelling reason to
assign a prominent role to monetary aggregates in the conduct of monetary
policy. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1561-1598
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1561-1598

Template-Type: ReDIF-Article 1.0
Author-Name: TIMOTHY COGLEY
Author-Name: RICCARDO COLACITO
Author-Name: LARS PETER HANSEN
Author-Name: THOMAS J. SARGENT
Title: Robustness and U.S. Monetary Policy Experimentation
Abstract:
We study how a concern for robustness modifies a policymaker's incentive
to experiment. A policymaker has a prior over two submodels of
inflation-unemployment dynamics. One submodel implies an exploitable
trade-off, the other does not. Bayes' law gives the policymaker an
incentive to experiment. The policymaker fears that both submodels and his
prior probability distribution over them are misspecified. We compute
decision rules that are robust to misspecifications of each submodel and
of the prior distribution over submodels. We compare robust rules to ones
that Cogley, Colacito, and Sargent (2007) computed assuming that the
models and the prior distribution are correctly specified. We explain how
the policymaker's desires to protect against misspecifications of the
submodels, on the one hand, and misspecifications of the prior over them,
on the other, have different effects on the decision rule. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1599-1623
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1599-1623

Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT G. KING
Author-Name: YANG K. LU
Author-Name: ERNESTO S. PASTâ€¦N
Title: Managing Expectations
Abstract:
The idea that monetary policy is principally about "managing expectations"
has taken hold in central banks around the world. Discussions of
expectations management by central bankers, academics and by financial
market participants frequently also include the idea that central bank
credibility is imperfect. We adapt a familiar macroeconomic model so as to
discuss key concepts in the area of expectations management. Our work also
exemplifies a model construction approach to analyzing the dynamics of
announcements, actions, and credibility that we think makes feasible a
wide range of future investigations concerning the management of
expectations. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1625-1666
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1625-1666

Template-Type: ReDIF-Article 1.0
Author-Name: MATTHEW CANZONERI
Author-Name: ROBERT CUMBY
Author-Name: BEHZAD DIBA
Author-Name: DAVID LâˆšPEZ-SALIDO
Title: Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
Abstract:
Woodford (2003) describes a popular class of neo-Wicksellian (NW) models
in which monetary policy is characterized by an interest rate rule, and
the money market and financial institutions are typically not even
modeled. Critics contend that these models are incomplete and unsuitable
for monetary policy evaluation. Our banks and bonds (BB) model starts with
a standard NW model and then adds banks and a role for bonds in the
liquidity management of households and banks. The BB model gives a more
complete description of the economy, but the NW model has the virtue of
simplicity. Our purpose here is to see if the NW model gives a reasonably
accurate account of macroeconomic behavior in the more complete BB model.
We do this by comparing the models' second moments, variance
decompositions, and impulse response functions. We also study the role of
monetary aggregates and velocity in predicting inflation in the two
models. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1667-1698
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1667-1698

Template-Type: ReDIF-Article 1.0
Author-Name: NIR JAIMOVICH
Author-Name: SERGIO REBELO
Title: News and Business Cycles in Open Economies
Abstract:
We study the effects of news about future total factor productivity (TFP)
in a small open economy. We show that an open-economy version of the
neoclassical model produces a recession in response to good news about
future TFP. We propose an open-economy model that generates comovement in
response to TFP news. The key elements of our model are a weak short-run
wealth effect on the labor supply and adjustment costs to labor and
investment. We show that our model also generates comovement in response
to news about future investment-specific technical change and to "sudden
stops." Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1699-1711
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1699-1711

Template-Type: ReDIF-Article 1.0
Author-Name: MARK GERTLER
Author-Name: LUCA SALA
Author-Name: ANTONELLA TRIGARI
Title: An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining
Abstract:
We develop and estimate a medium scale macroeconomic model that allows for
unemployment and staggered nominal wage contracting. In contrast to most
existing quantitative models, employment adjustment is on the extensive
margin and the employment of existing workers is efficient. Wage rigidity,
however, affects the hiring of new workers. The former is introduced via
the staggered Nash bargaining setup of Gertler and Trigari (2006). A
robust finding is that the model with wage rigidity provides a better
description of the data than does a flexible wage version. Overall, the
model fits the data roughly as well as existing quantitative macroeconomic
models, such as Smets and Wouters (2007) or Christiano, Eichenbaum, and
Evans (2005). More work is necessary, however, to ensure a robust
identification of the key labor market parameters. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1713-1764
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1713-1764

Template-Type: ReDIF-Article 1.0
Author-Name: FABRICE COLLARD
Author-Name: HARRIS DELLAS
Title: Monetary Policy and Inflation in the 70s
Abstract:
An influential paper by Clarida, GalÃŒ, and Gertler (2000) has attributed
the great inflation of the 1970s to the violation of the Taylor principle
in the conduct of U.S. monetary policy (weak, indeterminacy inducing
response to expected inflation). We evaluate this thesis in the context of
a standard New Keynesian model against a version of the model that
incorporates incomplete information learning about the true state of the
economy. The likelihood-based estimation of the model overwhelmingly
favors the specification with indeterminacy over the alternatives with
determinacy, independent of the presence and size of misperceptions. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1765-1781
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1765-1781

Template-Type: ReDIF-Article 1.0
Author-Name: BENNETT T. McCALLUM
Title: How Important Is Money in the Conduct of Monetary Policy? A Comment
Journal: Journal of Money, Credit and Banking
Pages: 1783-1790
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1783-1790

Template-Type: ReDIF-Article 1.0
Author-Name: EDWARD NELSON
Title: Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique
Abstract:
Woodford argues that it is not appropriate to regard inflation in the
steady state of New Keynesian models as determined by steady-state money
growth. Woodford instead argues that the intercept term in the monetary
authority's interest rate policy rule determines steady-state inflation.
In this paper, I offer an alternative interpretation of steady-state
behavior, according to which it is appropriate to regard steady-state
inflation as determined by steady-state money growth. The argument relies
on traditional interpretations of the central bank's power in the long run
and appeals to model properties that are common to textbook and New
Keynesian analysis. According to this argument, the only way the central
bank can control interest rates in the long run is via affecting
inflation, and its only means available for determining inflation is by
determining the money growth rate. Copyright (c) 2008 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1791-1814
Issue: 8
Volume: 40
Year: 2008
Month: 12
Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:8:p:1791-1814

Template-Type: ReDIF-Article 1.0
Author-Name: ANTONELLA TRIGARI
Title: Equilibrium Unemployment, Job Flows, and Inflation Dynamics
Abstract:
In order to explain the joint fluctuations of output, inflation and the
labor market, this paper develops and estimates a general equilibrium
model that integrates a theory of equilibrium unemployment into a monetary
model with nominal price rigidities. The estimated model accounts for the
responses of employment, hours per worker, job creation, and job
destruction to a monetary policy shock. Moreover, search frictions in the
labor market generate a lower elasticity of marginal costs with respect to
output. This helps to explain the sluggishness of inflation and the
persistence of output that are observed in the data. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1-33
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:1-33

Template-Type: ReDIF-Article 1.0
Author-Name: MICHELLE T. ARMESTO
Author-Name: RUBâ€¦N HERNÂ¡NDEZ-MURILLO
Author-Name: MICHAEL T. OWYANG
Author-Name: JEREMY PIGER
Title: Measuring the Information Content of the Beige Book: A Mixed Data Sampling Approach
Abstract:
Studies of the predictive ability of the Federal Reserve's Beige Book for
aggregate output and employment have proven inconclusive. This might be
attributed, in part, to its irregular release schedule. We use a model
that allows for data sampling at mixed frequencies to analyze the
predictive power of the Beige Book. We find that the Beige Book's national
summary and District reports predict GDP and aggregate employment and that
most District reports provide information content for regional employment.
In addition, there appears to be an asymmetry in the predictive content of
the Beige Book language. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 35-55
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:35-55

Template-Type: ReDIF-Article 1.0
Author-Name: GISLE JAMES NATVIK
Title: Government Spending and the Taylor Principle
Abstract:
This paper explores how government size affects the scope for equilibrium
indeterminacy in a New Keynesian economy, where part of the population
live hand-to-mouth. The main result is that a higher level of public
consumption is likely to generate indeterminacy and render the Taylor
principle insufficient as criterion for equilibrium uniqueness. This holds
even though fiscal policy serves to reduce swings in current income. Only
if government consumption is a substitute for private consumption, will it
narrow the scope for indeterminacy. Hence monetary policy should be
conducted with an eye to the amount and composition of government
consumption. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 57-77
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:57-77

Template-Type: ReDIF-Article 1.0
Author-Name: MICHELE BERARDI
Title: Monetary Policy with Heterogeneous and Misspecified Expectations
Abstract:
In the recent literature on monetary policy and learning, it has been
suggested that private sector's expectations should play a role in the
policy rule implemented by the central bank, as they could improve the
ability of the policymaker to stabilize the economy. Private sector's
expectations, in these studies, are often taken to be homogeneous and
rational, at least in the limit of a learning process. In this paper,
instead, we consider the case in which private agents are heterogeneous in
their expectations formation mechanisms and hold heterogeneous
expectations in equilibrium. We investigate the impact of this
heterogeneity in expectations on central bank's policy implementation and
on the ensuing economic outcomes, and the general result that emerges is
that the central bank should disregard inaccurate private sector
expectations and solely base its policy on the accurate ones. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 79-100
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:79-100

Template-Type: ReDIF-Article 1.0
Author-Name: WIOLETTA DZIUDA
Author-Name: GIOVANNI MASTROBUONI
Title: The Euro Changeover and Its Effects on Price Transparency and Inflation
Abstract:
Despite the expectations of economists that the euro changeover would have
no effect on prices, European consumers perceived the opposite. To shed
some light on this puzzle, we develop a model of imperfect information in
which cheaper goods experience higher price growth after the changeover.
Retailers, aware of consumers' difficulties in adopting the new currency,
use currency changeovers to increase profits by increasing prices. The
lower the price transparency after the changeover, the higher the
euro-related inflation. Using data on inflation (Eurostat) and price
levels (Economist Intelligence Unit), we show that although the euro
changeover did not significantly increase inflation, it nevertheless had a
distortionary effect on prices. After the changeover, cheaper goods had
higher inflation, and this effect was stronger in countries in which
people found dealing with the new currency problematic. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 101-129
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:101-129

Template-Type: ReDIF-Article 1.0
Author-Name: MASAMI IMAI
Title: Political Influence and Declarations of Bank Insolvency in Japan
Abstract:
This paper investigates how politics affects bank supervision by examining
determinants of bank failures in Japan during 1999-2002, a period during
which bank regulators were called upon to resolve insolvent banks in
preparation for the lifting of a blanket deposit guarantee. The empirical
results suggest that Japan's bank regulators had tendency to delay
declarations of insolvency in prefectures that supported senior
politicians of the ruling Liberal Democratic Party (LDP). This result,
which is robust to a host of bank-level and prefecture-level controls,
suggests that bank supervision is prone to political influence that delays
efficient resolution of insolvency. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 131-158
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:131-158

Template-Type: ReDIF-Article 1.0
Author-Name: ANDREAS SCHABERT
Author-Name: LEOPOLD VON THADDEN
Title: Distortionary Taxation, Debt, and the Price Level
Abstract:
This paper compares the determinacy of equilibria under exogenous interest
rates in an economy with a cash constraint, in which taxation is lump-sum
or distortionary. Under passive fiscal policies lump-sum taxes generate
nominal indeterminacy, while with distortionary taxes indeterminacy can be
real, but not purely nominal. In general, under distortionary taxation
uniqueness of the equilibrium allocation depends on monetary and fiscal
policy interactions through taxes, debt, and interest rates. To illustrate
this principle, we consider balanced-budget policies under distortionary
income taxation and show that a unique equilibrium allocation prevails if
interest rates are set consistent with long-run deflation. A separate
section extends the analysis to endogenous interest rates. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 159-188
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:159-188

Template-Type: ReDIF-Article 1.0
Author-Name: PATRICK TOCHE
Title: Multiple BGPs in a Growth Model with Habit Persistence: A Comment
Abstract:
Recently in this journal, Chen (2007) analyzes a model of an economy
without distortions in which rational forward-looking households care
about how their current consumption compares with their own past
consumption. Chen claims the existence of two saddle-point stable balanced
growth paths. In this comment, I show that the claim is incorrect. There
is a unique saddle-point stable balanced growth path and no global
indeterminacy. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 189-195
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:189-195

Template-Type: ReDIF-Article 1.0
Author-Name: THEO S. EICHER
Author-Name: ANDREAS LEUKERT
Title: Institutions and Economic Performance: Endogeneity and Parameter Heterogeneity
Abstract:
The hallmark of the recent development and growth literature is the quest
to identify institutions that explain significant portions of the observed
differences in living standards. There are two drawbacks to the prominent
approaches that focus either on the global sample, or on developing
nations. First, it is unclear whether the identified institutions also
hold explanatory power in advanced countries. Second, it is unclear
whether the identified institutions matter to the same degree across all
countries, or whether perhaps an altogether different set of institutions
matters in advanced countries. To address these issues, we examine
parameter heterogeneity in prominent approaches to institutions and
economic performance. We find that parameter heterogeneity is so strong
that it requires a new set of instruments to control for endogeneity. At
the same time, however, we confirm that a common set of economically
important institutions does exist among advanced and developing nations.
The impact of these institutions is shown to vary substantially across
subsamples; they are about three times more important in developing
countries than in OECD countries. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 197-219
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:197-219

Template-Type: ReDIF-Article 1.0
Author-Name: MARK J. JENSEN
Title: The Long-Run Fisher Effect: Can It Be Tested?
Abstract:
In this paper, I provide a plausible explanation as to why past studies
have been unable to find support for the long-run Fisher effect. My
argument is that exogenous shocks to the inflation rates in industrialized
economies have not produced the permanent change to inflation necessary
for testing the Fisher effect. Instead of finding a nonstationary,
unit-root process for inflation like previous Fisher effect studies, here
each country's inflation rate is found to follow a mean-reverting,
fractionally integrated, long-memory process. Applying a bivariate,
maximum likelihood estimator to a multivariate, fractionally integrated
model of inflation and nominal interest, I find that the estimated
inflation rates in 17 developed countries are highly persistent,
fractionally integrated, mean-reverting processes with order of
integration parameters significantly less than one. Since a permanent
change to inflation has not occurred, a test of whether a permanent change
to inflation affects the nominal interest rate one-for-one will be
uninformative as to the truth or fallacy of the Fisher effect hypothesis. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 221-231
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:221-231

Template-Type: ReDIF-Article 1.0
Author-Name: CARLOS EDUARDO S. GONÂ«ALVES
Author-Name: ALEXANDRE CARVALHO
Title: Inflation Targeting Matters: Evidence from OECD Economies' Sacrifice Ratios
Abstract:
Using data from OECD economies, we show that inflation targeters suffered
smaller output losses during disinflations when compared to nontargeters.
We also study why some countries choose to inflation target while others
do not and find that higher average inflation and smaller debt levels
render the adoption of the regime more likely. Applying Heckman's
procedure to control for selection bias does not alter the link between
inflation targeting and less costly disinflations. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 233-243
Issue: 1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:1:p:233-243

Template-Type: ReDIF-Article 1.0
Author-Name: MILES KIMBALL
Author-Name: PHILIPPE WEIL
Title: Precautionary Saving and Consumption Smoothing across Time and Possibilities
Abstract:
This paper examines how aversion to risk and aversion to intertemporal
substitution determine the strength of the precautionary saving motive in
a two-period model with Selden/Kreps-Porteus preferences. For small risks,
we derive a measure of the strength of the precautionary saving motive
that generalizes the concept of "prudence" introduced by Kimball (1990b).
For large risks, we show that decreasing absolute risk aversion guarantees
that the precautionary saving motive is stronger than risk aversion,
regardless of the elasticity of intertemporal substitution. Holding risk
preferences fixed, the extent to which the precautionary saving motive is
stronger than risk aversion increases with the elasticity of intertemporal
substitution. We derive sufficient conditions for a change in risk
preferences alone to increase the strength of the precautionary saving
motive and for the strength of the precautionary saving motive to decline
with wealth. Within the class of constant elasticity of intertemporal
substitution, constant-relative risk aversion utility functions, these
conditions are also necessary. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 245-284
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:245-284

Template-Type: ReDIF-Article 1.0
Author-Name: WINNIE P. H. POON
Author-Name: JUNSOO LEE
Author-Name: BENTON E. GUP
Title: Do Solicitations Matter in Bank Credit Ratings? Results from a Study of 72 Countries
Abstract:
Would the credit ratings of unsolicited banks be higher if they were
solicited? Alternatively, would the credit ratings of solicited banks
would be lower if they were unsolicited? To answer these questions, we use
an endogenous regime-switching model and data from 460 commercial banks in
72 countries, excluding the United States, for the period 1998-2003. The
answer to both questions is yes. Our results show that the observed
differences between solicited and unsolicited ratings can be explained by
both the solicitation status and financial profile of the banks. This
finding is a new contribution to the literature. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 285-314
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:285-314

Template-Type: ReDIF-Article 1.0
Author-Name: GENE AMROMIN
Author-Name: SUJIT CHAKRAVORTI
Title: Whither Loose Change? The Diminishing Demand for Small-Denomination Currency
Abstract:
While payment card usage has increased dramatically, the stock of
outstanding currency has not declined as rapidly. We analyze changes in
cash demand for 13 advanced economies from 1988 to 2003 by separating cash
into three denomination categories to disentangle its store of wealth and
payment functions. Defining denominations commonly dispensed by automated
teller machines (ATMs) as the "medium" category, we show that demand for
small-denomination currency decreases with greater debit card usage and
with greater retail market consolidation. In contrast, the demand for
high-denomination notes decreases when interest rates rise but is
generally unaffected by changes in debit card usage. Copyright (c) 2009 Federal Reserve Bank of Chicago with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 315-335
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:315-335

Template-Type: ReDIF-Article 1.0
Author-Name: ANDREW K. ROSE
Author-Name: MARK M. SPIEGEL
Title: Noneconomic Engagement and International Exchange: The Case of Environmental Treaties
Abstract:
We examine the role of noneconomic partnerships in promoting international
economic exchange. Since far-sighted countries are more willing to join
costly international partnerships such as environmental treaties,
environmental engagement tends to encourage international lending.
Countries with such noneconomic partnerships also find it easier to engage
in economic exchanges since they face the possibility that debt default
might also spill over to hinder their noneconomic relationships. We
present a theoretical model of these ideas and then verify their empirical
importance using a bilateral cross-section of data on international
cross-holdings of assets and environmental treaties. Our results support
the notion that international environmental cooperation facilitates
economic exchange. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 337-363
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:337-363

Template-Type: ReDIF-Article 1.0
Author-Name: CARLOS CAPISTRÂ¡N
Author-Name: ALLAN TIMMERMANN
Title: Disagreement and Biases in Inflation Expectations
Abstract:
Disagreement in inflation expectations observed from survey data varies
systematically over time in a way that reflects the level and variance of
current inflation. This paper offers a simple explanation for these facts
based on asymmetries in the forecasters' costs of over- and
underpredicting inflation. Our model implies (i) biased forecasts, (ii)
positive serial correlation in forecast errors, (iii) a cross-sectional
dispersion that rises with the level and the variance of the inflation
rate, and (iv) predictability of forecast errors at different horizons by
means of the spread between the short- and long-term variance of
inflation. We find empirically that these patterns are present in
inflation forecasts from the Survey of Professional Forecasters. A
constant bias component, not explained by asymmetric loss and rational
expectations, is required to explain the shift in the sign of the bias
observed for a substantial portion of forecasters around 1982. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 365-396
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:365-396

Template-Type: ReDIF-Article 1.0
Author-Name: ANTOINE MARTIN
Title: Reconciling Bagehot and the Fed's Response to September 11
Abstract:
Bagehot (1873) states that to prevent bank panics a central bank should
provide liquidity at a "very high rate of interest." In contrast, most of
the theoretical literature on liquidity provision suggests that central
banks should lend at an interest rate of zero. This is broadly consistent
with the Federal Reserve's behavior in the days following September 11,
2001. This paper shows that both policies can be reconciled. With
commodity money, as in Bagehot's time, liquidity is scarce and a high
price allows banks to self-select. In contrast, the Fed has a virtually
unlimited ability to temporarily expand the money supply so self-selection
is unnecessary. Copyright (c) 2009 Federal Reserve Bank of New York with Exclusive License to Print by The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 397-415
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:397-415

Template-Type: ReDIF-Article 1.0
Author-Name: GUIDO ASCARI
Author-Name: CHRISTIAN MERKL
Title: Real Wage Rigidities and the Cost of Disinflations
Abstract:
This paper analyzes the cost of disinflations under real wage rigidities
in a micro-founded New Keynesian model. The conventional view is that real
wage rigidities can be a useful mechanism to generate a slump in output
after a credible disinflationary policy because they prevent the immediate
adjustment of inflation. This view is flawed, since it depends on
analyzing the model in a linearized framework. Once nonlinearities are
taken into account, the results change both qualitatively and
quantitatively. Disinflations actually lead to a permanently higher level
of output, and real wage rigidities increase the output during the
adjustment to the new steady state. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 417-435
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:417-435

Template-Type: ReDIF-Article 1.0
Author-Name: LUCIO SARNO
Author-Name: ELVIRA SOJLI
Title: The Feeble Link between Exchange Rates and Fundamentals: Can We Blame the Discount Factor?
Abstract:
Recent research demonstrates that the well-documented feeble link between
exchange rates and economic fundamentals can be reconciled with
conventional exchange rate theories under the assumption that the discount
factor is near unity (Engel and West 2005). We provide empirical evidence
that this assumption is valid, lending further support to the above
explanation of the empirical disconnect between nominal exchange rates and
fundamentals. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 437-442
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:437-442

Template-Type: ReDIF-Article 1.0
Author-Name: FLORIN O. BILBIIE
Title: Nonseparable Preferences, Fiscal Policy Puzzles, and Inferior Goods
Abstract:
Nonseparable preferences over consumption and leisure can generate an
increase in private consumption in response to government spending, as
found in the data, in a frictionless business cycle model. However, the
conditions on preferences required for these result to obtain hold if and
only if the consumption good is inferior. Similarly, positive co-movement
of consumption and hours worked occurs if and only if either consumption
or leisure is inferior. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 443-450
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:443-450

Template-Type: ReDIF-Article 1.0
Author-Name: RUBENS PENHA CYSNE
Title: Bailey's Measure of the Welfare Costs of Inflation as a General-Equilibrium Measure
Abstract:
Lucas (2000) has shown that Bailey's formula for the welfare costs of
inflation can be regarded as an approximation to the general-equilibrium
measures that emerge from the Sidrauski and the shopping-time models. In
this paper we show that Bailey's measure can be exactly obtained in the
Sidrauski general-equilibrium framework under the assumption of
quasilinear preferences. The result, based on whether or not wealth
effects are incorporated into the analysis, is also helpful in clarifying
why Lucas' measure derived from the Sidrauski model turns out to be an
upper bound to Bailey's. Two examples are used to illustrate the main
conclusions. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 451-459
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:451-459

Template-Type: ReDIF-Article 1.0
Author-Name: RIEMER P. FABER
Author-Name: AD C. J. STOKMAN
Title: A Short History of Price Level Convergence in Europe
Abstract:
We study the evolution of price level dispersion in Europe by combining
time-series information on harmonized indices of consumer prices (HICPs)
with occasional observations of absolute price levels. We find that
European price levels converged over much of the last 40 to 50 years. In
the United States, our benchmark, price level dispersion is more or less
stable. A back-of-the-envelope calculation suggests that indirect tax rate
harmonization, convergence of nontraded input costs, and convergence of
traded input costs (in the form of exchange rate stability and increased
openness) are all important in explaining European price level
convergence. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 461-477
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:461-477

Template-Type: ReDIF-Article 1.0
Author-Name: ANTONELLO D'AGOSTINO
Author-Name: PAOLO SURICO
Title: Does Global Liquidity Help to Forecast U.S. Inflation?
Abstract:
We construct a measure of global liquidity using the growth rates of broad
money for the G7 economies. Global liquidity produces forecasts of U.S.
inflation that are significantly more accurate than the forecasts based on
U.S. money growth, Phillips curve, and autoregressive and moving average
models. The marginal predictive power of global liquidity is strong at
3-year horizons. Results are robust to alternative measures of inflation. Copyright (c) 2009 Crown Copyright.
Journal: Journal of Money, Credit and Banking
Pages: 479-489
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:479-489

Template-Type: ReDIF-Article 1.0
Author-Name: VALERIYA DINGER
Author-Name: Jâ€¹RGEN VON HAGEN
Title: Does Interbank Borrowing Reduce Bank Risk?
Abstract:
In this paper we investigate whether banks that borrow from other banks
have lower risk levels. We concentrate on a large sample of Central and
Eastern European banks that allows us to explore the impact of interbank
lending when exposures are long term and interbank borrowers are small
banks. The results of the empirical analysis generally confirm the
hypothesis that long-term interbank exposures result in lower risk of the
borrowing banks. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 491-506
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:491-506

Template-Type: ReDIF-Article 1.0
Author-Name: HANS GERSBACH
Author-Name: BERNHARD PACHL
Title: Flexible Majority Rules for Central Banks
Abstract:
We propose a flexible majority rule for central-bank committees where the
size of the majority depends monotonically on the change in interest rate
within a particular time frame. Small changes in the interest rate require
a small share, while larger changes require a larger share of supporting
votes. We show that flexible majority rules are superior to simple
majority rules. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 507-516
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:507-516

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL EHRMANN
Author-Name: MARCEL FRATZSCHER
Title: Purdah-On the Rationale for Central Bank Silence around Policy Meetings
Abstract:
Many central banks share the practice of "purdah", a guideline of
abstaining from communication around policy meetings. Although seemingly
contradicting the virtue of transparency by withholding information
precisely when it is sought after intensely, it has been justified on
grounds that such communication may create excessive market volatility.
This paper assesses the purdah for the Federal Reserve and confirms that
financial markets are substantially more sensitive to central bank
communication around policy meetings. Short-term interest rates react
three to four times more strongly in the purdah before Federal Open Market
Committee meetings than otherwise, and volatility increases (compared to a
reduction otherwise). Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 517-528
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:517-528

Template-Type: ReDIF-Article 1.0
Author-Name: TARA M. SINCLAIR
Title: The Relationships between Permanent and Transitory Movements in U.S. Output and the Unemployment Rate
Abstract:
This paper estimates the permanent and transitory movements in U.S. output
and the unemployment rate and the relationships between them. The results
suggest that permanent movements in U.S. output and the unemployment rate
are important for explaining overall fluctuations. Further, the
correlation between changes in these series arises in large part due to
the relationship between their permanent components. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 529-542
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:529-542

Template-Type: ReDIF-Article 1.0
Author-Name: YULEI LUO
Author-Name: WILLIAM T. SMITH
Author-Name: HENG-FU ZOU
Title: The Spirit of Capitalism, Precautionary Savings, and Consumption
Abstract:
Recent research has shown that the "spirit of capitalism"-a preference for
wealth itself, in addition to consumption-has important implications for
growth and asset pricing. This paper explores how the spirit of capitalism
affects saving and consumption behavior. We demonstrate that the spirit of
capitalism may reduce the importance of precautionary savings. It can also
explain the excess sensitivity puzzle: the spirit of capitalism causes
dramatic deviations from a random walk. It may also offer a partial
explanation of the excess smoothness puzzle. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 543-554
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:543-554

Template-Type: ReDIF-Article 1.0
Author-Name: PABLO BRANAS-GARZA
Author-Name: MÂ¡XIMO ROSSI
Author-Name: DAYNA ZACLICEVER
Title: Individual's Religiosity Enhances Trust: Latin American Evidence for the Puzzle
Abstract:
This paper explores the effect of religious observance and affiliation to
the dominant religion (Catholicism) on trust in institutions and toward
others, and market attitudes. The analysis is performed using a Latin
American database of 20,000 respondents from 2004 by means of ordered
probit models. The most interesting results are:(i) "Trust toward others is
positively correlated with both religious observance" and "Catholic
affiliation" (and "practice"). (ii)
There is a "positive correlation between trust in the government, in the
police, in the armed forces, in the judiciary and in the banking system
and religious practice" in general. Identical positive findings are
obtained for "Catholic affiliation" and "practice", although they may be
affected by a majority effect. Moreover, there is no
evidence to support the hypotheses of a negative effect of religion on
social capital. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 555-566
Issue: 2-3
Volume: 41
Year: 2009
Month: 03
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:555-566

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES D. HAMILTON
Title: Daily Changes in Fed Funds Futures Prices
Abstract:
This paper explores the properties of daily changes in the prices for
near-term fed funds futures contracts. The paper finds these contracts to
be excellent predictors of the fed funds rate, and shows that the claim of
a nonzero term premium in the short-horizon contracts is more sensitive to
outliers than previous research appears to have recognized. I find some
statistically significant evidence of serial correlation in the daily
changes, but this accounts for only a tiny part of the 1-day movements and
there is essentially zero predictability for horizons longer than 1 day.
Settlement futures prices for each day appear to incorporate the
information embodied in that day's term structure of longer-horizon
Treasury securities. Previous employment growth makes a statistically
significant contribution to predicting futures price changes, though again
this could only account for a tiny part of the daily variance. The paper
concludes that futures prices provide a very useful measure of the daily
changes in the market's expectation of near-term changes in Fed policy. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 567-582
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:567-582

Template-Type: ReDIF-Article 1.0
Author-Name: TIMOTHY KAM
Author-Name: KIRDAN LEES
Author-Name: PHILIP LIU
Title: Uncovering the Hit List for Small Inflation Targeters: A Bayesian Structural Analysis
Abstract:
We estimate underlying structural macroeconomic policy objectives of three
of the earliest explicit inflation targeters within the context of a small
open economy dynamic stochastic general equilibrium model. We assume
central banks set policy optimally, such that we can reverse engineer
policy objectives from observed time series data. Joint tests of the
posterior distributions of these policy preference parameters suggest that
the central banks are very similar in their overall objective. None of the
central banks show a concern for stabilizing the real exchange rate. All
three central banks share a concern for minimizing the volatility in the
change in the nominal interest rate. We also show that the resulting
optimal policy rule responds to exchange rate movements, even in the case
where the central banks do not explicitly care about exchange rate
stabilization. This result is also corroborated by results from an
alternative simple-rule characterization and estimation of central bank
behavior. These last two findings point to the pitfalls of making
inferences, from the level of "ad hoc" simple rules, about what central
banks may care about. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 583-618
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:583-618

Template-Type: ReDIF-Article 1.0
Author-Name: BRAD E. STRUM
Title: Monetary Policy in a Forward-Looking Input-Output Economy
Abstract:
This paper examines the implications for monetary policy of sticky prices
in both final and intermediate goods in a New Keynesian model. Both
optimal policy under commitment and discretionary policy under simple loss
functions are studied. Household utility losses under alternative loss
functions are compared; additionally, the robustness of policy performance
to model and shock misperceptions and parameter uncertainty is examined.
Targeting inflation in both consumer and intermediate goods performs
better than targeting inflation in one sector; targeting price levels of
both final and intermediate goods performs significantly better. Moreover,
targeting price levels in both sectors yields superior robustness
properties. Copyright (c) 2009 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 619-650
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:619-650

Template-Type: ReDIF-Article 1.0
Author-Name: STEVEN B. CAUDILL
Author-Name: DANIEL M. GROPPER
Author-Name: VALENTINA HARTARSKA
Title: Which Microfinance Institutions Are Becoming More Cost Effective with Time? Evidence from a Mixture Model
Abstract:
Microfinance institutions (MFIs) play a key role in many developing
countries. Utilizing data from Eastern Europe and Central Asia, MFIs are
found to generally operate with lower costs the longer they are in
operation. Given the differences in operating environments, subsidies, and
organizational form, this finding of increasing cost effectiveness may not
aptly characterize all MFIs. Estimation of a mixture model reveals that
roughly half of the MFIs are able to operate with reduced costs over time,
while half do not. Among other things, we find that larger MFIs offering
deposits and those receiving lower subsidies operate more cost effectively
over time. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 651-672
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:651-672

Template-Type: ReDIF-Article 1.0
Author-Name: FABIO PANETTA
Author-Name: FABIANO SCHIVARDI
Author-Name: MATTHEW SHUM
Title: Do Mergers Improve Information? Evidence from the Loan Market
Abstract:
We examine the informational effects of M&As by investigating whether bank
mergers improve banks' ability to screen borrowers. By exploiting a data
set in which we observe a measure of a borrower's default risk that the
lenders observe only imperfectly, we find evidence of these informational
improvements. Mergers lead to a closer correspondence between interest
rates and individual default risk: after a merger, risky borrowers
experience an increase in the interest rate, while nonrisky borrowers
enjoy lower interest rates. These informational benefits appear to derive
from improvements in information processing resulting from the merger,
rather than from explicit information sharing on individual customers
among the merging parties. Our evidence suggests that part of these
informational improvements stem from the consolidated banks using "hard"
information more intensively. Copyright (c) 2009 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 673-709
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:673-709

Template-Type: ReDIF-Article 1.0
Author-Name: KLAUS SCHAECK
Author-Name: MARTIN CIHAK
Author-Name: SIMON WOLFE
Title: Are Competitive Banking Systems More Stable?
Abstract:
Using the Panzar and Rosse H-statistic as a measure of competition in 45
countries, we find that more competitive banking systems are less prone to
experience a systemic crisis and exhibit increased time to crisis. This
result holds even when we control for banking system concentration, which
is associated with higher probability of a crisis and shorter time to
crisis. Our results indicate that competition and concentration capture
different characteristics of banking systems, meaning that concentration
is an inappropriate proxy for competition. The findings suggest that
policies promoting competition among banks, if well executed, have the
potential to improve systemic stability. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 711-734
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:711-734

Template-Type: ReDIF-Article 1.0
Author-Name: FRANCISGO GONZÂ¡LEZ
Title: Determinants of Bank-Market Structure: Efficiency and Political Economy Variables
Abstract:
This paper analyzes how bank efficiency and political economy variables
influence bank-market structure in 69 countries. Results for more than
2,500 banks over the 1996-2002 period indicate that the ability of the
efficiency-structure hypothesis to explain bank-market structure varies
across countries, depending on national political economy variables.
Increased market monitoring and a better-quality contracting environment
amplify the positive influence of bank efficiency on market share and
market concentration. Stricter bank entry requirements and more generous
deposit insurance schemes, however, mitigate the influence of bank
efficiency on market share and market concentration. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 735-754
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:735-754

Template-Type: ReDIF-Article 1.0
Author-Name: ANTONIO DIEZ DE LOS RIOS
Title: Can Affine Term Structure Models Help Us Predict Exchange Rates?
Abstract:
This paper proposes an arbitrage-free model to extract the information
that the term structure of forward premia contains for forecasting future
spot exchange rates. Using monthly data on four U.S. dollar bilateral
exchange rates, we find evidence that this model provides statistically
better forecasts than those produced by a random walk for the British
pound and Canadian dollar exchange rates. Negative results for the German
mark/Euro and Swiss franc are explained by a rejection of the restrictions
imposed by the term structure model. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 755-766
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:755-766

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES T. CARLSTROM
Author-Name: TIMOTHY S. FUERST
Author-Name: MATTHIAS PAUSTIAN
Title: Inflation Persistence, Monetary Policy, and the Great Moderation
Abstract:
There is growing evidence that the empirical Phillips curve within the
United States has changed significantly since the early 1980s. In
particular, inflation persistence has declined sharply. This paper
demonstrates that this decline is consistent with a standard dynamic New
Keynesian (DNK) model in which: (i) the variability of technology shocks
has declined and (ii) the central bank more aggressively responds to
inflation. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 767-786
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:767-786

Template-Type: ReDIF-Article 1.0
Author-Name: JESS BENHABIB
Author-Name: MARK M. SPIEGEL
Title: Moderate Inflation and the Deflation-Depression Link
Abstract:
Recent research has concluded that the historical evidence only provides
weak support for the contention that deflation episodes are harmful to
economic growth. In this paper, we revisit this relationship by allowing
for inflation and growth to have a nonlinear specification dependent on
inflation levels. In particular, we allow for the possibility that high
inflation is negatively correlated with growth, while a positive
relationship exists over the range of negative to moderate inflation. Our
results confirm a positive relationship between inflation and growth at
moderate inflation levels, and support the contention that the
relationship between inflation and growth is nonlinear over the entire
sample range. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 787-798
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:787-798

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN V. DUCA
Author-Name: TAO WU
Title: Regulation and the Neo-Wicksellian Approach to Monetary Policy
Abstract:
Laubach and Williams (2003) employ a Kalman filter approach to jointly
estimate the neutral real federal funds rate and trend output growth using
an IS relationship and an output-gap-based inflation equation. They find a
positive link between these two variables, but also much error surrounding
neutral real rate estimates. We modify their approach by including
variables for regulations on deposit interest rates and on wages and
prices. These variables are statistically significant and notably affect
estimates of two policy-relevant coefficients: the sensitivity of output
to the real interest rate and that of inflation to the output gap. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 799-807
Issue: 4
Volume: 41
Year: 2009
Month: 06
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:4:p:799-807

Template-Type: ReDIF-Article 1.0
Author-Name: YOUNG SIK KIM
Author-Name: MANJONG LEE
Title: Wealth Distribution, Inflation Tax, and Societal Benefits of Illiquid Bonds
Abstract:
Illiquid nominal government bonds are shown to have two opposing effects
on welfare. First, the relatively poor choose to top-up money balances for
future consumption by purchasing nominal bonds at a discount. The wealth
distribution becomes more centered with a smaller consumption deviation
from the first best. Second, the higher inflation tax on monetary wealth
to finance interest payments makes money less valuable, so that the
quantity of output produced in exchange for money decreases. The trade-off
between the welfare-enhancing effect on wealth distribution and the
distortionary effect on output implies the socially optimal discount rate
and liquidity. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 809-830
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:809-830

Template-Type: ReDIF-Article 1.0
Author-Name: HANS GERSBACH
Author-Name: VOLKER HAHN
Title: Voting Transparency in a Monetary Union
Abstract:
We examine whether the monetary policy committee of a monetary union
should publish its voting records when members are appointed by national
politicians. We show that the publication of voting records lowers overall
welfare. This finding also holds for arbitrary levels of private benefits
from holding office and if governments incur costs when replacing
committee members. High private benefits of committee members always lower
overall welfare, as they induce nonpartisan members to care more about
being reappointed than about beneficial policy outcomes. Nonrenewable but
long terms for national committee members and delegating the appointment
of all committee members to a union-wide authority would be desirable. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 831-853
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:831-853

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES M. KAHN
Author-Name: WILLIAM ROBERDS
Title: Payments Settlement: Tiering in Private and Public Systems
Abstract:
What are the benefits provided by a payment system? What are the
trade-offs in public versus private payment systems and in restricted
versus open payments arrangements? Modern payment systems encompass a
variety of institutional designs with varying degrees of counterparty
protection. We develop a framework that allows for an examination and
comparison of payment systems, and specification of conditions leading to
their adoption. We relate these conditions to the design of present
large-value payment systems (Fedwire, CHIPS, TARGET, etc.). Copyright (c) 2009 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 855-884
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:855-884

Template-Type: ReDIF-Article 1.0
Author-Name: PETER TILLMANN
Title: Optimal Monetary Policy with an Uncertain Cost Channel
Abstract:
The cost channel of monetary transmission describes a supply-side effect
of interest rates on firms' costs. Previous research has found this effect
to vary, both over time and across countries. Moreover, the cyclical
nature of financial frictions is likely to amplify the cost channel. This
paper derives optimal monetary policy in the presence of uncertainty about
the true size of the cost channel. In a min-max approach, the central bank
derives an optimal policy plan to be implemented by a Taylor rule. It is
shown that uncertainty about the cost channel leads to an attenuated
interest rate setting behavior. In this respect, the Brainard (1967)
principle of cautious policy in the face of uncertainty continues to hold
in both a Bayesian and a min-max framework. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 885-906
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:885-906

Template-Type: ReDIF-Article 1.0
Author-Name: MAGNUS LUNDIN
Author-Name: NILS GOTTFRIES
Author-Name: CHARLOTTE BUCHT
Author-Name: TOMAS LINDSTRÃ·M
Title: Price and Investment Dynamics: Theory and Plant-Level Data
Abstract:
We construct a model of a firm competing for market share in a customer
market and making investments in physical capital. The firm is financially
constrained and there are implementation lags in investment. Our model
predicts that product prices should depend on costs and competitors'
prices but respond weakly to demand shocks. Also, prices should be
strongly related to investment. We estimate price and investment equations
on panel data for Swedish manufacturing plants and find results that are
qualitatively in line with these predictions, though the relation between
investment and prices is stronger than predicted by our model. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 907-934
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:907-934

Template-Type: ReDIF-Article 1.0
Author-Name: ARITO ONO
Author-Name: IICHIRO UESUGI
Title: Role of Collateral and Personal Guarantees in Relationship Lending: Evidence from Japan's SME Loan Market
Abstract:
This paper investigates the determinants of the use of collateral and
personal guarantees in Japan's SME loan market. We find that firms'
riskiness does not have a significant effect on the likelihood that
collateral is used. We find, however, that main banks whose claims are
collateralized monitor borrowers more intensively and that borrowers who
have a long-term relationship with their main banks are more likely to
pledge collateral. These findings are consistent with the theory that the
use of collateral is effective in raising the bank's seniority and
enhances its screening and monitoring. This incentive effect for the bank
becomes tenuous for personal guarantees. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 935-960
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:935-960

Template-Type: ReDIF-Article 1.0
Author-Name: SETH W. NORTON
Author-Name: ANNETTE TOMAL
Title: Religion and Female Educational Attainment
Abstract:
The paper reviews the literature on the education, gender, and religion
nexuses and identifies plausible hypotheses that religion adversely
affects female education. The link between major religions and female
educational attainment is examined using the Barro-Lee data set for a
sample of 97 countries. The estimates include control variables for
colonial heritage, urbanization, labor force participation, and young
adult mortality. The estimates show powerful negative links between female
educational attainment and the proportion of ethnoreligions, Hindu, and
Muslim adherents in a country, with similar results for the gender gap.
The paper offers some interpretative thoughts and research agendas. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 961-986
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:961-986

Template-Type: ReDIF-Article 1.0
Author-Name: PATRICK F&Egrave;VE
Author-Name: ALAIN GUAY
Title: The Response of Hours to a Technology Shock: A Two-Step Structural VAR Approach
Abstract:
The response of hours to a technology shock is a controversial issue in
macroeconomics. Part of the difficulty lies in that the estimated response
is sensitive to the specification of hours in structural vector
autoregressions (SVARs). This paper uses a simple two-step approach to
consistently estimate the response of hours. The first step considers a
SVAR model with a relevant stationary variable, but excluding hours. Given
a consistent estimate of technology shocks in the first step, the response
of hours to this shock is estimated in a second step. Simulation
experiments from an estimated dynamic stochastic general equilibrium
(DSGE) model show that this approach outperforms standard SVARs. When
applied to U.S. data, the two-step approach predicts a short-run decrease
followed by a hump-shaped positive response. This result is robust to
other specifications and data. Copyright (c) 2009 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 987-1013
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:987-1013

Template-Type: ReDIF-Article 1.0
Author-Name: RICHARD DENNIS
Title: Consumption Habits in a New Keynesian Business Cycle Model
Abstract:
Consumption habits have become an integral component in new Keynesian
models. However, consumption habits can be modeled in a host of different
ways and this diversity is reflected in the literature. I examine whether
different approaches to modeling consumption habits have important
implications for business cycle behavior. Using a standard New Keynesian
business cycle model, I show that, to a first-order log-approximation, the
consumption Euler equation associated with the additive functional form
for habit formation encompasses the multiplicative function form.
Empirically, I show that whether consumption habits are internal or
external has little effect on the model's business cycle characteristics. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1015-1030
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:1015-1030

Template-Type: ReDIF-Article 1.0
Author-Name: GAWON YOON
Title: Corrigendum to "Regime Changes in International Real Interest Rates: Are They a Monetary Phenomenon?"
Journal: Journal of Money, Credit and Banking
Pages: 1031-1032
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:1031-1032

Template-Type: ReDIF-Article 1.0
Author-Name: JOSEPH P. BYRNE
Author-Name: GIORGIO FAZIO
Author-Name: NORBERT FIESS
Title: The Global Side of the Investment-Saving Puzzle
Abstract:
In this paper, we reexamine the long-standing and puzzling correlation
between national saving and investment in industrial countries. We apply
an econometric methodology that allows us to separate idiosyncratic
correlation at the country level from correlation at the global level. In
a major break with the existing literature, we find no evidence of a
long-run relationship in the idiosyncratic components of saving and
investment. We also find that the global components in saving and
investments commove, indicating that they react to shocks of a global
nature. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1033-1040
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:1033-1040

Template-Type: ReDIF-Article 1.0
Author-Name: HIRANYA K. NATH
Author-Name: JAYANTA SARKAR
Title: Unbiased Estimation of the Half-Life to Price Index Convergence among U.S. Cities
Abstract:
Estimates of the half-life to convergence of prices across a panel of
cities are subject to bias from three potential sources: inappropriate
cross-sectional aggregation of heterogeneous coefficients, presence of
lagged dependent variables in a model with individual fixed effects, and
time aggregation of commodity prices. This paper finds no evidence of
heterogeneity bias in annual CPI data for 17 U.S. cities from 1918 to
2006, but correcting for the "Nickell bias" and time aggregation bias
produces a half-life of 7.5 years, shorter than estimates from previous
studies. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1041-1046
Issue: 5
Volume: 41
Year: 2009
Month: 08
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:5:p:1041-1046

Template-Type: ReDIF-Article 1.0
Author-Name: NELSON C. MARK
Title: Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Abstract:
When the exchange rate is priced by uncovered interest parity and central
banks set nominal interest rates according to a reaction function such as
the Taylor rule, the real exchange rate will be determined by expected
inflation and the output gap or the unemployment gap of the home and
foreign countries. This paper examines the implications of these Taylor
rule fundamentals for real exchange rate determination. Because the true
parameters in central bank policy rules are unknown to the public and
change over time, the model is presented in the context of a least squares
learning environment. This simple learning model captures the volatility
and the major swings in the real deutschemark/euro-dollar exchange rate
from 1976 to 2007. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1047-1070
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1047-1070

Template-Type: ReDIF-Article 1.0
Author-Name: NEVILLE FRANCIS
Author-Name: VALERIE A. RAMEY
Title: Measures of per Capita Hours and Their Implications for the Technology-Hours Debate
Abstract:
Structural vector autoregressions give conflicting results on the effects
of technology shocks on hours. The results depend crucially on the assumed
data generating process for hours per capita. We show that the standard
measure of hours per capita and productivity have significant
low-frequency movements that are the source of the conflicting results.
Hodrick-Prescott (HP)-filtered hours per capita produce results consistent
with those obtained when hours are assumed to have a unit root. We show
that important sources of the low-frequency movements in the standard
measure are sectoral shifts in hours and the changing age composition of
the working-age population. When we control for these low-frequency
components to determine the effect of technology shocks on hours using
long-run restrictions we get one consistent answer: hours decline in the
short run in response to a positive technology shock. We further extend
the analysis by examining the effects of demographic controls on the
impulse responses to investment-specific technology shocks. Our results
are less conclusive. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1071-1097
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1071-1097

Template-Type: ReDIF-Article 1.0
Author-Name: PETRA GERLACH-KRISTEN
Title: Outsiders at the Bank of England's MPC
Abstract:
The monetary policy committee (MPC) of the Bank of England consists of
five internal and four external members. We study the voting record and
show that outsiders dissent more often than insiders and tend to prefer
lower rates, especially during economic downturns. Moreover, dissents by
outsiders help forecast future interest rate changes, in contrast to
dissents by insiders. A model in which outsiders in contrast to insiders
are "recession averse" and more uncertain regarding the appropriate level
of interest rates replicates the observed voting pattern well. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1099-1115
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1099-1115

Template-Type: ReDIF-Article 1.0
Author-Name: EMMANUEL DE VEIRMAN
Title: What Makes the Output-Inflation Trade-Off Change? The Absence of Accelerating Deflation in Japan
Abstract:
It is standard to model the output-inflation trade-off as a linear
relationship with a time-invariant slope. We assess empirical evidence for
two sets of theories that allow for endogenous variation in the slope of
the short-run Phillips curve. At an empirical level, we examine why large
negative output gaps in Japan in the late 1990s did not lead to
accelerating deflation but instead coincided with stable, albeit
moderately negative inflation. Our results suggest that this episode is
most convincingly interpreted as reflecting a gradual flattening of the
Phillips curve. We find that this flattening is best explained by models
with endogenous price durations. These models imply that in any economy
where trend inflation is substantially lower (or substantially higher)
today than in past decades, time variation in the slope of the Phillips
curve has become too important to ignore. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1117-1140
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1117-1140

Template-Type: ReDIF-Article 1.0
Author-Name: PAU RABANAL
Title: Inflation Differentials between Spain and the EMU: A DSGE Perspective
Abstract:
This paper estimates a dynamic stochastic general equilibrium model of a
currency union with nominal rigidities to explain the sources of inflation
differentials between the Economic Monetary Union (EMU) and one of its
member countries, Spain. The paper finds that productivity shocks account
for 85% of the variability of the inflation differential. Demand shocks
explain a large fraction of output growth volatility but not variability
in inflation differentials. In addition, the estimated model finds
evidence that inflation dynamics are different across countries in the
nontradable sector only. Finally, the Balassa-Samuelson effect does not
appear to be an important driver of the inflation differential during the
EMU period. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1141-1166
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1141-1166

Template-Type: ReDIF-Article 1.0
Author-Name: TIMOTHY H. HANNAN
Author-Name: STEVEN J. PILLOFF
Title: Acquisition Targets and Motives in the Banking Industry
Abstract:
This paper uses a large sample of individual banking organizations,
observed from 1996 to 2005, to investigate the characteristics that made
them more likely to be acquired. We use a definition of acquisition that
we consider preferable to that used in much of the previous literature,
and we employ a competing-risk hazard model that reveals important
differences that depend on the type of acquirer. Since interstate
acquisitions became more numerous during this period, we also investigate
differences in the determinants of acquisition between in-state and
out-of-state acquirers. We also employ a subsample of publicly traded
banking organizations to investigate the role of managerial ownership in
explaining the likelihood of acquisition. The hypothesis that acquisitions
serve to transfer resources from less efficient to more efficient uses
receives substantial support from our results, as do a number of other
relevant hypotheses. Copyright (c) 2009 The Ohio State University<br />No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 1167-1187
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1167-1187

Template-Type: ReDIF-Article 1.0
Author-Name: EMINE BOZ
Title: Can Miracles Lead to Crises? The Role of Optimism in Emerging Markets Crises
Abstract:
Emerging market financial crises are abrupt and dramatic usually occurring
after a precrisis bonanza. This paper develops an equilibrium asset
pricing model with informational frictions in which crisis itself is
a--"consequence"--of the investor optimism in the period preceding
the crisis. If preceded by a sequence of positive signals, a small,
negative noise shock can trigger a downward adjustment in investors'
beliefs, asset prices, and consumption. The magnitude of this downward
adjustment--"increases"--with the level of optimism attained prior
to the negative signal. Moreover, with informational frictions, asset
prices display persistent effects in response to transitory shocks. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1189-1215
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1189-1215

Template-Type: ReDIF-Article 1.0
Author-Name: PETER TULIP
Title: Has the Economy Become More Predictable? Changes in Greenbook Forecast Accuracy
Abstract:
Several researchers have recently documented large reductions in economic
volatility. But a more important question may be whether the economy has
become more predictable. Using forecasts from the Federal Reserve
Greenbooks, I find that inflation and output have become more predictable,
though the results for output are somewhat mixed. The reductions in
unpredictability (if any) are significantly smaller than reductions in
volatility. Associated with this, the predictable component of
fluctuations in output and inflation has virtually disappeared. Copyright (c) 2009 The Ohio State University<br />No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 1217-1231
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1217-1231

Template-Type: ReDIF-Article 1.0
Author-Name: VAHAGN GALSTYAN
Author-Name: PHILIP R. LANE
Title: The Composition of Government Spending and the Real Exchange Rate
Abstract:
We show that the composition of government spending influences the
long-run behavior of the real exchange rate. We develop a two-sector small
open-economy model in which an increase in government consumption is
associated with real appreciation, while an increase in government
investment may generate real depreciation. Our empirical work confirms
that government consumption and government investment have differential
effects on the real exchange rate and the relative price of nontradables. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1233-1249
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1233-1249

Template-Type: ReDIF-Article 1.0
Author-Name: ANTHONY M. ENDRES
Title: Currency Competition: A Hayekian Perspective on International Monetary Integration
Abstract:
Currency internationalization is examined from the vantage point of
Friedrich Hayek's contributions in the 1970s. Compared with received
commentaries in which only an idealized case for private money is
attributed to Hayek, this paper underscores other dimensions of Hayek's
work on money and currency. Hayek's case for "choice in currency" draws on
his theory of competition, anticipates competition between government
suppliers of fiat money, accommodates many aspects of international
monetary integration, and embodies a distinctive approach to monetary
independence, choice of exchange rate regime, and the transnationalization
of currency. Hayekian predictions are outlined for future developments in
currency competition. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1251-1263
Issue: 6
Volume: 41
Year: 2009
Month: 09
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1251-1263

Template-Type: ReDIF-Article 1.0
Author-Name: CARLO ALTAVILLA
Author-Name: MATTEO CICCARELLI
Title: The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty: Evidence from the United States and the Euro Area
Abstract:
This paper explores the role that the imperfect knowledge of the structure
of the economy plays in the uncertainty surrounding the effects of
rule-based monetary policy on unemployment dynamics in the euro area and
the United States. We employ a Bayesian model averaging procedure on a
wide range of models which differ in several dimensions to account for the
uncertainty that the policymaker faces when setting the monetary policy
and evaluating its effect on real economy. We find evidence of a high
degree of dispersion across models in both policy rule parameters and
impulse response functions. Moreover, monetary policy shocks have very
similar recessionary effects on the two economies with a different role
played by the participation rate in the transmission mechanism. Finally,
we show that a policymaker who does not take model uncertainty into
account and selects the results on the basis of a single model may come to
misleading conclusions not only about the transmission mechanism, but also
about the differences between the euro area and the United States, which
are on average essentially small. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1265-1300
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1265-1300

Template-Type: ReDIF-Article 1.0
Author-Name: BIANCA DE PAOLI
Title: Monetary Policy under Alternative Asset Market Structures: The Case of a Small Open Economy
Abstract:
Can the structure of asset markets change the way monetary policy should
be conducted? Following a linear-quadratic approach, the present paper
addresses this question in a New Keynesian small open economy framework.
Our results reveal that the configuration of asset markets significantly
affects optimal monetary policy and the performance of standard policy
rules. In particular, when comparing complete and incomplete markets, the
ranking of policy rules is entirely reversed, and so are the policy
prescriptions regarding the optimal level of exchange rate volatility. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1301-1330
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1301-1330

Template-Type: ReDIF-Article 1.0
Author-Name: ATSUSHI INOUE
Author-Name: LUTZ KILIAN
Author-Name: FATMA BURCU KIRAZ
Title: Do Actions Speak Louder Than Words? Household Expectations of Inflation Based on Micro Consumption Data
Abstract:
Survey data on household expectations of inflation are routinely used in
economic analysis, yet it is not clear how accurately households are able
to articulate their expectations in survey interviews. We propose an
alternative approach to recovering households' expectations of inflation
from their consumption expenditures. We show that these expectations
measures have predictive power for consumer price index (CPI) inflation.
They are better predictors of CPI inflation than household survey
responses and more highly correlated with professional inflation
forecasts, except for highly educated consumers, consistent with the view
that more educated consumers are better able to articulate their
expectations. We also document that households' inflation expectations
respond to inflation news, as measured by the unpredictable component of
inflation predictions in the Survey of Professional Forecasters. The
response to inflation news tends to increase with households' level of
education, consistent with the existence of constraints on household's
ability to process this information. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1331-1363
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1331-1363

Template-Type: ReDIF-Article 1.0
Author-Name: SAMI ALPANDA
Author-Name: ADAM HONIG
Title: The Impact of Central Bank Independence on Political Monetary Cycles in Advanced and Developing Nations
Abstract:
This paper examines the extent to which monetary policy is manipulated for
political purposes during elections. We do not detect political monetary
cycles in advanced countries or developing nations with independent
central banks. We do find evidence, however, in developing countries that
lack central bank independence. Furthermore, we find some evidence that
these cycles are not caused by monetization of election-related fiscal
expansions. This suggests that pressure by politicians on the central bank
to exploit the Phillips curve may be an important factor in generating
political monetary cycles. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1365-1389
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1365-1389

Template-Type: ReDIF-Article 1.0
Author-Name: ULRICH BINDSEIL
Author-Name: KJELL G. NYBORG
Author-Name: ILYA A. STREBULAEV
Title: Repo Auctions and the Market for Liquidity
Abstract:
What is the nature of imperfections in the market for liquidity? Studying
bidder level data from European Central Bank (ECB) repo auctions, we find
that this market appears to be informationally efficient in the sense that
participants do not have private information about future short-term
rates. However, auction allocations affect banks' subsequent behavior in a
way that is consistent with a degree of allocational and operational
inefficiency. Also, large bidders appear to have better access to the
interbank market than small ones. Finally, the evidence suggests that the
ECB uses collateral haircuts that do not equilibrate opportunity costs. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1391-1421
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1391-1421

Template-Type: ReDIF-Article 1.0
Author-Name: DREW SAUNDERS
Title: The Elastic Provision of Liquidity by Private Agents
Abstract:
I study a model of investment by financially constrained firms that are
heterogeneous with respect to their exposure to an aggregate liquidity
shock. A firm that is susceptible to the shock will mitigate its exposure
by purchasing claims issued by a firm that is not. Liabilities of an
unaffected firm may earn a liquidity premium due to their fungibility, and
because they are backed by productive investment, their supply is elastic
to the demand. This segmentation implies that an aggregate liquidity shock
has different consequences across sectors of the economy. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1423-1451
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1423-1451

Template-Type: ReDIF-Article 1.0
Author-Name: ORESTE TRISTANI
Title: Model Misspecification, the Equilibrium Natural Interest Rate, and the Equity Premium
Abstract:
This paper analyzes the natural rate of interest and the equity premium in
a nonlinear model where agents are uncertain over both future technology
growth and the future course of monetary policy. I show that model
uncertainty, and notably uncertainty on the future course of monetary
policy, can give rise to a sizable precautionary savings motive. This
result is potentially problematic for both the estimation of the natural
rate and its use as a policy indicator. Monetary uncertainty can also
contribute to amplify the equity premium, and to account for its apparent,
positive link with inflation. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1453-1479
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1453-1479

Template-Type: ReDIF-Article 1.0
Author-Name: STEPHANE DEES
Author-Name: M. HASHEM PESARAN
Author-Name: L. VANESSA SMITH
Author-Name: RON P. SMITH
Title: Identification of New Keynesian Phillips Curves from a Global Perspective
Abstract:
This paper is concerned with the estimation of New Keynesian Phillips
Curves (NKPC) and focuses on two issues: the weak instrument problem and
the characterization of the steady states. It proposes some solutions from
a global perspective. Using a global vector autoregressive (GVAR) model
steady states are estimated as long-horizon expectations and valid
instruments are constructed from the global variables as weighted
averages. The proposed estimation strategy is illustrated using estimates
of the NKPC for eight developed industrial countries. The GVAR generates
global factors that are valid instruments and help alleviate the weak
instrument problem. The steady states also reflect global influences and
any long-run theoretical relationships that might prevail within and
across countries in the global economy. The GVAR measure of the steady
state performed better than the HP measure, and the use of foreign
instruments substantially increased the precision of the estimates of the
output coefficient. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1481-1502
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1481-1502

Template-Type: ReDIF-Article 1.0
Author-Name: DONALD R. FRASER
Author-Name: HAO ZHANG
Title: Mergers and Long-Term Corporate Performance: Evidence from Cross-Border Bank Acquisitions
Abstract:
We provide evidence on operating performance changes at a sample of U.S.
banks acquired by non-U.S. banking organizations over the 1980-2001
period. Our sample allows us to compare directly the preacquisition
performance of the targets with their postacquisition performance, a
comparison that has not been possible in prior studies. We find that these
cross-border acquisitions produce improved target performance. Cash flow
profitability at the target increases, labor utilization improves, and
loan losses do not rise. We also find evidence that the improvement in
target operating performance primarily takes place for those acquisitions
that occur following passage of the Reigle-Neal interstate branching
legislation. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1503-1513
Issue: 7
Volume: 41
Year: 2009
Month: 10
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:7:p:1503-1513

Template-Type: ReDIF-Article 1.0
Author-Name: VICTORIA GEYFMAN
Author-Name: TIMOTHY J. YEAGER
Title: On the Riskiness of Universal Banking: Evidence from Banks in the Investment Banking Business Pre- and Post-GLBA
Abstract:
We explore whether an economically significant differential exists in
market-based risk measures between universal banks and traditional banks.
Using a three-asset portfolio regression model, we find that between 1990
and 2007-a period of gradual deregulation culminating in passage of the
Gramm-Leach-Bliley Act (GLBA) of 1999-an increased participation in
investment banking was associated with higher total and unsystematic risks
and no significant change in systematic risk. Small risk-reduction
benefits emerged in the post-GLBA era, but such benefits were likely the
result of the particular sample period rather than a fundamental change in
bank structure following the GLBA. Our results cannot justify the GLBA on
risk-reduction grounds, though the Act may be defensible for other
reasons. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1649-1669
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1649-1669

Template-Type: ReDIF-Article 1.0
Author-Name: STEFANO GNOCCHI
Title: Non-Atomistic Wage Setters and Monetary Policy in a New Keynesian Framework
Abstract:
This paper extends an otherwise standard New Keynesian (NK) model to allow
for the presence of large wage setters. Building on monetary models from
an earlier generation, I contribute to the NK literature by adding some
new insight. It is shown that once the presence of large wage setters is
taken into account, the degree of wage setting centralization and the
aggressiveness of the central bank in stabilizing inflation jointly affect
steady state employment. Because of this interaction, the benefits
associated with inflation stabilization increase in the centralization of
the wage bargaining process. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1613-1630
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1613-1630

Template-Type: ReDIF-Article 1.0
Author-Name: JAMES BULLARD
Author-Name: ERIC SCHALING
Title: Monetary Policy, Determinacy, and Learnability in a Two-Block World Economy
Abstract:
We study how determinacy and learnability of worldwide rational
expectations equilibrium may be affected by monetary policy in a simple,
two-country, New Keynesian framework under both fixed and flexible
exchange rates. We find that open economy considerations may alter
conditions for determinacy and learnability relative to closed economy
analyses and that new concerns can arise in the analysis of classic topics
such as the desirability of exchange rate targeting and monetary policy
cooperation. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1585-1612
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1585-1612

Template-Type: ReDIF-Article 1.0
Author-Name: THANASET CHEVAPATRAKUL
Author-Name: TAE-HWAN KIM
Author-Name: PAUL MIZEN
Title: The Taylor Principle and Monetary Policy Approaching a Zero Bound on Nominal Rates: Quantile Regression Results for the United States and Japan
Abstract:
This paper offers a new approach that estimates the response of interest
rates to inflation and the output gap at various points (quantiles) on the
conditional distribution of interest rates. This offers an improvement on
empirical estimates conducted only at the mean and also allows us to test
the propositions that policy shows greater aggression to inflation in the
reaction function in terms of a greater response coefficient as interest
rates reach low levels, and increasing aggression as the lower bound is
approached. We find support for the Taylor principle, a more aggressive
response to inflation than under a Taylor rule, but no detectable evidence
of increasing aggression as the zero lower bound is approached in the US
and Japan. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1705-1723
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1705-1723

Template-Type: ReDIF-Article 1.0
Author-Name: HIBIKI ICHIUE
Author-Name: TOMONORI YUYAMA
Title: Using Survey Data to Correct the Bias in Policy Expectations Extracted from Fed Funds Futures
Abstract:
Many studies estimate risk premiums on federal funds futures to extract
monetary policy expectations by assuming that average forecast errors of
the expectations are zero or that survey forecasts are good proxies for
the expectations. These assumptions, however, may fail due to an
unanticipated declining trend in the federal funds rate and to survey
respondents' strategic behavior. Consequently, the premiums estimated
under these assumptions may be biased. We propose a new method to estimate
the premiums and find that the premiums have been often negative since
2000, which is generally consistent with the negative betas observed in
the 2000s. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1631-1647
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1631-1647

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES L. EVANS
Author-Name: DAVID A. MARSHALL
Title: Fundamental Economic Shocks and the Macroeconomy
Abstract:
We ask how macroeconomic and financial variables respond to empirical
measures of shocks to technology, labor supply, and monetary policy. These
three shocks account for the preponderance of output, productivity, and
price fluctuations. Only technology shocks have a permanent impact on
economic activity. Labor inputs have little initial response to technology
shocks. Monetary policy has a small response to technology shocks but
"leans against the wind" in response to the more cyclical labor supply
shock. This shock has the biggest impact on interest rates. Stock prices
respond to all three shocks. Other empirical implications of our approach
are discussed. Copyright (c) 2009 The Ohio State University<br />No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 1515-1555
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1515-1555

Template-Type: ReDIF-Article 1.0
Author-Name: GUIDO ASCARI
Author-Name: TIZIANO ROPELE
Title: Trend Inflation, Taylor Principle, and Indeterminacy
Abstract:
Positive trend inflation shrinks the determinacy region of a basic New
Keynesian dynamic stochastic general equilibrium model when monetary
policy is conducted by a contemporaneous interest rate rule. Neither the
Taylor principle, which requires the inflation coefficient to be greater
than one, nor the generalized Taylor principle, which requires that the
nominal interest rate to be raised by more than the increase in inflation
in the long run, is a sufficient condition for local determinacy of
equilibrium. This finding holds for different types of Taylor rules,
inertial policy rules, and price indexation schemes. Therefore, regardless
of the theoretical setup, the monetary literature on interest rate rules
cannot disregard average inflation in both theoretical and empirical
analyses. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1557-1584
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1557-1584

Template-Type: ReDIF-Article 1.0
Author-Name: LUIZ DE MELLO
Author-Name: DIEGO MOCCERO
Title: Monetary Policy and Inflation Expectations in Latin America: Long-Run Effects and Volatility Spillovers
Abstract:
This paper uses multiple cointegration analysis to estimate simultaneously
a monetary reaction function and the determinants of expected inflation
for Brazil, Chile, Colombia, and Mexico. In addition, M-GARCH modeling is
used to test for the presence of volatility spillovers between the
monetary stance and inflation expectations. The analysis shows that there
are long-term relationships between the interest rate, expected inflation,
and the inflation target, and that greater volatility in the monetary
stance increases the volatility of expected inflation in Brazil, Colombia,
and Mexico. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1671-1690
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1671-1690

Template-Type: ReDIF-Article 1.0
Author-Name: GIUSEPPE COCO
Author-Name: DAVID DE MEZA
Title: In Defense of Usury Laws
Abstract:
Usury law is often criticized by economists for curtailing lending and
thus creating deadweight costs. This paper shows that if moral hazard
leads to credit rationing, a just-binding usury law creates a deadweight
"gain."&ensp;This property also holds in most market-clearing equilibria.
Independent of social insurance benefits, or curbing present-biased
preferences, interest rate caps have merit. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1691-1703
Issue: 8
Volume: 41
Year: 2009
Month: 12
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:8:p:1691-1703

Template-Type: ReDIF-Article 1.0
Author-Name: DAVID HUMMELS
Author-Name: VOLODYMYR LUGOVSKYY
Title: International Pricing in a Generalized Model of Ideal Variety
Abstract:
We examine international markups and pricing in a generalized version of
an "ideal variety" model. In this model, entry causes crowding in variety
space, so that the marginal utility of new varieties falls as market size
grows. Crowding is partially offset by income effects, as richer consumers
will pay more for varieties closer matched to their ideal types. We show
theoretically and confirm empirically that declining marginal utility of
new varieties results in: a higher own-price elasticity of demand (and
lower prices) in large countries and a lower own-price elasticity of
demand (and higher prices) in rich countries. The model is also useful for
generating facts from the literature regarding cross-country differences
in the rate of variety expansion. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 3-33
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:3-33

Template-Type: ReDIF-Article 1.0
Author-Name: PAUL R. BERGIN
Author-Name: ROBERT C. FEENSTRA
Title: Pass-Through of Exchange Rates and Competition between Floaters and Fixers
Abstract:
This paper studies how a rise in the share of U.S. imports from China, or
any country with a fixed exchange rate, can explain a disproportionate
fall in exchange rate pass-through to U.S. import prices. A theoretical
model provides an explanation working through changes in markups, showing
that a particular "local bias" condition is necessary and that free entry
amplifies the effect. The model produces a structural equation for
pass-through regressions including the China share; panel regressions over
1993-2006 indicate that the rising share of trade from China or other
exchange rate fixers can explain as much as one-half of the observed
decline in pass-through for the United States. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 35-70
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:35-70

Template-Type: ReDIF-Article 1.0
Author-Name: HAROON MUMTAZ
Author-Name: PAOLO SURICO
Title: The Transmission of International Shocks: A Factor-Augmented VAR Approach
Abstract:
The empirical literature on the transmission of international shocks is
based on "small"-scale VARs. In this paper, we use a "large" panel of data
for 17 industrialized countries to investigate the international
transmission mechanism, and revisit the anomalies that arise in the
empirical literature. We propose a factor augmented VAR (FAVAR) that
extends the model in Bernanke, Boivin, and Eliasz (2005) to the open
economy. The main results can be summarized as follows. First, the dynamic
effects on the UK economy of an unanticipated fall of short-term interest
rates in the rest of the world are: real house price inflation,
investment, GDP and consumption growth peak after 1 year, wages peak after
2 years, and CPI and GDP deflator inflation peak during the third year.
Second, a positive international supply shock makes the distribution of
the components of the UK consumption deflator negatively skewed. Third, in
response to a domestic monetary shock, we find little evidence of the
exchange rate and liquidity puzzles and little evidence of the forward
discount and price anomalies. Copyright (c) 2009 Crown Copyright.
Journal: Journal of Money, Credit and Banking
Pages: 71-100
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:71-100

Template-Type: ReDIF-Article 1.0
Author-Name: TOMMASO MONACELLI
Author-Name: LUCA SALA
Title: The International Dimension of Inflation: Evidence from Disaggregated Consumer Price Data
Abstract:
We estimate the contribution of international common factors to the
dynamics of price inflation rates of a cross-section of 948 CPI products
in four OECD countries: United States, Germany, France, and United
Kingdom. We find two main results. First, on average, and at least in the
sample 1991-2004, one international common factor explains between 15% and
30% of the variance of consumer prices (depending on the transformation
applied to the data). Given the high level of disaggregation of our panel,
this estimate is best viewed as a "lower bound" for the contribution of
international factors to inflation dynamics. Second, we find a strongly
positive and statistically significant relationship between exposure of
consumer inflation to international shocks and trade openness at the
sectoral level. The latter result holds regardless of whether the original
data are expressed in local as opposed to common currency. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 101-120
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:101-120

Template-Type: ReDIF-Article 1.0
Author-Name: PIERPAOLO BENIGNO
Title: Price Stability with Imperfect Financial Integration
Abstract:
This paper studies whether the international monetary system can be
affected by asymmetries in the cross-country positions in the
international financial markets, i.e., the fact that some countries are
large debtors while others are creditors. An important channel that is
explored is the interaction between international risk sharing and the
stabilization role of monetary policy in each country. The main finding is
that the welfare costs of incomplete markets and the gains of deviating
from a policy of price stability are increasing with the cross-country
asymmetries in the initial net international positions and in particular
they become nonnegligible when the persistence of the shocks increases (1%
of a permanent shift in steady-state consumption, for the welfare costs of
incomplete markets, and 0.2%, for the gains of deviating from a policy of
price stability). When global imbalances become larger, optimal monetary
policy requires an increase in the volatilities of the real returns on
assets and in particular of the nominal interest rates, which should
happen to be more correlated across countries. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 121-149
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:121-149

Template-Type: ReDIF-Article 1.0
Author-Name: RAPHAEL AUER
Author-Name: THOMAS CHANEY
Title: Exchange Rate Pass-Through in a Competitive Model of Pricing-to-Market
Abstract:
This paper extends the Mussa and Rosen (1978) model of quality pricing
under perfect competition. Exporters sell goods of different qualities to
consumers who have heterogeneous preferences for quality. Production is
subject to decreasing returns to scale and, therefore, supply and the
toughness of competition react to cost changes brought about by exchange
rate fluctuations. First, we predict that exchange rate shocks are
imperfectly passed through into prices. Second, prices of low-quality
goods are more sensitive to exchange rate shocks than prices of
high-quality goods. Third, in response to an exchange rate appreciation,
the composition of exports shifts toward higher quality and more expensive
goods. We test these predictions using highly disaggregated price and
quantity U.S. import data and find only weak empirical evidence in support
of our theory. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 151-175
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:151-175

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES ENGEL
Title: Pass-Through, Exchange Rates, and Monetary Policy
Journal: Journal of Money, Credit and Banking
Pages: 177-185
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:177-185

Template-Type: ReDIF-Article 1.0
Author-Name: FREDERIC S. MISHKIN
Title: Globalization, Macroeconomic Performance, and Monetary Policy
Abstract:
The paper argues that many of the exaggerated claims that globalization
has been an important factor in lowering inflation in recent years just do
not hold up. Globalization does, however, have the potential to be
stabilizing for individual economies and has been a key factor in
promoting economic growth. The paper then examines four questions about
the impact of globalization on the monetary transmission mechanism and
arrives at the following answers: (i) Has globalization led to a decline
in the sensitivity of inflation to domestic output gaps and thus to
domestic monetary policy? No. (ii) Are foreign output gaps playing a more
prominent role in the domestic inflation process, so that domestic
monetary policy has more difficulty stabilizing inflation? No. (iii) Can
domestic monetary policy still control domestic interest rates and so
stabilize both inflation and output? Yes. (iv) Are there other ways,
besides possible influences on inflation and interest rates, in which
globalization may have affected the transmission mechanism of monetary
policy? Yes. Copyright (c) 2009 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 187-196
Issue: s1
Volume: 41
Year: 2009
Month: 02
Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:s1:p:187-196

Template-Type: ReDIF-Article 1.0
Author-Name: ANTON NAKOV
Author-Name: ANDREA PESCATORI
Title: Monetary Policy Trade-Offs with a Dominant Oil Producer
Abstract:
We model oil production decisions from optimizing principles rather than
assuming exogenous oil price shocks and show that the presence of a
dominant oil producer leads to sizable static and dynamic distortions of
the production process. Under our calibration, the static distortion costs
the U.S. around 1.6% of GDP per year. In addition, the dynamic distortion,
reflected in inefficient fluctuations of the oil price markup, generates a
trade-off between stabilizing inflation and aligning output with its
efficient level. Our model is a step away from discussing the effects of
exogenous oil price variations and toward analyzing the implications of
the underlying shocks that cause oil prices to change in the first place. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1-32
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:1-32

Template-Type: ReDIF-Article 1.0
Author-Name: GEERT BEKAERT
Author-Name: SEONGHOON CHO
Author-Name: ANTONIO MORENO
Title: New Keynesian Macroeconomics and the Term Structure
Abstract:
This article complements the structural New Keynesian macro framework with
a no-arbitrage affine term structure model. Whereas our methodology is
general, we focus on an extended macro model with unobservable processes
for the inflation target and the natural rate of output that are filtered
from macro and term structure data. We find that term structure
information helps generate large and significant parameters governing the
monetary policy transmission mechanism. Our model also delivers strong
contemporaneous responses of the entire term structure to various
macroeconomic shocks. The inflation target shock dominates the variation
in the "level factor" whereas monetary policy shocks dominate the
variation in the "slope and curvature factors." Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 33-62
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:33-62

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL KUMHOF
Author-Name: RICARDO NUNES
Author-Name: IRINA YAKADINA
Title: Simple Monetary Rules under Fiscal Dominance
Abstract:
This paper asks whether interest rate rules that respond aggressively to
inflation, following the Taylor principle, are feasible in countries that
suffer from fiscal dominance. We find that if interest rates are allowed
to also respond to government debt, they can produce unique equilibria.
But such equilibria are associated with extremely volatile inflation. The
resulting frequent violations of the zero lower bound make such rules
infeasible. Even within the set of feasible rules the welfare optimizing
response to inflation is highly negative. The welfare gain from responding
to government debt is minimal compared to the gain from eliminating fiscal
dominance. Copyright (c) 2010 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 63-92
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:63-92

Template-Type: ReDIF-Article 1.0
Author-Name: YOSHIYASU ONO
Author-Name: AKIHISA SHIBATA
Title: Time Patience and Specialization Patterns in the Presence of Asset Trade
Abstract:
Specialization patterns in an open-economy two-sector growth model with
endogenous capital accumulation are examined in the presence of free
international lending and borrowing. Without free international lending
and borrowing it is known that, whereas the less (time-)patient country
decumulates real capital, the more patient country accumulates real
capital and eventually specializes in a capital-intensive industry.
However, free trade of international financial assets causes a dramatic
change in long-run specialization patterns. In this case the less patient
country may well specialize in the capital-intensive industry and the more
patient country in the labor-intensive industry. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 93-112
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:93-112

Template-Type: ReDIF-Article 1.0
Author-Name: CARLOS CAPISTRÂ¡N
Author-Name: MANUEL RAMOS-FRANCIA
Title: Does Inflation Targeting Affect the Dispersion of Inflation Expectations?
Abstract:
In this paper, we examine the effect of having an inflation targeting
framework on the dispersion of inflation forecasts from professional
forecasters. We use a panel data set of 25 countries-including 14
inflation targeters-with 16 years of monthly information. We find that the
dispersion of long-run inflation expectations is smaller in targeting
regimes after controlling for country-specific effects, time-specific
effects, the level and the variance of inflation, disinflation periods,
and global inflation. On average, the full effect is not observed until
the third year after implementation of inflation targeting. When we
differentiate between developed and developing countries, the dispersion
of inflation expectations after inflation targeting is smaller and
statistically significant only in developing countries. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 113-134
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:113-134

Template-Type: ReDIF-Article 1.0
Author-Name: BOB NOBAY
Author-Name: IVAN PAYA
Author-Name: DAVID A. PEEL
Title: Inflation Dynamics in the U.S.: Global but Not Local Mean Reversion
Abstract:
A stylized fact of U.S. inflation dynamics is one of extreme persistence
and possible unit root behavior. If so, the implications for
macroeconomics and monetary policy are somewhat unpalatable. Our
econometric analysis proposes a parsimonious univariate representation of
the inflation process for the last 60 years, the nonlinear exponential
smooth autoregressive. The empirical results confirm a number of the key
features such as global stationarity, local unit root behavior, and lower
persistence in the post-1983 period than in the pre-1983 period. We
compare the forecasting ability of our model with that of competing
univariate models and find that the nonlinear model outperforms the linear
autoregressive model in the pre-1983 period and the random walk in the
post-1983 period at short horizons. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 135-150
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:135-150

Template-Type: ReDIF-Article 1.0
Author-Name: HUW DIXON
Author-Name: ENGIN KARA
Title: Can We Explain Inflation Persistence in a Way that Is Consistent with the Microevidence on Nominal Rigidity?
Abstract:
This paper adopts the impulse-response methodology to understand inflation
persistence. It has often been argued that existing models of pricing fail
to explain the persistence that we observe. We adopt a common general
framework that allows for an explicit modeling of the distribution of
contract lengths and for different types of price setting. We also
evaluate how far the theories are consistent with recent evidence on price
and wage rigidity. We find that allowing for a distribution of durations
can take us a long way to solving the puzzle of inflation persistence, but
not all the way yet. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 151-170
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:151-170

Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDIA M. BUCH
Author-Name: KAI CARSTENSEN
Author-Name: ANDREA SCHERTLER
Title: Macroeconomic Shocks and Banks' Foreign Assets
Abstract:
Recent developments in international financial markets have highlighted
the role of banks in the transmission of shocks across borders. We employ
dynamic panel methods for a sample of OECD countries to analyze whether
banks' foreign assets react to macroeconomic shocks at home and abroad. We
find that banks reduce their foreign assets in response to a relative
increase in domestic interest rates, and they increase their foreign
assets when the growth rate of world energy prices rises. The responses
are characterized by a temporal overshooting and a dynamic adjustment
process that extends over several quarters. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 171-188
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:171-188

Template-Type: ReDIF-Article 1.0
Author-Name: ZSOLT BECSI
Title: Does Wealth Imply Secularization and Longevity?
Abstract:
We develop a simple life cycle model with endogenous longevity where
religious firms influence religious beliefs using donations as an input.
The model suggests that either wealth and economic development or
competition by religious firms can explain cross-country variation in
religious beliefs, but to explain cross-country variation in religious
beliefs, longevity, and consumption both development and competition are
required. Our results depend on the wealth and substitution effects that
accompany economic development and religious market competition. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 189-202
Issue: 1
Volume: 42
Year: 2010
Month: 02
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:1:p:189-202

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL M. BECHTEL
Author-Name: ROLAND Fâ€¹SS
Title: Capitalizing on Partisan Politics? The Political Economy of Sector-Specific Redistribution in Germany
Abstract:
This paper studies the redistributive effects of government partisanship
on economic sectors in a parliamentary democracy. Based on a rational
partisan perspective and policy-induced campaign contribution models, we
expect that once in office, ideologically different parties deliver
favorable policies to different industries in order to enrich their
electoral and sector-specific supporters. Using daily stock market data,
we empirically evaluate whether and how the mean and the volatility of
returns to four important economic sectors covaried with the electoral
prospects of a right-/left-leaning coalition in Germany from 1991 to 2005.
This sheds light on the magnitude of sector-specific redistribution to be
expected from ideologically different governments holding office. The
results show that the mean and the volatility of defense and
pharmaceutical sector returns increase if a right-leaning government is
becoming more likely to win the upcoming election. In contrast, an
increase in the probability of a left-leaning government triggers higher
returns to the alternative energy sector and increases the volatility of
consumer sector returns. Thus, our estimates partly support the idea that
parties redistribute across sectors. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 203-235
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:203-235

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN A. JAMES
Author-Name: DAVID F. WEIMAN
Title: From Drafts to Checks: The Evolution of Correspondent Banking Networks and the Formation of the Modern U.S. Payments System, 1850-1914
Abstract:
Checks remained local payments instruments throughout virtually the entire
nineteenth century. Their significant use in interregional transactions
dates only to the 1890s. We explain their lagged spatial diffusion by the
evolution of centralized payments institutions to coordinate transactions
among myriad banks, not real technological changes to "annihilate"
distance. The pivotal institutions were large correspondent banks,
especially in New York. After the Civil War, New York funds constituted a
national settlement medium, and the concentration of bankers' balances in
New York yielded liquidity and other externalities smoothing the flow of
check payments. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 237-265
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:237-265

Template-Type: ReDIF-Article 1.0
Author-Name: DUDLEY COOKE
Title: Openness and Inflation
Abstract:
This paper develops a two-country general equilibrium model to analyze the
optimal rate of inflation under discretion. When agents' welfare is the
sole policy objective it is possible to show that openness and inflation
no longer have a simple inverse relationship. Because the terms of trade
are related to monopoly markups, a greater degree of openness may lead the
policymaker to exploit the short-run Phillips curve more aggressively,
even if it involves a smaller short-run benefit. Inflation can then be
higher in a more open economy. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 267-287
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:267-287

Template-Type: ReDIF-Article 1.0
Author-Name: PATRICK FÂ»VE
Author-Name: JULIEN MATHERON
Author-Name: JEAN-GUILLAUME SAHUC
Title: Disinflation Shocks in the Eurozone: A DSGE Perspective
Abstract:
We investigate the effects of disinflation policies on key macroeconomic
variables. Using euro area data and structural vector autoregressions
(SVARs), we identify disinflation shocks as the only shocks that drive
nominal variables to a lower long-run level. We find that in the immediate
aftermath of a disinflation shock, the euro area enters in a persistent
recession. We use these dynamic responses to estimate a DSGE model with
imperfect information about the disinflation shock. We find that both
nominal and real frictions and monetary policy gradualism have played a
prominent role in the recessionary effect of disinflation shocks.
Conversely, allowing for imperfect credibility does not yield a better
fit, except when we shut key model's frictions down. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 289-323
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:289-323

Template-Type: ReDIF-Article 1.0
Author-Name: CHAO WEI
Title: Inflation and Stock Prices: No Illusion
Abstract:
Campbell and Vuolteenaho (2004) use VAR results to advocate inflation
illusion as the explanation for the positive association between inflation
and dividend yields. Using a structural approach, we find that a fully
rational dynamic general equilibrium model can generate a positive
correlation between dividend yields and inflation as observed in the data.
The paper describes a channel by which the technology shock moves both
inflation and dividend yields in the same direction, resulting in a
positive correlation between the two. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 325-345
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:325-345

Template-Type: ReDIF-Article 1.0
Author-Name: KENNETH N. KUTTNER
Author-Name: ADAM S. POSEN
Title: Do Markets Care Who Chairs the Central Bank?
Abstract:
This paper assesses the impact of central bank governor appointments on
exchange rates and bond yields using a new data set of announcements
spanning 15 countries and 30 years. The results show that exchange rates
exhibit a statistically significant response to the announcement of a new
governor, especially when the appointee's identity was not anticipated.
The reactions are especially pronounced for banks lacking either
independence or a nominal anchor. New governors are not generally thought
to lack credibility, however, as announcements generally do not cause
exchange rate or bond yield movements signaling expectations of higher
inflation or looser monetary policy. Copyright (c) 2010 The Ohio State University Peterson Institute for International Economics.
Journal: Journal of Money, Credit and Banking
Pages: 347-371
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:347-371

Template-Type: ReDIF-Article 1.0
Author-Name: STEFANO EUSEPI
Title: Central Bank Communication and the Liquidity Trap
Abstract:
Central bank communication plays an important role in shaping market
participants' expectations. This paper studies a simple nonlinear model of
monetary policy where agents have incomplete information about the
economic environment. It shows that agents' learning and the dynamics of
the economy are heavily affected by central bank's transparency about its
policy rule. A monetary authority that does not communicate its rule can
induce "learning equilibria" where the economy experiences prolonged
periods of deflation and slow growth. More generally, small expectational
errors can result in complex economic dynamics, inducing welfare-reducing
fluctuations. On the contrary, central bank communication helps
stabilizing expectations around the inflation target equilibrium. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 373-397
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:373-397

Template-Type: ReDIF-Article 1.0
Author-Name: NICHOLAS TAYLOR
Title: The Determinants of Future U.S. Monetary Policy: High-Frequency Evidence
Abstract:
This paper examines the determinants of future U.S. monetary policy by
studying the relationship between a predictor of the future direction of
monetary policy and a pertinent information set. Specifically, we
investigate the impact of the surprise component of an array of
macro-economic announcements upon federal funds futures rates. This
investigation is conducted using high-frequency intraday data in order to
examine the exact timing of rate reactions to announcements. In doing
this, we find that Non-farm Payrolls and Civilian Unemployment
announcements play a dominant role in determining future monetary policy.
Moreover, we document evidence that shows that the release of such
information is rapidly incorporated into rates, particularly when
considering federal funds futures contracts traded via an electronic
trading platform (as opposed to an open-auction trading platform). Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 399-420
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:399-420

Template-Type: ReDIF-Article 1.0
Author-Name: MARK CARLSON
Title: Alternatives for Distressed Banks during the Great Depression
Abstract:
Using data on individual banks during the Great Depression, I find that
institutions that failed during periods in which failures were especially
numerous, such as the banking panics, appear to have been at least as
financially sound as banks that were able to pursue alternative resolution
strategies, such as merging with another institution or suspending and
recapitalizing, during less extreme periods. This result suggests that
problems associated with having numerous banks in distress simultaneously
during the Depression may have exacerbated the number of banks closed and
the economic downturn. Copyright (c) 2010 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 421-441
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:421-441

Template-Type: ReDIF-Article 1.0
Author-Name: SILVIA MAGRI
Title: Debt Maturity Choice of Nonpublic Italian Firms
Abstract:
This paper focuses on debt maturity of nonpublic Italian firms of small
and medium size by international standards and that mainly use bank loans
as source of external financing. Compared to few similar studies, the main
contributions are that panel estimations allow to control for unobserved
firm heterogeneity; firms are also permitted to choose simultaneously
leverage and debt maturity. The evidence is that debt maturity is shorter
for companies that are riskier and affected by asymmetric information. In
areas of the country with poorer legal enforcement, in choosing debt
maturity lenders lay greater emphasis on indicators of firm information
opacity. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 443-463
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:443-463

Template-Type: ReDIF-Article 1.0
Author-Name: LEANDRO M. MAGNUSSON
Author-Name: SOPHOCLES MAVROEIDIS
Title: Identification-Robust Minimum Distance Estimation of the New Keynesian Phillips Curve
Abstract:
Limited-information identification-robust methods on the indexation and
price rigidity parameters of the New Keynesian Phillips Curve yield very
wide confidence intervals. Full-information methods impose more
restrictions on the reduced-form dynamics and thus make more efficient use
of the information in the data. However, such methods are also subject to
weak instrument problems. We propose identification-robust minimum
distance methods for exploiting these additional restrictions and show
that they yield considerably smaller confidence intervals for the
coefficients of the model compared to their limited-information
generalized method of moments counterparts. In contrast to previous
studies, we find evidence of partial but not full indexation, and obtain
sharper inference on the degree of price stickiness. However, this
parameter remains weakly identified. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 465-481
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:465-481

Template-Type: ReDIF-Article 1.0
Author-Name: FABRICE COLLARD
Author-Name: HARRIS DELLAS
Title: Monetary Misperceptions, Output, and Inflation Dynamics
Abstract:
We revisit the contribution of misperceived money to business cycles and,
in particular, to the inertial dynamics of inflation following a monetary
policy shock. We establish three things. First, the difference between
preliminary and revised money data captures monetary misperceptions well.
Second, misperceived money is quantitatively substantial and also matters
significantly for economic activity. And third, imperfect information
about monetary aggregates can help the standard NK model exhibit inertial
inflation dynamics. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 483-502
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:483-502

Template-Type: ReDIF-Article 1.0
Author-Name: TATIANA DAMJANOVIC
Author-Name: CHARLES NOLAN
Title: Seigniorage-Maximizing Inflation under Sticky Prices
Abstract:
What is the seigniorage-maximizing level of inflation? Three models'
formulae for the seigniorage-maximizing inflation rate (SMIR) are
compared. A sticky-price model prescribes a somewhat lower SMIR to Cagan's
formula and a variant of a flex-price model due to Kimbrough (2006). The
models differ markedly in how inflation distorts the labor market: The
sticky-price (Calvo) model implies that inflation and output are
negatively related and that output is falling in price stickiness.
Interestingly, if our version of the Calvo model is to be believed, the
level of inflation experienced recently in advanced economies such as the
United States and the United Kingdom may be quite close to the SMIR. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 503-519
Issue: 2-3
Volume: 42
Year: 2010
Month: 03
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:2-3:p:503-519

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL B. DEVEREUX
Author-Name: KANG SHI
Author-Name: JUANYI XU
Title: Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency
Abstract:
The U.S. dollar is the central reference currency for international trade
pricing and the main invoicing currency for primary commodities. This
paper links these two observations within a stylized theoretical
framework, and shows how to obtain a quantitative estimate of the gain to
the U.S. economy when the dollar is a reference currency. With dollar
invoicing of primary commodities, U.S. firms bear less exchange rate risk
than foreign firms. This asymmetry leads to a dollar standard in
international goods pricing. We then derive a simple analytical formula to
calculate the gains and find that they are extremely small. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 521-550
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:521-550

Template-Type: ReDIF-Article 1.0
Author-Name: ADAM ASHCRAFT
Author-Name: MORTEN L. BECH
Author-Name: W. SCOTT FRAME
Title: The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?
Abstract:
The Federal Home Loan Bank (FHLB) System is a large cooperatively owned
government-sponsored liquidity facility that lends predominately to U.S.
depository institutions. This paper documents the significant role played
by the FHLB System at the outset of the recent financial crisis and
provides evidence on the uses of FHLB funding by member banks and thrifts
during that time. We then compare lending activity by the FHLB System and
the Federal Reserve during 2007 and 2008, discuss the types of
institutions seeking government-sponsored liquidity at various times, and
identify the trade-offs faced by borrowers eligible to tap liquidity from
both facilities. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 551-583
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:551-583

Template-Type: ReDIF-Article 1.0
Author-Name: EDUARDO LEVY-YEYATI
Author-Name: MARÃ•A SOLEDAD MARTÃ•NEZ PERÃ•A
Author-Name: SERGIO L. SCHMUKLER
Title: Depositor Behavior under Macroeconomic Risk: Evidence from Bank Runs in Emerging Economies
Abstract:
Depositor behavior has been associated with bank-specific characteristics,
random runs, or contagion episodes. Using evidence on the 2000-02 bank
runs in Argentina and Uruguay, this paper shows that macroeconomic risk is
also important. Few macroeconomic shocks can quickly cause large runs.
Macroeconomic risk affects deposits regardless of traditional
bank-specific characteristics. Furthermore, bank exposure to macroeconomic
factors can explain differences in deposit withdrawals. During crises, the
evolution of bank-specific characteristics is mainly driven by
macroeconomic factors, while the informational content of bank-specific
variables declines. Overall, depositors seem responsive to risk in a
broader sense than that often considered by the literature. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 585-614
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:585-614

Template-Type: ReDIF-Article 1.0
Author-Name: SUNGHO CHOI
Author-Name: BILL B. FRANCIS
Author-Name: IFTEKHAR HASAN
Title: Cross-Border Bank M&As and Risk: Evidence from the Bond Market
Abstract:
The impact of cross-border bank M&As on bank risk remains an open
question. Though geographically diversifying bank M&As have the potential
to reduce the risk of bank insolvency, they also have the potential to
increase that risk due to the increase in risk-taking incentives by bank
managers and stockholders following these transactions. This paper
empirically investigates whether cross-border bank M&As increase or
decrease the risk of acquiring banks as captured by changes in acquirers'
yield spreads. This paper also investigates how differences in the
institutional environments between bidder and target countries affect
changes in yield spreads following M&A announcements. The study finds that
bondholders, in general, perceive cross-border bank M&As as
risk-increasing activities, unlike domestic bank mergers. Specifically, on
average, yield spreads increase by 4.13 basis points following the
announcement of cross-border M&As. This study also finds that these yield
spreads are significantly affected by the differences in
investor-protection and deposit insurance environments between the
transacting countries. However, the study does not find that the
regulatory and supervisory environment in the home countries of the
transacting parties significantly affects the changes in yield spreads.
The overall evidence suggests that regulators should judge the relative
environment in both the home and the host countries in evaluating the
associated risks of an active multinational financial institution and in
setting the sufficiency of the banks' reserve positions. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 615-645
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:615-645

Template-Type: ReDIF-Article 1.0
Author-Name: GAUTI B. EGGERTSSON
Author-Name: ERIC LE BORGNE
Title: A Political Agency Theory of Central Bank Independence
Abstract:
We propose a simple theory to explain why, and under what circumstances, a
politician delegates policy tasks to a technocrat in an independent
institution and then analyze under what conditions delegation is optimal
for society. Our theory builds on HolmstrË†m's (1982, 1999)"hidden effort"
principal-agent model. The election pressures that politicians face, and
the absence of such pressures for technocrats, give rise to a dynamic
incentive structure that formalizes two rationales for delegation, one
highlighted by Hamilton (1788) and the other by Blinder (1998). Delegation
trades off the cost of having a possibly incompetent technocrat with a
long-term job contract against the benefit of having a technocrat who (i)
invests more effort into the specialized policy task and (ii) is better
insulated from the whims of public opinion. A natural application of our
framework suggests a new theory of central bank independence. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 647-677
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:647-677

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN C. BLUEDORN
Author-Name: CHRISTOPHER BOWDLER
Title: The Empirics of International Monetary Transmission: Identification and the Impossible Trinity
Abstract:
The transmission of monetary policy across borders is central to many open
economy models. Research has tried to evaluate the "impossible trinity"
through estimating international interest rate linkages under alternative
exchange rate regimes using realized base country interest rates. Such
interest rates include anticipated and endogenous elements, which need not
propagate internationally. We compare international interest rate
responses under pegged and non-pegged regimes to identified,
unanticipated, and exogenous U.S. interest rate changes and realized U.S.
interest rate changes. We find important differences in estimated
transmission from the two sets of measures-identified interest rate
changes demonstrate a greater concordance with the impossible trinity than
realized rate changes. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 679-713
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:679-713

Template-Type: ReDIF-Article 1.0
Author-Name: YANNIS BILIAS
Author-Name: DIMITRIS GEORGARAKOS
Author-Name: MICHAEL HALIASSOS
Title: Portfolio Inertia and Stock Market Fluctuations
Abstract:
This paper uses population-wide data from the Panel Study of Income
Dynamics and the Survey of Consumer Finances to resolve the conflict
between overtrading and inactivity shown in administrative data on
brokerage and retirement accounts, respectively. Considerable inertia is
found and linked to characteristics (e.g., limited education or
resources), but less to index movements: the downswing has
encouraged "staying" out, rather than "getting" out,
of the market. The small minority with brokerage accounts exhibits
important differences in trading patterns relative to the population and
invests small fractions of wealth in brokerage accounts. Results
strengthen the case for default options in retirement accounts and
built-in trading provisions in mutual funds. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 715-742
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:715-742

Template-Type: ReDIF-Article 1.0
Author-Name: SUMIT AGARWAL
Author-Name: SOUPHALA CHOMSISENGPHET
Author-Name: CHUNLIN LIU
Title: The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations
Abstract:
Analyzing unique data from multiple large-scale randomized marketing
trials of preapproved credit card solicitations by a large financial
institution, we find that consumers responding to the
lender's "inferior" solicitation offers have poorer credit
quality attributes. This finding supports the argument that riskier type
borrowers are liquidity or credit constrained and, thus, have higher
reservation loan interest rates. We also find a more severe
deterioration "ex post" in the credit quality of the booked
accounts of inferior offer types relative to superior offers. After
controlling for a cardholder's observable risk attributes, demographic
characteristics, and adverse economic shocks, we find that cardholders who
responded to the inferior credit card offers are significantly more likely
to default "ex post". Our results provide evidence on the importance
of adverse selection effects in the credit card market. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 743-754
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:743-754

Template-Type: ReDIF-Article 1.0
Author-Name: EDWARD I. ALTMAN
Author-Name: AMAR GANDE
Author-Name: ANTHONY SAUNDERS
Title: Bank Debt versus Bond Debt: Evidence from Secondary Market Prices
Abstract:
This paper uses a new data set of daily secondary market prices of loans
to analyze the specialness of banks as monitors. Consistent with a
monitoring advantage of loans over bonds, we find the secondary loan
market to be informationally more efficient than the secondary bond market
prior to a loan default. Specifically, we find that secondary market loan
returns Granger cause secondary market bond returns prior to a loan
default. In contrast, secondary market bond returns do not Granger cause
secondary market loan returns prior to a loan default. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 755-767
Issue: 4
Volume: 42
Year: 2010
Month: 06
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:4:p:755-767

Template-Type: ReDIF-Article 1.0
Author-Name: CHI-YOUNG CHOI
Title: Reconsidering the Relationship between Inflation and Relative Price Variability
Abstract:
It has long been popularly believed that the relationship between
inflation and relative price variability (RPV) is positive and stable.
Using disaggregated CPI data for the United States and Japan, however,
this study finds that the relationship is neither linear nor stable over
time. The overall relationship is approximately U-shaped around a nonzero
threshold inflation rate. RPV therefore changes not with the inflation
rate&ensp;"per se", but with the deviation of inflation from the threshold
inflation rate. More importantly, the relationship is by no means stable
over time but instead varies significantly in a way that coincides with
regime changes of inflation or monetary policy. The relationship was
positive during the period of high inflation of the 1970s and the early
1980s, as has been documented by a number of previous studies, whereas it
takes a U-shape profile during the Great Moderation. The results are
robust to the use of core inflation, which excludes the traditionally
volatile prices of food and energy. This paper then presents a modified
version of the Calvo-type sticky price model to describe the observed
empirical regularities. Simulation experiments show that the modified
Calvo model fits the data well, and that the underlying relationship
hinges upon the degree of price rigidity, which is systematically related
to inflation regime. For countries and periods with low inflation rates,
the relationship takes a U-shape as price adjustment is more sticky. In a
high-inflation environment, when price setting becomes more flexible, the
U-shaped profile vanishes. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 769-798
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:769-798

Template-Type: ReDIF-Article 1.0
Author-Name: MARCO BONOMO
Author-Name: CARLOS CARVALHO
Title: Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing
Abstract:
The real effects of an imperfectly credible disinflation depend critically
on the extent of price rigidity. We examine this interaction in a model
with endogenous time-dependent pricing. Both the endogenous initial degree
of price rigidity and changes in the duration of price spells during
disinflation are important in explaining the effects of imperfect
credibility. We initially consider a setup where the degree of credibility
is fixed and then allow agents to update beliefs about the "type" of
monetary authority that they face. In both cases, the interaction between
endogeneity of pricing behavior and imperfect credibility increases the
output costs of disinflation. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 799-831
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:799-831

Template-Type: ReDIF-Article 1.0
Author-Name: DANIEL LEIGH
Title: Monetary Policy and the Lost Decade: Lessons from Japan
Abstract:
I investigate how monetary policy can avoid a deflationary slump when
policy rates are near zero by studying interest rate policy during Japan's
"Lost Decade." Estimation results suggest that the Bank of Japan's
interest rate policy fits a conventional reaction function with an
inflation target near 1%. The disapointing economic performance thus seems
primarily due to adverse economic shocks rather than extraordinary policy
errors. Also, counterfactual policy simulations suggest that simply
raising the inflation target would not have substantially improved
performance. However, price-level targeting or combining a higher
inflation target with an aggressive output response would have achieved
superior stabilization results. Copyright (c) 2010 The Ohio State University. The International Monetary Fund retains copyright and all other rights in the manuscript of this article as submitted for publication..
Journal: Journal of Money, Credit and Banking
Pages: 833-857
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:833-857

Template-Type: ReDIF-Article 1.0
Author-Name: LYNNE EVANS
Author-Name: ANAMARIA NICOLAE
Title: The Output Effect of a Transition to Price Stability When Velocity Is Time Varying
Abstract:
This paper explores the effect of time-varying velocity on output
responses to policies for reducing/stopping inflation. We study a dynamic
general equilibrium model with sticky prices in which we introduce
time-varying velocity. Specifically, we endogenize time-varying velocity
into the model developed by Ireland (1997) for analyzing optimal
disinflation. The nonlinear solution method reveals that, depending on
velocity, the "disinflationary boom" found by Ball (1994) may disappear
even under perfect credibility and that early output losses may be much
larger than previously thought. Indeed, we find that a gradual
disinflation from a low inflation may even be undesirable. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 859-878
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:859-878

Template-Type: ReDIF-Article 1.0
Author-Name: DMYTRO HOLOD
Author-Name: JOE PEEK
Title: Capital Constraints, Asymmetric Information, and Internal Capital Markets in Banking: New Evidence
Abstract:
A growing literature investigates the role of internal capital markets in
mitigating financial constraints faced by the subsidiaries of a
conglomerate. Most studies have relied on indirect tests based on
correlations between the cash flows and the investment of the
subsidiaries. In contrast, we avoid the widespread criticisms of such
specifications by providing direct tests that focus on the mechanisms
through which internal reallocations of funds occur. We find that internal
capital markets are used by multibank holding companies to mitigate
capital constraints faced by individual bank subsidiaries. In addition, we
show that internal capital management within a multibank holding company
involves not only the movement of capital to those subsidiaries with a
relatively greater need for capital but also the movement of assets
(loans) from less well capitalized to better capitalized subsidiaries by
means of loan sales and purchases among the subsidiaries. Furthermore, net
loan sales are used to allow efficiency-enhancing specialization among
bank subsidiaries, insofar as those subsidiaries with the best loan
origination opportunities are able to focus on loan originations even if
they do not have sufficient capital to hold the loans. Our evidence is
consistent with banks affiliated with holding companies more actively
participating in loan sales and purchases because, by using their internal
secondary loan market, they are able to avoid the "lemons" problem faced
by stand-alone banks. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 879-906
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:879-906

Template-Type: ReDIF-Article 1.0
Author-Name: SIMON H. KWAN
Author-Name: WILLARD T. CARLETON
Title: Financial Contracting and the Choice between Private Placement and Publicly Offered Bonds
Abstract:
The financial contracting in private placement bonds and publicly offered
bonds are different. Our data show that private placement bonds are more
likely to have restrictive covenants than public bonds. Private placement
bonds are also more likely to be issued by smaller and riskier firms. For
investment-grade firms that issue bonds in both markets, our analysis
shows that firms select the bond type to minimize financing costs. We find
significant differences in the pricing of private placement and publicly
offered bonds, and some of these differences appear to be related to the
different institutional features between the two markets. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 907-929
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:907-929

Template-Type: ReDIF-Article 1.0
Author-Name: HELLE BUNZEL
Author-Name: WALTER ENDERS
Title: The Taylor Rule and "Opportunistic" Monetary Policy
Abstract:
We investigate the possibility that the Taylor rule should be formulated
as a threshold process such that the Federal Reserve acts more
aggressively in some circumstances than in others. It seems reasonable
that the Federal Reserve would act more aggressively when inflation is
high than when it is low. Similarly, it might be expected that the Federal
Reserve responds more to a negative than a positive output gap. Although
these specifications receive some empirical support, we find that a
modified threshold model that is consistent with "opportunistic" monetary
policy makes significant progress toward explaining Federal Reserve
behavior. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 931-949
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:931-949

Template-Type: ReDIF-Article 1.0
Author-Name: DAVID ROMER
Title: A New Data Set on Monetary Policy: The Economic Forecasts of Individual Members of the FOMC
Abstract:
This paper describes a new data set of the forecasts of output growth,
inflation, and unemployment prepared by individual members of the Federal
Open Market Committee. The paper discusses the scope of the data set,
possibilities for extending it, and some potential uses. It offers a
preliminary examination of some of the cross-sectional features of the
data. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 951-957
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:951-957

Template-Type: ReDIF-Article 1.0
Author-Name: SHUHEI AOKI
Author-Name: MINORU KITAHARA
Title: Measuring a Dynamic Price Index Using Consumption Data
Abstract:
We propose a new method of constructing a dynamic price index (DPI). Under
standard assumptions, our DPI is as stable as the Consumer Price Index
(CPI). In certain periods, the DPI differs sharply from the CPI. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 959-964
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:959-964

Template-Type: ReDIF-Article 1.0
Author-Name: RAINER HASELMANN
Author-Name: PAUL WACHTEL
Title: Institutions and Bank Behavior: Legal Environment, Legal Perception, and the Composition of Bank Lending
Abstract:
This paper explores how the legal environment affects bank behavior in 20
transition economies. Based on a newly constructed data set we find that
banks' loan portfolio composition depends on the legal environment. If
banks operate in a well-functioning legal environment they lend relatively
more to SMEs and provide more mortgages. On the other hand, banks lend
more to large enterprises and to the government if the legal system is
unsound. As a transmission channel we identify the banks' willingness to
accept collateral which depends on the bankers' perceptions of the
prevailing laws regarding collateral. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 965-984
Issue: 5
Volume: 42
Year: 2010
Month: 08
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:5:p:965-984

Template-Type: ReDIF-Article 1.0
Author-Name: ALEX TREW
Title: Infrastructure Finance and Industrial Takeoff in England
Abstract:
That financial matters did not constrain industrial takeoff in the UK is
generally accepted in the historical literature; in contrast, contemporary
empirical analyses have found evidence that financial development can be a
causal determinant of economic growth. We look to reconcile these findings
by concentrating on a particular aspect of industrializing UK where
inefficiencies in finance could have had bite: the finance of physical
infrastructures. We document the historical record and develop the
importance of spatial disaggregation and spillovers in both technological
and financial development. We develop a simple model that captures the
nature of infrastructure finance within a theory of endogenous growth
where financial costs are endogenous. We argue that the conception of the
finance-growth nexus as a largely static, aggregative phenomenon misses
out a good deal of complexity and we relate that complexity to a number of
implications for regulation of both financial systems and the emergence of
infrastructures. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 985-1010
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:985-1010

Template-Type: ReDIF-Article 1.0
Author-Name: OTGONTSETSEG ERHEMJAMTS
Author-Name: J. TYLER LEVERTY
Title: The Demise of the Mutual Organizational Form: An Investigation of the Life Insurance Industry
Abstract:
We investigate the role of organizational structure in financial services
markets by examining the U.S. life insurance industry. Traditionally,
stock and mutual life insurers were equally represented, but now the
industry is mainly composed of stock firms. We find operational
efficiency, access to capital, and tax savings are important determinants
for this shift. The incentive to demutualize differs by the type of
conversion: full demutualization is chosen for efficiency and access to
capital reasons and partial conversion, using a mutual holding company, is
chosen for tax savings. Firm operational efficiency improves after
conversion. We also find the efficiency of the stock organizational form
dominates that of the mutual structure during our sample period, 1995 to
2004. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1011-1036
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1011-1036

Template-Type: ReDIF-Article 1.0
Author-Name: LUIGI GUISO
Author-Name: RAOUL MINETTI
Title: The Structure of Multiple Credit Relationships: Evidence from U.S. Firms
Abstract:
When firms borrow from multiple concentrated creditors such as banks they
appear to differentiate their allocation of borrowing. In this paper, we
put forward hypotheses for this borrowing pattern based on incomplete
contract theories and test them using a sample of small U.S. firms. We
find that firms with more valuable and more homogeneous assets
differentiate borrowing more sharply across concentrated creditors.
Moreover, borrowing differentiation is inversely related to restructuring
costs and positively related to firms' informational transparency. The
results suggest that the structure of credit relationships is used to
discipline creditors and entrepreneurs, especially during corporate
reorganizations. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1037-1071
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1037-1071

Template-Type: ReDIF-Article 1.0
Author-Name: RONALD E. SHRIEVES
Author-Name: DREW DAHL
Author-Name: MICHAEL F. SPIVEY
Title: Capital Market Regimes and Bank Structure in Europe
Abstract:
We hypothesize that fundamental features that distinguish European capital
markets have predictably influenced emerging national differences in bank
capitalization and loan growth. Using bank-level data from 13 European
countries, 1998 to 2004, we find evidence of positive effects of
"equity-friendly" market features on bank capitalization and positive
effects of both "equity-friendly" and "credit-friendly" market features on
loan growth. The findings are strongest in small banks and in banks with
cooperative charters. Our results suggest that ongoing and prospective
integration of European banking markets is mitigated by relatively static
features of the equity and credit markets on which banks rely. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1073-1092
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1073-1092

Template-Type: ReDIF-Article 1.0
Author-Name: CHRISTIAN JENSEN
Author-Name: BENNETT T. MCCALLUM
Title: Optimal Continuation versus the Timeless Perspective in Monetary Policy
Abstract:
The timeless-perspective approach suggests that policymakers implement in
each period policy actions conforming to a rule that would have been fully
optimal to adopt in the distant past. A motivating advantage is that
policy henceforth would continue by recommending the same optimality
conditions if reconsidered, thereby enhancing credibility. We argue that
continuation can alternatively be achieved with better results, on
average, in terms of policymakers' objectives, by implementing in each
period the time-invariant policy that is optimal from the viewpoint of the
contemporary understanding of objectives and constraints, but while
ignoring the conditions that happen to prevail at the time. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1093-1107
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1093-1107

Template-Type: ReDIF-Article 1.0
Author-Name: BETTY C. DANIEL
Title: Exchange Rate Crises and Fiscal Solvency
Abstract:
This paper combines insights from generation one currency crisis models
and the fiscal theory of the price level (FTPL) to create a dynamic FTPL
model of currency crises. The initial fixed-exchange-rate policy entails
risks due to an upper bound on government debt and stochastic surplus
shocks. Agents refuse to lend into a position for which the value of debt
exceeds the present value of expected future surpluses. Policy switching,
usually combined with currency depreciation, restores fiscal solvency and
lending. This model can explain a wide variety of crises, including those
involving sovereign default. We illustrate by explaining the crisis in
Argentina (2001). Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1109-1135
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1109-1135

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN ELDER
Author-Name: APOSTOLOS SERLETIS
Title: Oil Price Uncertainty
Abstract:
The theories of investment under uncertainty and real options predict that
uncertainty about, for example, oil prices will tend to depress current
investment. We reinvestigate the relationship between the price of oil and
investment, focusing on the role of uncertainty about oil prices. We find
that volatility in oil prices has had a negative and statistically
significant effect on several measures of investment, durables
consumption, and aggregate output. We also find that accounting for the
effects of oil price volatility tends to exacerbate the negative dynamic
response of economic activity to a negative oil price shock, while
dampening the response to a positive oil price shock. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1137-1159
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1137-1159

Template-Type: ReDIF-Article 1.0
Author-Name: RICARDO NUNES
Title: Inflation Dynamics: The Role of Expectations
Abstract:
This paper estimates the Phillips curve allowing for a simultaneous role
of rational and survey expectations. We consider both a reduced form and a
structural specification of the Phillips curve. The results suggest that
survey expectations can be a statistically significant component of firms'
expectations and inflation dynamics. However, rational expectations
continue to play a dominant role. Copyright Published 2010. This article is a US Government work and is in the public domain in the USA..
Journal: Journal of Money, Credit and Banking
Pages: 1161-1172
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1161-1172

Template-Type: ReDIF-Article 1.0
Author-Name: RUBENS PENHA CYSNE
Author-Name: DAVID TURCHICK
Title: Money Supply and Capital Accumulation on the Transition Path Revisited
Abstract:
Fischer (1979) and Asako (1983) analyze the sign of the correlation
between the growth rate of money and the rate of capital accumulation on
the transition path. Both plug a constant relative risk aversion utility
(based on a Cobb-Douglas and a Leontief function, respectively) into
Sidrauski's model-yet return contrasting results. The present analysis, by
using a more general CES utility, presents both of those settings and
conclusions as limiting cases and generates economic figures more
consistent with reality (e.g., the interest rate elasticity of the money
demands derived from those previous works is necessarily 1 and 0,
respectively). Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1173-1184
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1173-1184

Template-Type: ReDIF-Article 1.0
Author-Name: MURILLO CAMPELLO
Author-Name: LONG CHEN
Title: Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns
Abstract:
Using comprehensive firm- and aggregate-level data, this paper studies the
real and financial implications of capital market imperfections. We first
examine whether financially constrained firms' business fundamentals
(capital spending and operating earnings) are more sensitive to
macroeconomic movements than unconstrained firms' fundamentals. We then
examine whether financial constraint "return factors" respond to
macroeconomic shocks in tandem with the responses from business
fundamentals. The evidence in this paper points to financial constraints
affecting both fundamental quantities and asset returns. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1185-1198
Issue: 6
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:1185-1198

Template-Type: ReDIF-Article 1.0
Author-Name: DENIS FOUGERE
Author-Name: ERWAN GAUTIER
Author-Name: HERVE LE BIHAN
Title: Restaurant Prices and the Minimum Wage
Abstract:
In this paper, we examine the effect of the minimum wage on restaurant
prices. We contribute both to the study of economic impact of the minimum
wage and to the study of microeconomic patterns of price stickiness. For
this purpose, we use a unique data set of individual price quotes
collected to calculate the Consumer Price Index in France and we estimate
a price rigidity model based on a flexible&ensp;<formula
format="inline"><file name="jmcb_339_mu1.gif" type="gif"
/></formula>&ensp;rule. We find a positive and significant impact of the
minimum wage on prices. The effect of the minimum wage on prices is,
however, very protracted. A change in the minimum wage takes more than a
year to fully pass through to retail prices. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1199-1234
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1199-1234

Template-Type: ReDIF-Article 1.0
Author-Name: JULEN ESTEBAN-PRETEL
Author-Name: ELISA FARAGLIA
Title: Monetary Shocks in a Model with Skill Loss
Abstract:
Unemployment shows persistent and long-lasting responses to nominal and
real shocks. Standard real business cycle models with search frictions but
a homogeneous labor force are able to generate some volatility and
persistence, but not enough to match the empirical evidence. Moreover,
empirical studies emphasize the importance of the heterogeneity of the
unemployment pool to fully understand unemployment dynamics. In
particular, in most European countries the incidence of long-term
unemployment is large and well known. One of the possible
causes/consequences of long-term unemployment is the skill deterioration
of the unemployment pool. In this paper, we introduce the skill loss
mechanism, and therefore a heterogeneous labor force, in a New Keynesian
framework with search frictions. Calibrating the model for the Spanish
economy, we show that while the skill loss mechanism helps to explain the
magnitude of the response of unemployment to monetary shocks, it does not
improve the performance of the homogeneous worker model in terms of the
persistence of the response, especially for short- and long-term
unemployment. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1235-1265
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1235-1265

Template-Type: ReDIF-Article 1.0
Author-Name: MILES LIVINGSTON
Author-Name: JIE (DIANA) WEI
Author-Name: LEI ZHOU
Title: Moody's and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields
Abstract:
We examine the relative impact of Moody's and S&P ratings on bond yields
and find that at issuance, yields on split rated bonds with superior
Moody's ratings are about 8 basis points lower than yields on split rated
bonds with superior S&P ratings. This suggests that investors
differentiate between the two ratings and assign more weight to the
ratings from Moody's, the more conservative rating agency. Moody's becomes
more conservative after 1998 and the impact of a superior Moody's rating
becomes stronger. Furthermore, the differential impact of the two ratings
is more pronounced for the more opaque Rule 144A issues. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1267-1293
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1267-1293

Template-Type: ReDIF-Article 1.0
Author-Name: FRANCESCO CORIELLI
Author-Name: STEFANO GATTI
Author-Name: ALESSANDRO STEFFANONI
Title: Risk Shifting through Nonfinancial Contracts: Effects on Loan Spreads and Capital Structure of Project Finance Deals
Abstract:
We study capital structure negotiation and cost of debt financing between
sponsors and lenders using a sample of more than 1,000 project finance
loans worth around US$195 billion closed between 1998 and 2003. We find
that lenders: (i) rely on the network of nonfinancial contracts as a
mechanism to control agency costs and project risks, (ii) are reluctant to
price credit more cheaply if sponsors are involved as project
counterparties in the relevant contracts, and finally (iii) do not
appreciate sponsor involvement as a contractual counterparty of the
special purpose vehicle when determining the level of leverage. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1295-1320
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1295-1320

Template-Type: ReDIF-Article 1.0
Author-Name: OZGUR EMRE ERGUNGOR
Title: Bank Branch Presence and Access to Credit in Low- to Moderate-Income Neighborhoods
Abstract:
Banks specialize in lending to informationally opaque borrowers by
collecting soft information about them. Some researchers claim that this
process requires a physical presence in the market to lower information
collection costs. This paper provides evidence in support of this argument
in the mortgage market for low-income borrowers whose access to credit is
limited by their inadequate credit histories. Mortgage originations
increase and interest spreads decline when there is a bank branch located
in a low- to moderate-income neighborhood. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1321-1349
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1321-1349

Template-Type: ReDIF-Article 1.0
Author-Name: DREW DAHL
Author-Name: DOUGLAS D. EVANOFF
Author-Name: MICHAEL F. SPIVEY
Title: The Community Reinvestment Act and Targeted Mortgage Lending
Abstract:
We analyze residential mortgage lending by banks in periods surrounding
upgrades or downgrades in their ratings under the Community Reinvestment
Act (CRA). Empirical results indicate that upgraded banks had higher
relative levels of lending than did downgraded banks prior to ratings
changes. Additionally, both downgraded and upgraded banks increased
lending following implementation of reforms to the CRA in the 1990s, which
were intended to more closely align rating assessment with lending
outcomes. Little support is provided, on the other hand, for a hypothesis
that banks respond to downgrades by increasing lending (despite apparent
incentives for them to do so). Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1351-1372
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1351-1372

Template-Type: ReDIF-Article 1.0
Author-Name: KATHLEEN W. JOHNSON
Author-Name: GENG LI
Title: The Debt-Payment-to-Income Ratio as an Indicator of Borrowing Constraints: Evidence from Two Household Surveys
Abstract:
Liquidity constraints have been proposed as an important explanation for
deviations from the rational expectations/permanent income hypothesis.
This paper introduces to the liquidity constraint literature the ratio of
a household's debt payments to its disposable personal income, the debt
service ratio (DSR). We find that a household with a high DSR is
significantly more likely to be turned down for credit than other
households. Also, the consumption growth of likely constrained households,
identified using the DSR along with the liquid-asset-to-income ratio, is
significantly more sensitive to past income than that of other households,
confirming the DSR's value in identifying constrained households. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1373-1390
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1373-1390

Template-Type: ReDIF-Article 1.0
Author-Name: CHRISTIAN CONRAD
Author-Name: MICHAEL J. LAMLA
Title: The High-Frequency Response of the EUR-USD Exchange Rate to ECB Communication
Abstract:
We investigate the impact of the European Central Bank's monetary policy
communication during the press conference held after the monthly Governing
Council meeting on the EUR-USD exchange rate in high frequency. Based on
the method of Content Analysis, we construct communication indicators for
the introductory statement and find that communication with respect to
future price developments is most relevant. In response to statements
about increasing risks to price stability the EUR appreciates on impact.
To the contrary, communication about economic activity and monetary
aggregates does not generate significant exchange rate reactions. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1391-1417
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1391-1417

Template-Type: ReDIF-Article 1.0
Author-Name: TODD E. CLARK
Author-Name: STEPHEN J. TERRY
Title: Time Variation in the Inflation Passthrough of Energy Prices
Abstract:
From Bayesian estimates of a vector autoregression that allows for both
coefficient drift and stochastic volatility, we obtain the following three
results. First, beginning in approximately 1975, the responsiveness of
core inflation to changes in energy prices in the United States fell
rapidly and remains muted. Second, this decline in the passthrough of
energy inflation to core prices has been sustained through a recent period
of markedly higher volatility of shocks to energy inflation. Finally,
reduced energy inflation passthrough has persisted in the face of monetary
policy that became less responsive to energy inflation starting around
1985. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1419-1433
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1419-1433

Template-Type: ReDIF-Article 1.0
Author-Name: KAI CHRISTOFFEL
Author-Name: TOBIAS LINZERT
Title: The Role of Real Wage Rigidity and Labor Market Frictions for Inflation Persistence
Abstract:
We analyze the transmission mechanism of wages to inflation within a New
Keynesian business cycle model with wage rigidities and labor market
frictions. Our main focus is on the channel of real wage rigidities on
inflation persistence for which we find the specification of the wage
bargaining process to be of crucial importance. Under the standard
efficient Nash bargaining, the feedback of wage rigidities on inflation is
ambiguous and depends on other labor market variables. However, under the
alternative right-to-manage bargaining we find that more rigid wages
translate directly into more persistent movements of aggregate inflation. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1435-1446
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1435-1446

Template-Type: ReDIF-Article 1.0
Author-Name: MARIO CERRATO
Author-Name: HYUNSOK KIM
Author-Name: RONALD MACDONALD
Title: Three-Regime Asymmetric STAR Modeling and Exchange Rate Reversion
Abstract:
The breakdown of the Bretton Woods system and the adoption of generalized
floating exchange rates ushered in a new era of exchange rate volatility
and uncertainty. This increased volatility leads economists to search for
economic models able to describe observed exchange rate behavior. In the
present paper, we propose more general STAR transition functions that
encompass both threshold nonlinearity and asymmetric effects. Our
framework allows for a gradual adjustment from one regime to another and
considers threshold effects by encompassing other existing models, such as
TAR models. We apply our methodology to three different exchange rate data
sets: one for developing countries and official nominal exchange rates,
the second for emerging market economies using black market exchange
rates, and the third for OECD economies. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 1447-1467
Issue: 7
Volume: 42
Year: 2010
Month: 10
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:7:p:1447-1467

Template-Type: ReDIF-Article 1.0
Title: Investment Adjustment Costs: An Empirical Assessment
Author-Name: CHARLOTTA GROTH
Author-Name: HASHMAT KHAN
Journal: Journal of Money, Credit and Banking
Pages: 1469-1494
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1469-1494

Template-Type: ReDIF-Article 1.0
Title: Macroeconomic Implications of â€šÃ„ÃºDeep Habitsâ€šÃ„Ã¹ in Banking
Author-Name: ROGER ALIAGA-DâˆšÃ§AZ
Author-Name: MARâˆšÃ§A PâˆšÃ§A OLIVERO
Journal: Journal of Money, Credit and Banking
Pages: 1495-1521
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1495-1521

Template-Type: ReDIF-Article 1.0
Title: On the International Dimension of Fiscal Policy
Author-Name: GIANLUCA BENIGNO
Author-Name: BIANCA DE PAOLI
Journal: Journal of Money, Credit and Banking
Pages: 1523-1542
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1523-1542

Template-Type: ReDIF-Article 1.0
Title: A Tale of Two Rigidities: Sticky Prices in a Sticky-Information Environment
Author-Name: EDWARD S. KNOTEK II
Journal: Journal of Money, Credit and Banking
Pages: 1543-1564
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1543-1564

Template-Type: ReDIF-Article 1.0
Title: Free Bank Failures: Risky Bonds versus Undiversified Portfolios
Author-Name: MATTHEW JAREMSKI
Journal: Journal of Money, Credit and Banking
Pages: 1565-1587
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1565-1587

Template-Type: ReDIF-Article 1.0
Title: Do Markets Care about Central Bank Governor Changes? Evidence from Emerging Markets
Author-Name: CHRISTOPH MOSER
Author-Name: AXEL DREHER
Journal: Journal of Money, Credit and Banking
Pages: 1589-1612
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1589-1612

Template-Type: ReDIF-Article 1.0
Title: An Unobserved Components Model of the Yield Curve
Author-Name: RICHARD STARTZ
Author-Name: KWOK PING TSANG
Journal: Journal of Money, Credit and Banking
Pages: 1613-1640
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1613-1640

Template-Type: ReDIF-Article 1.0
Title: Combining Judgment and Models
Author-Name: FRANCESCA MONTI
Journal: Journal of Money, Credit and Banking
Pages: 1641-1662
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1641-1662

Template-Type: ReDIF-Article 1.0
Title: Sectoral Money Demand and the Great Disinflation in the United States
Author-Name: ALESSANDRO CALZA
Author-Name: ANDREA ZAGHINI
Journal: Journal of Money, Credit and Banking
Pages: 1663-1678
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1663-1678

Template-Type: ReDIF-Article 1.0
Title: Inflation Targeting Does Not Matter: Another Look at OECD Sacrifice Ratios
Author-Name: RICARDO D. BRITO
Journal: Journal of Money, Credit and Banking
Pages: 1679-1688
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1679-1688

Template-Type: ReDIF-Article 1.0
Title: Daytime Is Money
Author-Name: SâˆšÃ¢BASTIEN KRAENZLIN
Author-Name: THOMAS NELLEN
Journal: Journal of Money, Credit and Banking
Pages: 1689-1702
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1689-1702

Template-Type: ReDIF-Article 1.0
Title: The Cost Channel Reconsidered: A Comment Using an Identification-Robust Approach
Author-Name: VASCO J. GABRIEL
Author-Name: LUIS F. MARTINS
Journal: Journal of Money, Credit and Banking
Pages: 1703-1712
Issue: 8
Volume: 42
Year: 2010
Month: 12
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:8:p:1703-1712

Template-Type: ReDIF-Article 1.0
Author-Name: VASCO CURDIA
Author-Name: MICHAEL WOODFORD
Title: Credit Spreads and Monetary Policy
Abstract:
We consider the desirability of modifying a standard Taylor rule for
interest rate policy to incorporate adjustments for measures of financial
conditions. We consider the consequences of such adjustments for the way
policy would respond to a variety of disturbances, using the dynamic
stochastic general equilibrium model with credit frictions developed in
C&uacute;rdia and Woodford (2009a). According to our model, an adjustment
for variations in credit spreads can improve upon the standard Taylor
rule, but the optimal size of adjustment depends on the source of the
variation in credit spreads. A response to the quantity of credit is less
likely to be helpful. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 3-35
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:3-35

Template-Type: ReDIF-Article 1.0
Author-Name: CHARLES T. CARLSTROM
Author-Name: TIMOTHY S. FUERST
Author-Name: MATTHIAS PAUSTIAN
Title: Optimal Monetary Policy in a Model with Agency Costs
Abstract:
This paper integrates a fully explicit model of agency costs into an
otherwise standard Dynamic New Keynesian model in a particularly
transparent way. A principal result is the characterization of agency
costs as endogenous markup shocks in an output-gap version of the Phillips
curve. The model's utility-based welfare criterion is derived explicitly
and includes a measure of credit market tightness that we interpret as a
risk premium. The paper also fully characterizes optimal monetary policy
and provides conditions under which zero inflation is the optimal policy.
Finally, optimal policy can be expressed as an inflation targeting
criterion that (depending upon parameter values) can be either forward or
backward looking. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 37-70
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:37-70

Template-Type: ReDIF-Article 1.0
Author-Name: MICHAEL B. DEVEREUX
Author-Name: JAMES YETMAN
Title: Leverage Constraints and the International Transmission of Shocks
Abstract:
Recent macroeconomic experience has drawn attention to the importance of
interdependence among countries through financial markets and
institutions, independently of traditional trade linkages. This paper
develops a model of the international transmission of shocks due to
interdependent portfolio holdings among leverage-constrained investors. In
our model, without leverage constraints on investment, financial
integration itself has no implication for international macro comovements.
When leverage constraints bind, however, the presence of these constraints
in combination with diversified portfolios introduces a powerful financial
transmission channel that results in a positive comovement of production,
independently of the size of international trade linkages. In addition,
the paper shows that with binding leverage constraints, the type of
financial integration is critical for international comovement. If
international financial markets allow for trade only in noncontingent
bonds, but not equities, then the international comovement of shocks is
"negative". Thus, with leverage constraints, moving from bond trade to
equity trade reverses the sign of the international transmission of
shocks. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 71-105
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:71-105

Template-Type: ReDIF-Article 1.0
Author-Name: ANDREA GERALI
Author-Name: STEFANO NERI
Author-Name: LUCA SESSA
Author-Name: FEDERICO M. SIGNORETTI
Title: Credit and Banking in a DSGE Model of the Euro Area
Abstract:
This paper studies the role of credit supply factors in business cycle
fluctuations using a dynamic stochastic general equilibrium (DSGE) model
with financial frictions enriched with an imperfectly competitive banking
sector. Banks issue collateralized loans to both households and firms,
obtain funding via deposits, and accumulate capital out of retained
earnings. Loan margins depend on the banks' capital-to-assets ratio and on
the degree of interest rate stickiness. Balance-sheet constraints
establish a link between the business cycle, which affects bank profits
and thus capital, and the supply and cost of loans. The model is estimated
with Bayesian techniques using data for the euro area. The analysis
delivers the following results. First, the banking sector and, in
particular, sticky rates attenuate the effects of monetary policy shocks,
while financial intermediation increases the propagation of supply shocks.
Second, shocks originating in the banking sector explain the largest share
of the contraction of economic activity in 2008, while macroeconomic
shocks played a limited role. Third, an unexpected destruction of bank
capital may have substantial effects on the economy. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 107-141
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:107-141

Template-Type: ReDIF-Article 1.0
Author-Name: JENS H. E. CHRISTENSEN
Author-Name: JOSE A. LOPEZ
Author-Name: GLENN D. RUDEBUSCH
Title: Inflation Expectations and Risk Premiums in an Arbitrage-Free Model of Nominal and Real Bond Yields
Abstract:
Differences between yields on comparable-maturity U.S. Treasury nominal
and real debt, the so-called breakeven inflation (BEI) rates, are widely
used indicators of inflation expectations. However, better measures of
inflation expectations could be obtained by subtracting inflation risk
premiums (IRP) from the BEI rates. We provide such decompositions using an
affine arbitrage-free model of the term structure that captures the
pricing of both nominal and real Treasury securities. Our empirical
results suggest that long-term inflation expectations have been well
anchored over the past few years, and IRP, although volatile, have been
close to zero on average. Copyright (c) 2010 The Ohio State University No claim to original US government works.
Journal: Journal of Money, Credit and Banking
Pages: 143-178
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:143-178

Template-Type: ReDIF-Article 1.0
Author-Name: JOHN AMMER
Author-Name: CLARA VEGA
Author-Name: JON WONGSWAN
Title: International Transmission of U.S. Monetary Policy Shocks: Evidence from Stock Prices
Abstract:
This paper analyzes intraday changes in firm-level equity prices around
interest rate announcements to assess the transmission of U.S. monetary
policy to the global economy. We document that foreign firms on average
are roughly as sensitive to U.S. monetary policy as U.S. firms, although
we also find considerable cross-sectional variation across firms. In
particular, foreign stocks in cyclically sensitive industries show
stronger responses to interest rate surprises, consistent with a demand
channel of policy transmission. In addition, transmission of U.S. policy
appears to be stronger to economies with fixed exchange rates. Evidence
for a credit channel is weaker. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 179-198
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:179-198

Template-Type: ReDIF-Article 1.0
Author-Name: OLIVIER BLANCHARD
Author-Name: GIOVANNI DELL'ARICCIA
Author-Name: PAOLO MAURO
Title: Rethinking Macroeconomic Policy
Abstract:
The great moderation lulled macroeconomists and policymakers alike in the
belief that we knew how to conduct macroeconomic policy. The crisis
clearly forces us to question that assessment. In this paper, we review
the main elements of the precrisis consensus, identify where we were wrong
and what tenets of the precrisis framework still hold, and take a
tentative first pass at the contours of a new macroeconomic policy
framework. Copyright (c) 2010 The Ohio State University. The International Monetary Fund retains copyright and all other rights in the manuscript of this article as submitted for publication.
Journal: Journal of Money, Credit and Banking
Pages: 199-215
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:199-215

Template-Type: ReDIF-Article 1.0
Author-Name: MARK GERTLER
Title: Macroeconomics in the Wake of the Financial Crisis
Journal: Journal of Money, Credit and Banking
Pages: 217-219
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:217-219

Template-Type: ReDIF-Article 1.0
Author-Name: ERIC S. ROSENGREN
Title: The Impact of Liquidity, Securitization, and Banks on the Real Economy
Journal: Journal of Money, Credit and Banking
Pages: 221-228
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:221-228

Template-Type: ReDIF-Article 1.0
Author-Name: LARS E.O. SVENSSON
Title: Monetary Policy and Financial Markets at the Effective Lower Bound
Abstract:
I discuss what determines the effective lower bound (ELB) for the policy
rate and argue that the ELB is not hard, but rather soft, and that it is
probably slightly negative. I argue that, at the ELB, current output can
be increased by (i) monetary policy that extends the period of credibly
low policy rates and generates inflation expectations, (ii)
financial-stability policy-which is distinct from monetary policy-that
reduces the spreads between market interest rates and the policy rate, and
(iii) fiscal policy that increases the neutral real rate by reducing
expected growth of government expenditure and increases potential output
by increasing current government expenditure. Copyright (c) 2010 The Ohio State University.
Journal: Journal of Money, Credit and Banking
Pages: 229-242
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:229-242

Template-Type: ReDIF-Article 1.0
Author-Name: JANET L. YELLEN
Title: Closing Panel Presentation
Journal: Journal of Money, Credit and Banking
Pages: 243-248
Issue: s1
Volume: 42
Year: 2010
Month: 09
Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:s1:p:243-248

Template-Type: ReDIF-Article 1.0
Title: Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach
Author-Name: IPPEI FUJIWARA
Author-Name: YASUO HIROSE
Author-Name: MOTOTSUGU SHINTANI
Journal: Journal of Money, Credit and Banking
Pages: 1-29
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:1-29

Template-Type: ReDIF-Article 1.0
Title: A New Keynesian Perspective on the Great Recession
Author-Name: PETER N. IRELAND
Author-Person: pir1
Journal: Journal of Money, Credit and Banking
Pages: 31-54
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:31-54

Template-Type: ReDIF-Article 1.0
Title: How Large Are Housing and Financial Wealth Effects? A New Approach
Author-Name: CHRISTOPHER D. CARROLL
Author-Name: MISUZU OTSUKA
Author-Name: JIRI SLACALEK
Journal: Journal of Money, Credit and Banking
Pages: 55-79
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:55-79

Template-Type: ReDIF-Article 1.0
Title: Minimal Settlement Assets in Economies with Interconnected Financial Obligations
Author-Name: JULIO J. ROTEMBERG
Journal: Journal of Money, Credit and Banking
Pages: 81-108
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:81-108

Template-Type: ReDIF-Article 1.0
Title: The Effects of Formal and Informal Contracting in Credit Availability
Author-Name: GABRIEL JIMâˆšÃ¢NEZ
Author-Name: VICENTE SALAS-FUMâˆšÃ…S
Author-Name: JESâˆšÃ¶S SAURINA
Journal: Journal of Money, Credit and Banking
Pages: 109-132
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:109-132

Template-Type: ReDIF-Article 1.0
Title: Credit Crunch Caused by Bank Failures and Self-Selection Behavior in Lending Markets
Author-Name: NAOAKI MINAMIHASHI
Journal: Journal of Money, Credit and Banking
Pages: 133-161
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:133-161

Template-Type: ReDIF-Article 1.0
Title: Nonoptimality of the Friedman Rule with Capital Income Taxation
Author-Name: ALBERTO PETRUCCI
Journal: Journal of Money, Credit and Banking
Pages: 163-183
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:163-183

Template-Type: ReDIF-Article 1.0
Title: The Credibility of Hong Kong's Link from the Perspective of Modern Financial Theory
Author-Name: HANS GENBERG
Author-Name: CHO-HOI HUI
Journal: Journal of Money, Credit and Banking
Pages: 185-206
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:185-206

Template-Type: ReDIF-Article 1.0
Title: An Empirical Investigation of the Effects of Rounding on the SPF Probabilities of Decline and Output Growth Histograms
Author-Name: MICHAEL P. CLEMENTS
Journal: Journal of Money, Credit and Banking
Pages: 207-220
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:207-220

Template-Type: ReDIF-Article 1.0
Title: Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle
Author-Name: FLORIN O. BILBIIE
Journal: Journal of Money, Credit and Banking
Pages: 221-251
Issue: 1
Volume: 43
Year: 2011
Month: 02
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:1:p:221-251

Template-Type: ReDIF-Article 1.0
Title: Did the Financial Crisis in Japan Affect Household Welfare Seriously?
Author-Name: YASUYUKI SAWADA
Author-Name: KAZUMITSU NAWATA
Author-Name: MASAKO II
Author-Name: MARK J. LEE
Journal: Journal of Money, Credit and Banking
Pages: 297-324
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:297-324

Template-Type: ReDIF-Article 1.0
Title: The Optimal Rate of Inflation with Trending Relative Prices
Author-Name: ALEXANDER L. WOLMAN
Journal: Journal of Money, Credit and Banking
Pages: 355-384
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:355-384

Template-Type: ReDIF-Article 1.0
Title: Price Adjustments in a General Model of State-Dependent Pricing
Author-Name: JAMES COSTAIN
Author-Name: ANTON NAKOV
Journal: Journal of Money, Credit and Banking
Pages: 385-406
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:385-406

Template-Type: ReDIF-Article 1.0
Title: Credit and the Natural Rate of Interest
Author-Name: FIORELLA DE FIORE
Author-Name: ORESTE TRISTANI
Journal: Journal of Money, Credit and Banking
Pages: 407-440
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:407-440

Template-Type: ReDIF-Article 1.0
Title: Competitive Lending with Partial Knowledge of Loan Repayment: Some Positive and Normative Analysis
Author-Name: WILLIAM A. BROCK
Author-Name: CHARLES F. MANSKI
Journal: Journal of Money, Credit and Banking
Pages: 441-459
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:441-459

Template-Type: ReDIF-Article 1.0
Title: Small and Medium-Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital
Author-Name: ALLEN N. BERGER
Author-Name: KLAUS SCHAECK
Journal: Journal of Money, Credit and Banking
Pages: 461-490
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:461-490

Template-Type: ReDIF-Article 1.0
Title: Household Borrowing after Personal Bankruptcy
Author-Name: SONG HAN
Author-Name: GENG LI
Journal: Journal of Money, Credit and Banking
Pages: 491-517
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:491-517

Template-Type: ReDIF-Article 1.0
Title: Dynamic Limited Dependent Variable Modeling and U.S. Monetary Policy
Author-Name: GEORGE MONOKROUSSOS
Journal: Journal of Money, Credit and Banking
Pages: 519-534
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:519-534

Template-Type: ReDIF-Article 1.0
Title: The Failure of Woodford's Model of the Channel System in the Cashless Economy
Author-Name: COLIN ROGERS
Journal: Journal of Money, Credit and Banking
Pages: 553-563
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:553-563

Template-Type: ReDIF-Article 1.0
Title: Two Who Called the Great Depression: An Initial Formulation of the Monetary-Origins View
Author-Name: GEORGE S. TAVLAS
Journal: Journal of Money, Credit and Banking
Pages: 565-574
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:565-574

Template-Type: ReDIF-Article 1.0
Title: Winners and Losers in Housing Markets
Author-Name: NOBUHIRO KIYOTAKI
Author-Name: ALEXANDER MICHAELIDES
Author-Name: KALIN NIKOLOV
Journal: Journal of Money, Credit and Banking
Pages: 255-296
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:255-296

Template-Type: ReDIF-Article 1.0
Title: Rule-of-Thumb Consumers Meet Sticky Wages
Author-Name: ANDREA COLCIAGO
Journal: Journal of Money, Credit and Banking
Pages: 325-353
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:325-353

Template-Type: ReDIF-Article 1.0
Title: Taylor Rules and the Euro
Author-Name: TANYA MOLODTSOVA
Author-Name: ALEX NIKOLSKO-RZHEVSKYY
Author-Name: DAVID H. PAPELL
Journal: Journal of Money, Credit and Banking
Pages: 535-552
Issue:
Volume: 43
Year: 2011
Month: 03
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:535-552

Template-Type: ReDIF-Article 1.0
Title: Does Money Matter in Shaping Domestic Business Cycles? An International Investigation
Author-Name: FABIO CANOVA
Author-Name: TOBIAS MENZ
Journal: Journal of Money, Credit and Banking
Pages: 577-607
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:577-607

Template-Type: ReDIF-Article 1.0
Title: Deconstructing a Mortgage Meltdown: A Methodology for Decomposing Underwriting Quality
Author-Name: CHARLES D. ANDERSON
Author-Name: DENNIS R. CAPOZZA
Author-Name: ROBERT VAN ORDER
Journal: Journal of Money, Credit and Banking
Pages: 609-631
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:609-631

Template-Type: ReDIF-Article 1.0
Title: The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market
Author-Name: SUMIT AGARWAL
Author-Name: BRENT W. AMBROSE
Author-Name: SOUPHALA CHOMSISENGPHET
Author-Name: CHUNLIN LIU
Journal: Journal of Money, Credit and Banking
Pages: 633-655
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:633-655

Template-Type: ReDIF-Article 1.0
Title: Fixed- and Variable-Rate Mortgages, Business Cycles, and Monetary Policy
Author-Name: MARGARITA RUBIO
Journal: Journal of Money, Credit and Banking
Pages: 657-688
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:657-688

Template-Type: ReDIF-Article 1.0
Title: Monetary Policy in the Media
Author-Name: HELGE BERGER
Author-Name: MICHAEL EHRMANN
Author-Name: MARCEL FRATZSCHER
Journal: Journal of Money, Credit and Banking
Pages: 689-709
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:689-709

Template-Type: ReDIF-Article 1.0
Title: Regulations and Productivity Growth in Banking: Evidence from Transition Economies
Author-Name: MANTHOS D. DELIS
Author-Name: PHILIP MOLYNEUX
Author-Name: FOTIOS PASIOURAS
Journal: Journal of Money, Credit and Banking
Pages: 735-764
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:735-764

Template-Type: ReDIF-Article 1.0
Title: The Bank Lending Channel Revisited
Author-Name: PITI DISYATAT
Journal: Journal of Money, Credit and Banking
Pages: 711-734
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:711-734

Template-Type: ReDIF-Article 1.0
Title: Central Bank Transparency and the Crowding Out of Private Information in Financial Markets
Author-Name: CLEMENS KOOL
Author-Name: MENNO MIDDELDORP
Author-Name: STEPHANIE ROSENKRANZ
Journal: Journal of Money, Credit and Banking
Pages: 765-774
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:765-774

Template-Type: ReDIF-Article 1.0
Title: The Roles of Nominal Exchange Rate and Relative Price Adjustments in PPP Reversion
Author-Name: DEOKWOO NAM
Journal: Journal of Money, Credit and Banking
Pages: 775-785
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:775-785

Template-Type: ReDIF-Article 1.0
Title: The Keynesian Multiplier Effect Reconsidered
Author-Name: YOSHIYASU ONO
Journal: Journal of Money, Credit and Banking
Pages: 787-794
Issue: 4
Volume: 43
Year: 2011
Month: 06
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:4:p:787-794

Template-Type: ReDIF-Article 1.0
Title: Inflation and Welfare in Long-Run Equilibrium with Firm Dynamics
Author-Name: ALEXANDRE JANIAK
Author-Name: PAULO SANTOS MONTEIRO
Journal: Journal of Money, Credit and Banking
Pages: 795-834
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:795-834

Template-Type: ReDIF-Article 1.0
Title: The Growth and Welfare Effects of Deficit-Financed Dividend Tax Cuts
Author-Name: PIETRO F. PERETTO
Journal: Journal of Money, Credit and Banking
Pages: 835-869
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:835-869

Template-Type: ReDIF-Article 1.0
Title: Monetary Policy Estimation in Real Time: Forward-Looking Taylor Rules without Forward-Looking Data
Author-Name: ALEX NIKOLSKO-RZHEVSKYY
Journal: Journal of Money, Credit and Banking
Pages: 871-897
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:871-897

Template-Type: ReDIF-Article 1.0
Title: Technology and Financial Development
Author-Name: ANNA ILYINA
Author-Name: ROBERTO SAMANIEGO
Journal: Journal of Money, Credit and Banking
Pages: 899-921
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:899-921

Template-Type: ReDIF-Article 1.0
Title: The Interbank Market after August 2007: What Has Changed, and Why?
Author-Name: PAOLO ANGELINI
Author-Name: ANDREA NOBILI
Author-Name: CRISTINA PICILLO
Journal: Journal of Money, Credit and Banking
Pages: 923-958
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:923-958

Template-Type: ReDIF-Article 1.0
Title: Investment and Monetary Policy: Learning and Determinacy of Equilibrium
Author-Name: JOHN DUFFY
Author-Name: WEI XIAO
Journal: Journal of Money, Credit and Banking
Pages: 959-992
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:959-992

Template-Type: ReDIF-Article 1.0
Title: Differential Interpretation in the Survey of Professional Forecasters
Author-Name: SEBASTIANO MANZAN
Journal: Journal of Money, Credit and Banking
Pages: 993-1017
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:993-1017

Template-Type: ReDIF-Article 1.0
Title: Determinacy under Inflation Targeting Interest Rate Policy in a Sticky Price Model with Investment (and Labor Bargaining)
Author-Name: TAKUSHI KUROZUMI
Author-Name: WILLEM VAN ZANDWEGHE
Journal: Journal of Money, Credit and Banking
Pages: 1019-1033
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:1019-1033

Template-Type: ReDIF-Article 1.0
Title: Central Bank Independence, Political Regimes, and the Sacrifice Ratio: A Replication Study of Caporale and Caporale (2008)
Author-Name: HAJIME KATAYAMA
Author-Name: NATALIA PONOMAREVA
Author-Name: MALVIN SHARMA
Journal: Journal of Money, Credit and Banking
Pages: 1035-1042
Issue: 5
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:5:p:1035-1042

Template-Type: ReDIF-Article 1.0
Title: Subordinated Debt, Market Discipline, and Bank Risk
Author-Name: YEHNING CHEN
Author-Name: IFTEKHAR HASAN
Journal: Journal of Money, Credit and Banking
Pages: 1043-1072
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00417.x
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Template-Type: ReDIF-Article 1.0
Title: The Incredible HOLC? Mortgage Relief during the Great Depression
Author-Name: JONATHAN D. ROSE
Journal: Journal of Money, Credit and Banking
Pages: 1073-1107
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00418.x
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy and Banking Structure
Author-Name: TARISHI MATSUOKA
Journal: Journal of Money, Credit and Banking
Pages: 1109-1129
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00419.x
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Template-Type: ReDIF-Article 1.0
Title: Search Frictions, Real Rigidities, and Inflation Dynamics
Author-Name: CARLOS THOMAS
Journal: Journal of Money, Credit and Banking
Pages: 1131-1164
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00420.x
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Template-Type: ReDIF-Article 1.0
Title: Why Donâ€šÃ„Ã´t Oil Shocks Cause Inflation? Evidence from Disaggregate Inflation Data
Author-Name: LANCE J. BACHMEIER
Author-Name: INKYUNG CHA
Journal: Journal of Money, Credit and Banking
Pages: 1165-1183
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00421.x
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Template-Type: ReDIF-Article 1.0
Title: Replacing a "Disobedient" Central Bank Governor with a "Docile" One: A Novel Measure of Central Bank Independence and Its Effect on Inflation
Author-Name: GUILLERMO VULETIN
Author-Name: LING ZHU
Journal: Journal of Money, Credit and Banking
Pages: 1185-1215
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00422.x
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Template-Type: ReDIF-Article 1.0
Title: Credit Rationing and Credit View: Empirical Evidence from an Ethical Bank in Italy
Author-Name: LEONARDO BECCHETTI
Author-Name: MARIA MELODY GARCIA
Author-Name: GIOVANNI TROVATO
Journal: Journal of Money, Credit and Banking
Pages: 1217-1245
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00423.x
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Template-Type: ReDIF-Article 1.0
Title: What Is the Importance of Monetary and Fiscal Shocks in Explaining U.S. Macroeconomic Fluctuations?
Author-Name: BARBARA ROSSI
Author-Name: SARAH ZUBAIRY
Journal: Journal of Money, Credit and Banking
Pages: 1247-1270
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00424.x
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Template-Type: ReDIF-Article 1.0
Title: Identifying Discretionary Fiscal Policy Reactions with Real-Time Data
Author-Name: ULF VON KALCKREUTH
Author-Name: GUNTRAM B. WOLFF
Journal: Journal of Money, Credit and Banking
Pages: 1271-1285
Issue: 6
Volume: 43
Year: 2011
Month: 09
X-DOI: j.1538-4616.2011.00425.x
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Template-Type: ReDIF-Article 1.0
Title: Optimal Monetary Policy in an Operational Medium-Sized DSGE Model
Author-Name: MALIN ADOLFSON
Author-Name: STEFAN LASâˆšÃ¢EN
Author-Name: JESPER LINDâˆšÃ¢
Author-Name: LARS E.O. SVENSSON
Journal: Journal of Money, Credit and Banking
Pages: 1287-1331
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00426.x
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Template-Type: ReDIF-Article 1.0
Title: Differences in Hours Worked in the OECD: Institutions or Fiscal Policies?
Author-Name: TINO BERGER
Author-Name: FREDDY HEYLEN
Journal: Journal of Money, Credit and Banking
Pages: 1333-1369
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00427.x
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Template-Type: ReDIF-Article 1.0
Title: Safety-Net Losses from Abandoning Glass-Steagall Restrictions
Author-Name: KENNETH A. CAROW
Author-Name: EDWARD J. KANE
Author-Name: RAJESH P. NARAYANAN
Journal: Journal of Money, Credit and Banking
Pages: 1371-1398
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00428.x
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Template-Type: ReDIF-Article 1.0
Title: Bank Finance versus Bond Finance
Author-Name: FIORELLA DE FIORE
Author-Name: HARALD UHLIG
Journal: Journal of Money, Credit and Banking
Pages: 1399-1421
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00429.x
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Template-Type: ReDIF-Article 1.0
Title: Fundamentals, Misvaluation, and Business Investment
Author-Name: ROBERT S. CHIRINKO
Author-Name: HUNTLEY SCHALLER
Journal: Journal of Money, Credit and Banking
Pages: 1423-1442
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00430.x
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Template-Type: ReDIF-Article 1.0
Title: Evolving Macroeconomic Dynamics in a Small Open Economy: An Estimated Markov Switching DSGE Model for the UK
Author-Name: PHILIP LIU
Author-Name: HAROON MUMTAZ
Journal: Journal of Money, Credit and Banking
Pages: 1443-1474
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00431.x
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Template-Type: ReDIF-Article 1.0
Title: Precautionary Saving and Endogenous Labor Supply with and without Intertemporal Expected Utility
Author-Name: DIEGO NOCETTI
Author-Name: WILLIAM T. SMITH
Journal: Journal of Money, Credit and Banking
Pages: 1475-1504
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00432.x
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Template-Type: ReDIF-Article 1.0
Title: Inflation Targeting as Constrained Discretion
Author-Name: JUNHAN KIM
Journal: Journal of Money, Credit and Banking
Pages: 1505-1522
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00433.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:7:p:1505-1522

Template-Type: ReDIF-Article 1.0
Title: Convergence of Real Capital Market Interest Rates: Evidence from Inflation Indexed Bonds
Author-Name: HELMUT HERWARTZ
Author-Name: JAN ROESTEL
Journal: Journal of Money, Credit and Banking
Pages: 1523-1541
Issue: 7
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00434.x
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Template-Type: ReDIF-Article 1.0
Title: Taxation and Income Distribution Dynamics in a Neoclassical Growth Model
Author-Name: CECILIA GARCâˆšÃ§A-PEâˆšÃ«ALOSA
Author-Name: STEPHEN J. TURNOVSKY
Journal: Journal of Money, Credit and Banking
Pages: 1543-1577
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00458.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:8:p:1543-1577

Template-Type: ReDIF-Article 1.0
Title: Analyzing U.S. Output and the Great Moderation by Simultaneous Unobserved Components
Author-Name: ENZO WEBER
Journal: Journal of Money, Credit and Banking
Pages: 1579-1597
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00459.x
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Template-Type: ReDIF-Article 1.0
Title: Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set
Author-Name: MENZIE D. CHINN
Author-Name: MICHAEL J. MOORE
Journal: Journal of Money, Credit and Banking
Pages: 1599-1624
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00460.x
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Template-Type: ReDIF-Article 1.0
Title: Dynamic Prudential Regulation: Is Prompt Corrective Action Optimal?
Author-Name: ILHYOCK SHIM
Journal: Journal of Money, Credit and Banking
Pages: 1625-1661
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00461.x
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Template-Type: ReDIF-Article 1.0
Title: Does Inflation Adjust Faster to Aggregate Technology Shocks than to Monetary Policy Shocks?
Author-Name: LUIGI PACIELLO
Journal: Journal of Money, Credit and Banking
Pages: 1663-1684
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00462.x
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Template-Type: ReDIF-Article 1.0
Title: Learning about the Term Structure and Optimal Rules for Inflation Targeting
Author-Name: MEWAEL F. TESFASELASSIE
Author-Name: ERIC SCHALING
Author-Name: SYLVESTER EIJFFINGER
Journal: Journal of Money, Credit and Banking
Pages: 1685-1706
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00463.x
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy Inclinations
Author-Name: HANS GERSBACH
Author-Name: VOLKER HAHN
Journal: Journal of Money, Credit and Banking
Pages: 1707-1717
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00464.x
File-URL: http://hdl.handle.net/10.1111/j.1538-4616.2011.00464.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i:8:p:1707-1717

Template-Type: ReDIF-Article 1.0
Title: The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters
Author-Name: VINCENZO CUCINIELLO
Journal: Journal of Money, Credit and Banking
Pages: 1719-1734
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00465.x
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Template-Type: ReDIF-Article 1.0
Title: International Spillover Effects and Monetary Policy Activism
Author-Name: ANNA LIPIâ‰ˆÃ‰SKA
Author-Name: MORTEN SPANGE
Author-Name: MISA TANAKA
Journal: Journal of Money, Credit and Banking
Pages: 1735-1748
Issue: 8
Volume: 43
Year: 2011
Month: 12
X-DOI: j.1538-4616.2011.00466.x
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Template-Type: ReDIF-Article 1.0
Title: Special Issue Editorsâ€šÃ„Ã´ Introduction
Author-Name: Harris Dellas
Author-Name: Pok-sang Lam
Author-Name: Masao Ogaki
Journal: Journal of Money, Credit and Banking
Pages: 1-1
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:1-1

Template-Type: ReDIF-Article 1.0
Title: A Dialogue between Micro- and Macroeconomics: Introduction
Author-Name: HARRIS DELLAS
Journal: Journal of Money, Credit and Banking
Pages: 3-6
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:3-6

Template-Type: ReDIF-Article 1.0
Title: Individual and Aggregate Labor Supply with Coordinated Working Times
Author-Name: RICHARD ROGERSON
Journal: Journal of Money, Credit and Banking
Pages: 7-37
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:7-37

Template-Type: ReDIF-Article 1.0
Title: Returns to Skills and the College Premium
Author-Name: FLAVIO CUNHA
Author-Name: FATIH KARAHAN
Author-Name: ILTON SOARES
Journal: Journal of Money, Credit and Banking
Pages: 39-86
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:39-86

Template-Type: ReDIF-Article 1.0
Title: A Survey of New Keynesian Theories of Aggregate Supply and Their Relation to Industrial Organization
Author-Name: JOHN LEAHY
Journal: Journal of Money, Credit and Banking
Pages: 87-110
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:87-110

Template-Type: ReDIF-Article 1.0
Title: Firm Microstructure and Aggregate Productivity
Author-Name: HUGO A. HOPENHAYN
Journal: Journal of Money, Credit and Banking
Pages: 111-145
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:111-145

Template-Type: ReDIF-Article 1.0
Title: Optimal Taxation: Merging Micro and Macro Approaches
Author-Name: MIKHAIL GOLOSOV
Author-Name: MAXIM TROSHKIN
Author-Name: ALEH TSYVINSKI
Journal: Journal of Money, Credit and Banking
Pages: 147-174
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:147-174

Template-Type: ReDIF-Article 1.0
Title: The Importance of Asymmetric Tax Policy and Dangers of Aggregation
Author-Name: KENNETH L. JUDD
Journal: Journal of Money, Credit and Banking
Pages: 175-205
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:175-205

Template-Type: ReDIF-Article 1.0
Title: Social Preferences and Competition
Author-Name: KLAUS M. SCHMIDT
Journal: Journal of Money, Credit and Banking
Pages: 207-231
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:207-231

Template-Type: ReDIF-Article 1.0
Title: Asset Bubbles and the Cost of Economic Fluctuations
Author-Name: KYLE CHAUVIN
Author-Name: DAVID LAIBSON
Author-Name: JOHANNA MOLLERSTROM
Journal: Journal of Money, Credit and Banking
Pages: 233-260
Issue:
Volume: 43
Year: 2011
Month: 08
Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:233-260

Template-Type: ReDIF-Article 1.0
Title: Liquidity in Frictional Asset Markets
Author-Name: GUILLAUME ROCHETEAU
Author-Name: PIERRE-OLIVIER WEILL
Journal: Journal of Money, Credit and Banking
Pages: 261-282
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00435.x
File-URL: http://hdl.handle.net/10.1111/j.1538-4616.2011.00435.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:261-282

Template-Type: ReDIF-Article 1.0
Title: Trading Frictions and House Price Dynamics
Author-Name: ANDREW CAPLIN
Author-Name: JOHN LEAHY
Journal: Journal of Money, Credit and Banking
Pages: 283-303
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00436.x
File-URL: http://hdl.handle.net/10.1111/j.1538-4616.2011.00436.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:283-303

Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºTrading Frictions and House Price Dynamicsâ€šÃ„Ã¹
Author-Name: FRANâˆšÃ¡OIS ORTALO-MAGNâˆšÃ¢
Journal: Journal of Money, Credit and Banking
Pages: 305-309
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00437.x
File-URL: http://hdl.handle.net/10.1111/j.1538-4616.2011.00437.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:305-309

Template-Type: ReDIF-Article 1.0
Title: Precautionary Reserves and the Interbank Market
Author-Name: ADAM ASHCRAFT
Author-Name: JAMES MCANDREWS
Author-Name: DAVID SKEIE
Journal: Journal of Money, Credit and Banking
Pages: 311-348
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00438.x
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºPrecautionary Reserves and the Interbank Marketâ€šÃ„Ã¹
Author-Name: ARVIND KRISHNAMURTHY
Journal: Journal of Money, Credit and Banking
Pages: 349-353
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00439.x
File-URL: http://hdl.handle.net/10.1111/j.1538-4616.2011.00439.x
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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:349-353

Template-Type: ReDIF-Article 1.0
Title: Information and Liquidity
Author-Name: BENJAMIN LESTER
Author-Name: ANDREW POSTLEWAITE
Author-Name: RANDALL WRIGHT
Journal: Journal of Money, Credit and Banking
Pages: 355-377
Issue:
Volume: 43
Year: 2011
Month: 10
X-DOI: j.1538-4616.2011.00440.x
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºInformation and Liquidityâ€šÃ„Ã¹
Author-Name: GUILLAUME ROCHETEAU
Journal: Journal of Money, Credit and Banking
Pages: 379-384
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: From Search to Match: When Loan Contracts Are Too Long
Author-Name: CHRISTOPHE CHAMLEY
Author-Name: CâˆšÃ¢LINE ROCHON
Journal: Journal of Money, Credit and Banking
Pages: 385-411
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºFrom Search to Match: When Loan Contracts Are Too Longâ€šÃ„Ã¹
Author-Name: ADRIANO A. RAMPINI
Journal: Journal of Money, Credit and Banking
Pages: 413-417
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Money, Bargaining, and Risk Sharing
Author-Name: NICOLAS L. JACQUET
Author-Name: SERENE TAN
Journal: Journal of Money, Credit and Banking
Pages: 419-442
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºMoney, Bargaining, and Risk Sharingâ€šÃ„Ã¹
Author-Name: MANOLIS GALENIANOS
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Pages: 443-448
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Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Banking in a Matching Model of Money and Capital
Author-Name: VALERIE R. BENCIVENGA
Author-Name: GABRIELE CAMERA
Journal: Journal of Money, Credit and Banking
Pages: 449-476
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºBanking in a Matching Model of Money and Capitalâ€šÃ„Ã¹
Author-Name: TODD KEISTER
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Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Uncertainty, Inflation, and Welfare
Author-Name: JONATHAN CHIU
Author-Name: MIGUEL MOLICO
Journal: Journal of Money, Credit and Banking
Pages: 487-512
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºUncertainty, Inflation, and Welfareâ€šÃ„Ã¹
Author-Name: SCOTT J. DRESSLER
Journal: Journal of Money, Credit and Banking
Pages: 513-519
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy
Author-Name: RICARDO LAGOS
Journal: Journal of Money, Credit and Banking
Pages: 521-552
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºAsset Prices, Liquidity, and Monetary Policy in an Exchange Economyâ€šÃ„Ã¹
Author-Name: TAN WANG
Journal: Journal of Money, Credit and Banking
Pages: 553-558
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Price-Level Targeting and Stabilization Policy
Author-Name: ALEKSANDER BERENTSEN
Author-Name: CHRISTOPHER WALLER
Journal: Journal of Money, Credit and Banking
Pages: 559-580
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºPrice-Level Targeting and Stabilization Policyâ€šÃ„Ã¹
Author-Name: GAUTI B. EGGERTSSON
Journal: Journal of Money, Credit and Banking
Pages: 581-588
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Precautionary Demand and Liquidity in Payment Systems
Author-Name: GARA AFONSO
Author-Name: HYUN SONG SHIN
Journal: Journal of Money, Credit and Banking
Pages: 589-619
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºPrecautionary Demand and Liquidity in Payment Systemsâ€šÃ„Ã¹
Author-Name: CHARLES M. KAHN
Journal: Journal of Money, Credit and Banking
Pages: 621-623
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Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Counterfeiting as Private Money in Mechanism Design
Author-Name: RICARDO CAVALCANTI
Author-Name: ED NOSAL
Journal: Journal of Money, Credit and Banking
Pages: 625-636
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Discussion of â€šÃ„ÃºCounterfeiting as Private Money in Mechanism Designâ€šÃ„Ã¹
Author-Name: CYRIL MONNET
Journal: Journal of Money, Credit and Banking
Pages: 637-643
Issue:
Volume: 43
Year: 2011
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Aggregate Implications of Heterogeneous Households in a Sticky-Price Model
Author-Name: JAE WON LEE
Journal: Journal of Money, Credit and Banking
Pages: 1-22
Issue: 1
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Estimating the Evolution of Moneyâ€šÃ„Ã´s Role in the U.S. Monetary Business Cycle
Author-Name: EFREM CASTELNUOVO
Journal: Journal of Money, Credit and Banking
Pages: 23-52
Issue: 1
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy Response to Oil Price Shocks
Author-Name: JEAN-MARC NATAL
Journal: Journal of Money, Credit and Banking
Pages: 53-101
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: The Taylor Rule and Forecast Intervals for Exchange Rates
Author-Name: JIAN WANG
Author-Name: JASON J. WU
Journal: Journal of Money, Credit and Banking
Pages: 103-144
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Effective Use of Survey Information in Estimating the Evolution of Expected Inflation
Author-Name: SHARON KOZICKI
Author-Name: P. A. TINSLEY
Journal: Journal of Money, Credit and Banking
Pages: 145-169
Issue: 1
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Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Do Large Banks Have Lower Costs? New Estimates of Returns to Scale for U.S. Banks
Author-Name: DAVID C. WHEELOCK
Author-Name: PAUL W. WILSON
Journal: Journal of Money, Credit and Banking
Pages: 171-199
Issue: 1
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Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent
Author-Name: FABIO CASTIGLIONESI
Author-Name: WOLF WAGNER
Journal: Journal of Money, Credit and Banking
Pages: 201-219
Issue: 1
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Flexible Prices and the Business Cycle
Author-Name: FABRICE COLLARD
Author-Name: HARRIS DELLAS
Journal: Journal of Money, Credit and Banking
Pages: 221-233
Issue: 1
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Estimating Probabilities of Recession in Real Time Using GDP and GDI
Author-Name: JEREMY J. NALEWAIK
Journal: Journal of Money, Credit and Banking
Pages: 235-253
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Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Product Replacement Bias in Inflation and Its Consequences for Monetary Policy
Author-Name: HENNING WEBER
Journal: Journal of Money, Credit and Banking
Pages: 255-299
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Real Exchange Rates and Productivity: Evidence from Asia
Author-Name: VIKAS KAKKAR
Author-Name: ISABEL YAN
Journal: Journal of Money, Credit and Banking
Pages: 301-322
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Uncertainty Over Models and Data: The Rise and Fall of American Inflation
Author-Name: SETH PRUITT
Journal: Journal of Money, Credit and Banking
Pages: 341-365
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market
Author-Name: GIOVANNI DELLâ€šÃ„Ã´ARICCIA
Author-Name: DENIZ IGAN
Author-Name: LUC LAEVEN
Journal: Journal of Money, Credit and Banking
Pages: 367-384
Issue:
Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: The Political Business Cycle: New Evidence from the Nixon Tapes
Author-Name: BURTON A. ABRAMS
Author-Name: JAMES L. BUTKIEWICZ
Journal: Journal of Money, Credit and Banking
Pages: 385-399
Issue:
Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: One for Some or One for All? Taylor Rules and Interregional Heterogeneity
Author-Name: OLIVIER COIBION
Author-Name: DANIEL GOLDSTEIN
Journal: Journal of Money, Credit and Banking
Pages: 401-431
Issue:
Volume: 44
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Month: 03
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Template-Type: ReDIF-Article 1.0
Title: The Effect of Bank Failures on Economic Activity: Evidence from U.S. States in the Early 20th Century
Author-Name: CARLOS D. RAMIREZ
Author-Name: PHILIP A. SHIVELY
Journal: Journal of Money, Credit and Banking
Pages: 433-455
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Sacrifice Ratio in a Medium-Scale New Keynesian Model
Author-Name: GUIDO ASCARI
Author-Name: TIZIANO ROPELE
Journal: Journal of Money, Credit and Banking
Pages: 457-467
Issue:
Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: What Does the Yield Curve Tell Us about the Federal Reserveâ€šÃ„Ã´s Implicit Inflation Target?
Author-Name: TAEYOUNG DOH
Journal: Journal of Money, Credit and Banking
Pages: 469-486
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Government Spending Shocks in Quarterly and Annual Time Series
Author-Name: BENJAMIN BORN
Author-Name: GERNOT J. MâˆšÃºLLER
Journal: Journal of Money, Credit and Banking
Pages: 507-517
Issue:
Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: How Payday Credit Access Affects Overdrafts and Other Outcomes
Author-Name: DONALD P. MORGAN
Author-Name: MICHAEL R. STRAIN
Author-Name: IHAB SEBLANI
Journal: Journal of Money, Credit and Banking
Pages: 519-531
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Volume: 44
Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Central Bank Communication and the Perception of Monetary Policy by Financial Market Experts
Author-Name: SANDRA SCHMIDT
Author-Name: DIETER NAUTZ
Journal: Journal of Money, Credit and Banking
Pages: 323-340
Issue:
Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Understanding Expectation-Driven Fluctuations: A Labor-Market Approach
Author-Name: PENGFEI WANG
Journal: Journal of Money, Credit and Banking
Pages: 487-506
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Volume: 44
Year: 2012
Month: 03
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Template-Type: ReDIF-Article 1.0
Title: Return on Commodity Money, Small Change Problems, and Fiat Money
Author-Name: YOUNG SIK KIM
Author-Name: MANJONG LEE
Journal: Journal of Money, Credit and Banking
Pages: 533-549
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Title: On the Welfare Gains of Price Dispersion
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Author-Name: IAN KING
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Title: The Friedman Rule in a Model with Endogenous Growth and Cash-in-Advance Constraint
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Title: Monetary Policy and Automatic Stabilizers: The Role of Progressive Taxation
Author-Name: FABRIZIO MATTESINI
Author-Name: LORENZA ROSSI
Journal: Journal of Money, Credit and Banking
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Template-Type: ReDIF-Article 1.0
Title: The Advantage of Flexible Targeting Rules
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Title: Credit Risk Spreads in Local and Foreign Currencies
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Title: Illiquidity in the Interbank Payment System Following Wide-Scale Disruptions
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Author-Name: RODNEY J. GARRATT
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Template-Type: ReDIF-Article 1.0
Title: Infrequent Housing Adjustment, Limited Participation, and Monetary Policy
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Journal: Journal of Money, Credit and Banking
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Month: 08
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Template-Type: ReDIF-Article 1.0
Title: Credit Relationships: Evidence from Experiments with Real Bankers
Author-Name: SIMON CORNâˆšÃ¢E
Author-Name: DAVID MASCLET
Author-Name: GERVAIS THENET
Journal: Journal of Money, Credit and Banking
Pages: 957-980
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Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Real Balance Effects, Timing, and Equilibrium Determination
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Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Markups and the Welfare Cost of Business Cycles: A Reappraisal
Author-Name: JEAN-OLIVIER HAIRAULT
Author-Name: FRANâˆšÃ¡OIS LANGOT
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Pages: 995-1014
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy Rules Work and Discretion Doesn't: A Tale of Two Eras
Author-Name: JOHN B. TAYLOR
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Template-Type: ReDIF-Article 1.0
Title: Estimating Central Bank Preferences under Commitment and Discretion
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Journal: Journal of Money, Credit and Banking
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Template-Type: ReDIF-Article 1.0
Title: Bank Lending Standards and Access to Lines of Credit
Author-Name: CEM DEMIROGLU
Author-Name: CHRISTOPHER JAMES
Author-Name: ATAY KIZILASLAN
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Template-Type: ReDIF-Article 1.0
Title: Realized and Optimal Monetary Policy Rules in an Estimated Markov-Switching DSGE Model of the United Kingdom
Author-Name: XIAOSHAN CHEN
Author-Name: RONALD MACDONALD
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Pages: 1091-1116
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Template-Type: ReDIF-Article 1.0
Title: Stale Information, Shocks, and Volatility
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Template-Type: ReDIF-Article 1.0
Title: Return Dependence and the Limits of Product Diversification in Financial Firms
Author-Name: THOMAS B. FOMBY
Author-Name: JEFFERY W. GUNTHER
Author-Name: JIAN HU
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Pages: 1151-1183
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Template-Type: ReDIF-Article 1.0
Title: Imperfect Competition in Bank Retail Markets, Deposit and Loan Rate Dynamics, and Incomplete Pass Through
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Author-Name: DAVID D. VAN HOOSE
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Pages: 1185-1205
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Template-Type: ReDIF-Article 1.0
Title: Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
Author-Name: STEPHANIE SCHMITT-GROHâˆšÃ¢
Author-Name: MARTâˆšÃ§N URIBE
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Template-Type: ReDIF-Article 1.0
Title: Sectoral Comovement, Monetary Policy Shocks, and Input-Output Structure
Author-Name: NAO SUDO
Journal: Journal of Money, Credit and Banking
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Year: 2012
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Template-Type: ReDIF-Article 1.0
Title: Money: A Market Microstructure Approach
Author-Name: MALTE KRUEGER
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Template-Type: ReDIF-Article 1.0
Title: Does Ricardian Equivalence Hold When Expectations Are Not Rational?
Author-Name: GEORGE W. EVANS
Author-Name: SEPPO HONKAPOHJA
Author-Name: KAUSHIK MITRA
Journal: Journal of Money, Credit and Banking
Pages: 1259-1283
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Template-Type: ReDIF-Article 1.0
Title: A Historical Analysis of the Taylor Curve
Author-Name: ERIC OLSON
Author-Name: WALTER ENDERS
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Template-Type: ReDIF-Article 1.0
Title: Putting the New Keynesian DSGE Model to the Real-Time Forecasting Test
Author-Name: MARCIN KOLASA
Author-Name: MICHAâ‰ˆÃ… RUBASZEK
Author-Name: PAWEâ‰ˆÃ… SKRZYPCZYâ‰ˆÃ‰SKI
Journal: Journal of Money, Credit and Banking
Pages: 1301-1324
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Template-Type: ReDIF-Article 1.0
Title: The Role of Media for Inflation Forecast Disagreement of Households and Professional Forecasters
Author-Name: MICHAEL J. LAMLA
Author-Name: THOMAS MAAG
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Pages: 1325-1350
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Template-Type: ReDIF-Article 1.0
Title: Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation
Author-Name: GIORGIO MOTTA
Author-Name: PATRIZIO TIRELLI
Journal: Journal of Money, Credit and Banking
Pages: 1351-1374
Issue: 7
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy and Price Responsiveness to Aggregate Shocks under Rational Inattention
Author-Name: LUIGI PACIELLO
Journal: Journal of Money, Credit and Banking
Pages: 1375-1399
Issue: 7
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Template-Type: ReDIF-Article 1.0
Title: Mortgage Choice as a Natural Field Experiment on Choice under Risk
Author-Name: PHILOMENA M. BACON
Author-Name: PETER G. MOFFATT
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Pages: 1401-1426
Issue: 7
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Template-Type: ReDIF-Article 1.0
Title: Price Stickiness and Sectoral Inflation Persistence: Additional Evidence
Author-Name: HERVâˆšÃ¢ LE BIHAN
Author-Name: JULIEN MATHERON
Journal: Journal of Money, Credit and Banking
Pages: 1427-1442
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Template-Type: ReDIF-Article 1.0
Title: U.S. Monetary Policy Surprises: Identification with Shifts and Rotations in the Term Structure
Author-Name: EDDA CLAUS
Author-Name: MARDI DUNGEY
Journal: Journal of Money, Credit and Banking
Pages: 1443-1453
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Year: 2012
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: How Do Nominal and Real Rigidities Interact? A Tale of the Second Best
Author-Name: ROMAIN DUVAL
Author-Name: LUKAS VOGEL
Journal: Journal of Money, Credit and Banking
Pages: 1455-1474
Issue: 7
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Year: 2012
Month: 10
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Template-Type: ReDIF-Article 1.0
Title: Risk Premium Shocks and the Zero Bound on Nominal Interest Rates
Author-Name: ROBERT AMANO
Author-Name: MALIK SHUKAYEV
Journal: Journal of Money, Credit and Banking
Pages: 1475-1505
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: A New Method for Identifying the Effects of Foreign Exchange Interventions
Author-Name: CHIH-NAN CHEN
Author-Name: TSUTOMU WATANABE
Author-Name: TOMOYOSHI YABU
Journal: Journal of Money, Credit and Banking
Pages: 1507-1533
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: The Quantitative Importance of News Shocks in Estimated DSGE Models
Author-Name: HASHMAT KHAN
Author-Name: JOHN TSOUKALAS
Journal: Journal of Money, Credit and Banking
Pages: 1535-1561
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Fiscal Positions and Government Bond Yields in OECD Countries
Author-Name: JOSEPH W. GRUBER
Author-Name: STEVEN B. KAMIN
Journal: Journal of Money, Credit and Banking
Pages: 1563-1587
Issue: 8
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Year: 2012
Month: 12
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Title: Constructing Density Forecasts from Quantile Regressions
Author-Name: WAGNER PIAZZA GAGLIANONE
Author-Name: LUIZ RENATO LIMA
Journal: Journal of Money, Credit and Banking
Pages: 1589-1607
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Regulatory Arbitrage in Cross-Border Banking Mergers within the EU
Author-Name: SANTIAGO CARBO-VALVERDE
Author-Name: EDWARD J. KANE
Author-Name: FRANCISCO RODRIGUEZ-FERNANDEZ
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Pages: 1609-1629
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Price Setting in the Euro Area: Some Stylized Facts from Individual Producer Price Data
Author-Name: PHILIP VERMEULEN
Author-Name: DANIEL A. DIAS
Author-Name: MAARTEN DOSSCHE
Author-Name: ERWAN GAUTIER
Author-Name: IGNACIO HERNANDO
Author-Name: ROBERTO SABBATINI
Author-Name: HARALD STAHL
Journal: Journal of Money, Credit and Banking
Pages: 1631-1650
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: On the Effects of Deposit Insurance and Observability on Bank Runs: An Experimental Study
Author-Name: HUBERT JANOS KISS
Author-Name: ISMAEL RODRIGUEZ-LARA
Author-Name: ALFONSO ROSA-GARCâˆšÃ§A
Journal: Journal of Money, Credit and Banking
Pages: 1651-1665
Issue: 8
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: The Effects of Monetary Policy â€šÃ„ÃºNewsâ€šÃ„Ã¹ and â€šÃ„ÃºSurprisesâ€šÃ„Ã¹
Author-Name: FABIO MILANI
Author-Name: JOHN TREADWELL
Journal: Journal of Money, Credit and Banking
Pages: 1667-1692
Issue: 8
Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Editor's Introduction October 2011
Author-Name: KENNETH D. WEST
Journal: Journal of Money, Credit and Banking
Pages: 1-1
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
Author-Name: JAMES D. HAMILTON
Author-Name: JING CYNTHIA WU
Journal: Journal of Money, Credit and Banking
Pages: 3-46
Issue:
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?
Author-Name: HESS CHUNG
Author-Name: JEAN-PHILIPPE LAFORTE
Author-Name: DAVID REIFSCHNEIDER
Author-Name: JOHN C. WILLIAMS
Journal: Journal of Money, Credit and Banking
Pages: 47-82
Issue:
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Inflation Dynamics When Inflation Is Near Zero
Author-Name: JEFFREY C. FUHRER
Author-Name: GIOVANNI P. OLIVEI
Author-Name: GEOFFREY M. B. TOOTELL
Journal: Journal of Money, Credit and Banking
Pages: 83-122
Issue:
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: What Hasâ€šÃ„Ã®and Has Notâ€šÃ„Ã®Been Learned about Monetary Policy in a Low-Inflation Environment? A Review of the 2000s
Author-Name: RICHARD H. CLARIDA
Journal: Journal of Money, Credit and Banking
Pages: 123-140
Issue:
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Revisiting Monetary Policy in a Low-Inflation and Low-Utilization Environment
Author-Name: ALAN S. BLINDER
Journal: Journal of Money, Credit and Banking
Pages: 141-146
Issue:
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policy in a Low-Inflation Environment: Developing a State-Contingent Price-Level Target
Author-Name: CHARLES L. EVANS
Journal: Journal of Money, Credit and Banking
Pages: 147-155
Issue:
Volume: 44
Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Monetary Policies and Exchange Rates at the Zero Lower Bound
Author-Name: RICHARD PORTES
Journal: Journal of Money, Credit and Banking
Pages: 157-163
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Revisiting Monetary Policy in a Low-Inflation Environment: Remarks at the Federal Reserve Bank of Boston's 55th Economic Conference
Author-Name: ERIC S. ROSENGREN
Journal: Journal of Money, Credit and Banking
Pages: 165-174
Issue:
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Japan's Deflation and the Bank of Japan's Experience with Nontraditional Monetary Policy
Author-Name: KAZUO UEDA
Journal: Journal of Money, Credit and Banking
Pages: 175-190
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Year: 2012
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Special Issue Editorsâ€šÃ„Ã´ Introduction
Author-Name: Paul Evans
Author-Name: Pok=Sang Lam
Journal: Journal of Money, Credit and Banking
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Volume: 44
Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Organizers' Introduction: Twenty-Five Years of Study Center Gerzensee
Author-Name: Harris Dellas
Author-Name: Dirk Niepelt
Author-Name: Marcel Savioz
Journal: Journal of Money, Credit and Banking
Pages: 3-7
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Slow Recoveries: A Structural Interpretation
Author-Name: JORDI GALI
Author-Name: FRANK SMETS
Author-Name: RAFAEL WOUTERS
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Pages: 9-30
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Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Screening and Labor Market Flows in a Model with Heterogeneous Workers
Author-Name: FEDERICO RAVENNA
Author-Name: CARL E. WALSH
Journal: Journal of Money, Credit and Banking
Pages: 31-71
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Aggregate Investment Externalities and Macroprudential Regulation
Author-Name: HANS GERSBACH
Author-Name: JEAN-CHARLES ROCHET
Journal: Journal of Money, Credit and Banking
Pages: 73-109
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Inflation and Unit Labor Cost
Author-Name: ROBERT G. KING
Author-Name: MARK W. WATSON
Journal: Journal of Money, Credit and Banking
Pages: 111-149
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: The Federal Reserve, the Emerging Markets, and Capital Controls: A High-Frequency Empirical Investigation
Author-Name: SEBASTIAN EDWARDS
Journal: Journal of Money, Credit and Banking
Pages: 151-184
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Template-Type: ReDIF-Article 1.0
Title: Withering Government Spending Multipliers
Author-Name: MATTHEW CANZONERI
Author-Name: FABRICE COLLARD
Author-Name: HARRIS DELLAS
Author-Name: BEHZAD DIBA
Journal: Journal of Money, Credit and Banking
Pages: 185-210
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Year: 2012
Month: 12
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Template-Type: ReDIF-Article 1.0
Title: Asymmetries in Price-Setting Behavior: New Microeconometric Evidence from Switzerland
Author-Name: BO E. HONORâˆšÃ¢
Author-Name: DANIEL KAUFMANN
Author-Name: SARAH LEIN
Journal: Journal of Money, Credit and Banking
Pages: 211-236
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Template-Type: ReDIF-Article 1.0
Title: Macroeconomic Shocks and Banking Regulation
Author-Name: MATHIAS DEWATRIPONT
Author-Name: JEAN TIROLE
Journal: Journal of Money, Credit and Banking
Pages: 237-254
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Volume: 44
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Template-Type: ReDIF-Article 1.0
Title: Cyclical Risk Aversion, Precautionary Saving, and Monetary Policy
Author-Name: BIANCA DE PAOLI
Author-Name: PAWEL ZABCZYK
Journal: Journal of Money, Credit and Banking
Pages: 1-36
Issue: 1
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Year: 2013
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Template-Type: ReDIF-Article 1.0
Title: How to Solve the Price Puzzle? A Meta-Analysis
Author-Name: MAREK RUSNAK
Author-Name: TOMAS HAVRANEK
Author-Name: ROMAN HORVATH
Journal: Journal of Money, Credit and Banking
Pages: 37-70
Issue: 1
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Year: 2013
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Why Is Canada's Price Level So Predictable?
Author-Name: ONDRA KAMENIK
Author-Name: HEESUN KIEM
Author-Name: VLADIMIR KLYUEV
Author-Name: DOUGLAS LAXTON
Journal: Journal of Money, Credit and Banking
Pages: 71-85
Issue: 1
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Year: 2013
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Bank Capital Regulation and Structured Finance
Author-Name: ANTOINE MARTIN
Author-Name: BRUNO M. PARIGI
Journal: Journal of Money, Credit and Banking
Pages: 87-119
Issue: 1
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Year: 2013
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Long-Run Risk and Its Implications for the Equity Premium Puzzle: New Evidence from a Multivariate Framework
Author-Name: JUN MA
Journal: Journal of Money, Credit and Banking
Pages: 121-145
Issue: 1
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Year: 2013
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: The Real Effects of Financial Sector Interventions during Crises
Author-Name: LUC LAEVEN
Author-Name: FABIâˆšÃ…N VALENCIA
Journal: Journal of Money, Credit and Banking
Pages: 147-177
Issue: 1
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Year: 2013
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Template-Type: ReDIF-Article 1.0
Title: Deposit Insurance, Banking Crises, and Market Discipline: Evidence from a Natural Experiment on Deposit Flows and Rates
Author-Name: ALEXEI KARAS
Author-Name: WILLIAM PYLE
Author-Name: KOEN SCHOORS
Journal: Journal of Money, Credit and Banking
Pages: 179-200
Issue: 1
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Year: 2013
Month: 02
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Template-Type: ReDIF-Article 1.0
Title: Inventory Investment and the Empirical Phillips Curve
Author-Name: YONGSEUNG JUNG
Author-Name: TACK YUN
Journal: Journal of Money, Credit and Banking
Pages: 201-231
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Template-Type: ReDIF-Article 1.0
Title: Money and the Welfare Cost of Inflation in an R&D Growth Model
Author-Name: ANGUS C. CHU
Author-Name: CHING-CHONG LAI
Journal: Journal of Money, Credit and Banking
Pages: 233-249
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Template-Type: ReDIF-Article 1.0
Title: The Changing Pecking Order of Consumer Defaults
Author-Name: FREDRIK ANDERSSON
Author-Name: SOUPHALA CHOMSISENGPHET
Author-Name: DENNIS GLENNON
Author-Name: FENG LI
Journal: Journal of Money, Credit and Banking
Pages: 251-275
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12001
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Template-Type: ReDIF-Article 1.0
Title: Public Sector Debt Dynamics: The Persistence and Sources of Shocks to Debt in 10 EU Countries
Author-Name: MASSIMO ANTONINI
Author-Name: KEVIN LEE
Author-Name: JACINTA PIRES
Journal: Journal of Money, Credit and Banking
Pages: 277-298
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12002
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Template-Type: ReDIF-Article 1.0
Title: Inventory-Theoretic Money Demand and Relative Price Dynamics
Author-Name: HIROKAZU ISHISE NAO SUDO
Journal: Journal of Money, Credit and Banking
Pages: 299-326
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12003
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Template-Type: ReDIF-Article 1.0
Title: A Model of Tiered Settlement Networks
Author-Name: JAMES CHAPMAN
Author-Name: JONATHAN CHIU
Author-Name: MIGUEL MOLICO
Journal: Journal of Money, Credit and Banking
Pages: 327-347
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12004
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Template-Type: ReDIF-Article 1.0
Title: Dynamic Auction Markets with Fiat Money
Author-Name: KAZUYA KAMIYA
Author-Name: TAKASHI SHIMIZU
Journal: Journal of Money, Credit and Banking
Pages: 349-378
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12005
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Template-Type: ReDIF-Article 1.0
Title: State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 1860-1870
Author-Name: MATTHEW JAREMSKI
Journal: Journal of Money, Credit and Banking
Pages: 379-399
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12006
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Template-Type: ReDIF-Article 1.0
Title: Gross Loan Flows
Author-Name: BEN R. CRAIG
Author-Name: JOSEPH G. HAUBRICH
Journal: Journal of Money, Credit and Banking
Pages: 401-421
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12007
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Template-Type: ReDIF-Article 1.0
Title: Anticipation of Future Consumption: A Monetary Perspective
Author-Name: JOâˆšÃ‰O RICARDO FARIA
Author-Name: PETER MCADAM
Journal: Journal of Money, Credit and Banking
Pages: 423-447
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12008
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Template-Type: ReDIF-Article 1.0
Title: Oil and U.S. GDP: A Real-Time Out-of-Sample Examination
Author-Name: FRANCESCO RAVAZZOLO
Author-Name: PHILIP ROTHMAN
Journal: Journal of Money, Credit and Banking
Pages: 449-463
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12009
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Template-Type: ReDIF-Article 1.0
Title: Alternative Maximum Likelihood Estimation of Structural Vector Autoregressive Models Partially Identified with Short-Run Restrictions
Author-Name: KYUNGHO JANG
Journal: Journal of Money, Credit and Banking
Pages: 465-476
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12010
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Template-Type: ReDIF-Article 1.0
Title: House Prices and Fundamentals: 355 Years of Evidence
Author-Name: BRENT W. AMBROSE
Author-Name: PIET EICHHOLTZ
Author-Name: THIES LINDENTHAL
Journal: Journal of Money, Credit and Banking
Pages: 477-491
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12011
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Template-Type: ReDIF-Article 1.0
Title: The Money Market Meltdown of the Great Depression
Author-Name: JOHN V. DUCA
Journal: Journal of Money, Credit and Banking
Pages: 493-504
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12012
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Template-Type: ReDIF-Article 1.0
Title: Core Measures of Inflation as Predictors of Total Inflation
Author-Name: THEODORE M. CRONE
Author-Name: N. NEIL K. KHETTRY
Author-Name: LORETTA J. MESTER
Author-Name: JASON A. NOVAK
Journal: Journal of Money, Credit and Banking
Pages: 505-519
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12013
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Template-Type: ReDIF-Article 1.0
Title: The Long and Large Decline in State Employment Growth Volatility
Author-Name: GERALD A. CARLINO
Author-Name: ROBERT DEFINA
Author-Name: KEITH SILL
Journal: Journal of Money, Credit and Banking
Pages: 521-534
Issue: 2-3
Volume: 45
Year: 2013
Month: 03
X-DOI: jmcb.12014
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Template-Type: ReDIF-Article 1.0
Title: The Impact of the Volatility of Monetary Policy Shocks
Author-Name: HAROON MUMTAZ
Author-Name: FRANCESCO ZANETTI
Journal: Journal of Money, Credit and Banking
Pages: 535-558
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Evidence on the Relationship between Housing and Consumption in the United States: A State-Level Analysis
Author-Name: CHADI S. ABDALLAH
Author-Name: WILLIAM D. LASTRAPES
Journal: Journal of Money, Credit and Banking
Pages: 559-590
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Optimal Mortgage Refinancing: A Closed-Form Solution
Author-Name: SUMIT AGARWAL
Author-Name: JOHN C. DRISCOLL
Author-Name: DAVID I. LAIBSON
Journal: Journal of Money, Credit and Banking
Pages: 591-622
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i:4:p:591-622

Template-Type: ReDIF-Article 1.0
Title: Time-Varying Risk-Return Trade-off in the Stock Market
Author-Name: HUI GUO
Author-Name: ZIJUN WANG
Author-Name: JIAN YANG
Journal: Journal of Money, Credit and Banking
Pages: 623-650
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Rediscounting under Aggregate Risk with Moral Hazard
Author-Name: JAMES T.E. CHAPMAN
Author-Name: ANTOINE MARTIN
Journal: Journal of Money, Credit and Banking
Pages: 651-674
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i:4:p:651-674

Template-Type: ReDIF-Article 1.0
Title: Strategic Effects of Regulatory Capital Requirements in Imperfect Banking Competition
Author-Name: EVA SCHLIEPHAKE
Author-Name: ROLAND KIRSTEIN
Journal: Journal of Money, Credit and Banking
Pages: 675-700
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Optimal Monetary Policy in a Model of Money and Credit
Author-Name: PEDRO GOMIS-PORQUERAS
Author-Name: DANIEL SANCHES
Journal: Journal of Money, Credit and Banking
Pages: 701-730
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Learning by Disinflating
Author-Name: ALINA BARNETT
Author-Name: MARTIN ELLISON
Journal: Journal of Money, Credit and Banking
Pages: 731-746
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Interpreting Permanent Shocks to Output When Aggregate Demand May Not Be Neutral in the Long Run
Author-Name: JOHN W. KEATING
Journal: Journal of Money, Credit and Banking
Pages: 747-756
Issue: 4
Volume: 45
Year: 2013
Month: 06
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Religion, Corruption, and the Rule of Law
Author-Name: CHARLES M. NORTH
Author-Name: WAFA HAKIM ORMAN
Author-Name: CARL R. GWIN
Journal: Journal of Money, Credit and Banking
Pages: 757-779
Issue: 5
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Liquidity and Information Flow around Monetary Policy Announcement
Author-Name: KEE H. CHUNG
Author-Name: JOHN ELDER
Author-Name: JANG-CHUL KIM
Journal: Journal of Money, Credit and Banking
Pages: 781-820
Issue: 5
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Inflation and Welfare in Retail Markets: Prior Production and Imperfectly Directed Search
Author-Name: ADRIAN MASTERS
Journal: Journal of Money, Credit and Banking
Pages: 821-844
Issue: 5
Volume: 45
Year: 2013
Month: 08
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Template-Type: ReDIF-Article 1.0
Title: Real Exchange Rates and Fundamentals: A Cross-Country Perspective
Author-Name: LUCA ANTONIO RICCI
Author-Name: GIAN MARIA MILESI-FERRETTI
Author-Name: JAEWOO LEE
Journal: Journal of Money, Credit and Banking
Pages: 845-865
Issue: 5
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?
Author-Name: KATHRYN M.E. DOMINGUEZ
Author-Name: RASMUS FATUM
Author-Name: PAVEL VACEK
Journal: Journal of Money, Credit and Banking
Pages: 867-890
Issue: 5
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Stock Market Comovements and Industrial Structure
Author-Name: PUSHAN DUTT
Author-Name: ILIAN MIHOV
Journal: Journal of Money, Credit and Banking
Pages: 891-911
Issue: 5
Volume: 45
Year: 2013
Month: 08
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Template-Type: ReDIF-Article 1.0
Title: International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data
Author-Name: JOSEPH P. BYRNE
Author-Name: ALEXANDROS KONTONIKAS
Author-Name: ALBERTO MONTAGNOLI
Journal: Journal of Money, Credit and Banking
Pages: 913-932
Issue: 5
Volume: 45
Year: 2013
Month: 08
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Template-Type: ReDIF-Article 1.0
Title: Disappearing Dividends: Implications for the Dividend-Price Ratio and Return Predictability
Author-Name: CHANG-JIN KIM
Author-Name: CHEOLBEOM PARK
Journal: Journal of Money, Credit and Banking
Pages: 933-952
Issue: 5
Volume: 45
Year: 2013
Month: 08
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Template-Type: ReDIF-Article 1.0
Title: Intraday Patterns in FX Returns and Order Flow
Author-Name: FRANCIS BREEDON
Author-Name: ANGELO RANALDO
Journal: Journal of Money, Credit and Banking
Pages: 953-965
Issue: 5
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: U.S. Real Interest Rates and Default Risk in Emerging Economies
Author-Name: NATHAN FOLEY-FISHER
Author-Name: BERNARDO GUIMARAES
Journal: Journal of Money, Credit and Banking
Pages: 967-975
Issue: 5
Volume: 45
Year: 2013
Month: 08
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Template-Type: ReDIF-Article 1.0
Title: Declining Effects of Oil Price Shocks
Author-Name: MUNECHIKA KATAYAMA
Journal: Journal of Money, Credit and Banking
Pages: 977-1016
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Nonuniform Staggered Prices and Output Persistence
Author-Name: JOHAN SâˆšÃ±DERBERG
Journal: Journal of Money, Credit and Banking
Pages: 1017-1044
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: News on Inflation and the Epidemiology of Inflation Expectations
Author-Name: DAMJAN PFAJFAR
Author-Name: EMILIANO SANTORO
Journal: Journal of Money, Credit and Banking
Pages: 1045-1067
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: The Most Beautiful Variations on Fair Wages and the Phillips Curve
Author-Name: ANDREA VAONA
Journal: Journal of Money, Credit and Banking
Pages: 1069-1084
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: The Impact of House Prices on Consumer Credit: Evidence from an Internet Bank
Author-Name: RODNEY RAMCHARAN
Author-Name: CHRISTOPHER CROWE
Journal: Journal of Money, Credit and Banking
Pages: 1085-1115
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Equity Returns and Business Cycles in Small Open Economies
Author-Name: MOHAMMAD R. JAHAN-PARVAR
Author-Name: XUAN LIU
Author-Name: PHILIP ROTHMAN
Journal: Journal of Money, Credit and Banking
Pages: 1117-1146
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Bank Capital: Lessons from the Financial Crisis
Author-Name: ASLI DEMIRGUC-KUNT
Author-Name: ENRICA DETRAGIACHE
Author-Name: OUARDA MERROUCHE
Journal: Journal of Money, Credit and Banking
Pages: 1147-1164
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Asymmetric Labor Market Institutions in the EMU and the Volatility of Inflation and Unemployment Differentials
Author-Name: MIRKO ABBRITTI
Author-Name: ANDREAS I. MUELLER
Journal: Journal of Money, Credit and Banking
Pages: 1165-1186
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Fiscal Data Revisions in Europe
Author-Name: FRANCISCO CASTRO
Author-Name: JAVIER J. PâˆšÃ¢REZ
Author-Name: MARTA RODRâˆšÃ§GUEZ-VIVES
Journal: Journal of Money, Credit and Banking
Pages: 1187-1209
Issue: 6
Volume: 45
Year: 2013
Month: 09
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Asset Prices, News Shocks, and the Trade Balance
Author-Name: MARCEL FRATZSCHER
Author-Name: ROLAND STRAUB
Journal: Journal of Money, Credit and Banking
Pages: 1211-1251
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Does Inflation Targeting Help Reduce Financial Dollarization?
Author-Name: SHU LIN
Author-Name: HAICHUN YE
Journal: Journal of Money, Credit and Banking
Pages: 1253-1274
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries
Author-Name: SAMIR JAHJAH
Author-Name: BIN WEI
Author-Name: VIVIAN ZHANWEI YUE
Journal: Journal of Money, Credit and Banking
Pages: 1275-1300
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Foreign Banks and the Dual Effect of Financial Liberalization
Author-Name: LEO FERRARIS
Author-Name: RAOUL MINETTI
Journal: Journal of Money, Credit and Banking
Pages: 1301-1333
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates
Author-Name: SEBASTIAN SCHMIDT
Journal: Journal of Money, Credit and Banking
Pages: 1335-1350
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: An Unobserved Components Model that Yields Business and Medium-Run Cycles
Author-Name: JUN MA
Author-Name: MARK E. WOHAR
Journal: Journal of Money, Credit and Banking
Pages: 1351-1373
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: How Do Anticipated Changes to Short-Term Market Rates Influence Banks' Retail Interest Rates? Evidence from the Four Major Euro Area Economies
Author-Name: ANINDYA BANERJEE
Author-Name: VICTOR BYSTROV
Author-Name: PAUL MIZEN
Journal: Journal of Money, Credit and Banking
Pages: 1375-1414
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Cost Savings from Check 21 Electronic Payment Legislation
Author-Name: DAVID B. HUMPHREY
Author-Name: ROBERT HUNT
Journal: Journal of Money, Credit and Banking
Pages: 1415-1429
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: On the Asymmetric U-Shaped Relationship between Inflation, Inflation Uncertainty, and Relative Price Skewness in the UK
Author-Name: KAUSIK CHAUDHURI
Author-Name: MATTHEW GREENWOOD-NIMMO
Author-Name: MINJOO KIM
Author-Name: YONGCHEOL SHIN
Journal: Journal of Money, Credit and Banking
Pages: 1431-1449
Issue: 7
Volume: 45
Year: 2013
Month: 10
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Bayesian Evaluation of DSGE Models with Financial Frictions
Author-Name: MICHAâ‰ˆÃ… BRZOZA-BRZEZINA
Author-Name: MARCIN KOLASA
Journal: Journal of Money, Credit and Banking
Pages: 1451-1476
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Fiscal Sustainability in a New Keynesian Model
Author-Name: CAMPBELL LEITH
Author-Name: SIMON WREN-LEWIS
Journal: Journal of Money, Credit and Banking
Pages: 1477-1516
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Real Effects of Money Growth and Optimal Rate of Inflation in a Cash-in-Advance Economy with Labor-Market Frictions
Author-Name: PING WANG
Author-Name: DANYANG XIE
Journal: Journal of Money, Credit and Banking
Pages: 1517-1546
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Technology, Utilization, and Inflation: What Drives the New Keynesian Phillips Curve?
Author-Name: PETER McADAM
Author-Name: ALPO WILLMAN
Journal: Journal of Money, Credit and Banking
Pages: 1547-1579
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Do Public Banks Compete with Private Banks? Evidence from Concentrated Local Markets in Brazil
Author-Name: CHRISTIANO A. COELHO
Author-Name: JOâˆšÃ‰O M.P. MELLO
Author-Name: LEONARDO REZENDE
Journal: Journal of Money, Credit and Banking
Pages: 1581-1615
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Securitization and Bank Performance
Author-Name: BARBARA CASU
Author-Name: ANDREW CLARE
Author-Name: ANNA SARKISYAN
Author-Name: STEPHEN THOMAS
Journal: Journal of Money, Credit and Banking
Pages: 1617-1658
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Do Central Banks React to House Prices?
Author-Name: DARIA FINOCCHIARO
Author-Name: VIRGINIA QUEIJO HEIDEKEN
Journal: Journal of Money, Credit and Banking
Pages: 1659-1683
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Separation of Unit of Account from Medium of Exchange
Author-Name: YOUNG SIK KIM
Author-Name: MANJONG LEE
Journal: Journal of Money, Credit and Banking
Pages: 1685-1703
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: The Bank Lending Channel: A FAVAR Analysis
Author-Name: CHETAN DAVE
Author-Name: SCOTT J. DRESSLER
Author-Name: LEI ZHANG
Journal: Journal of Money, Credit and Banking
Pages: 1705-1720
Issue: 8
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Special Issue Editors' Introduction
Author-Name: JOE PEEK
Author-Name: KENNETH D. WEST
Journal: Journal of Money, Credit and Banking
Pages: 1-1
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Noncore Bank Liabilities and Financial Vulnerability
Author-Name: JOON-HO HAHM
Author-Name: HYUN SONG SHIN
Author-Name: KWANHO SHIN
Journal: Journal of Money, Credit and Banking
Pages: 3-36
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Template-Type: ReDIF-Article 1.0
Title: Taming Systemically Important Financial Institutions
Author-Name: XAVIER FREIXAS
Author-Name: JEAN-CHARLES ROCHET
Journal: Journal of Money, Credit and Banking
Pages: 37-58
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending
Author-Name: PAUL CALEM
Author-Name: FRANCISCO COVAS
Author-Name: JASON WU
Journal: Journal of Money, Credit and Banking
Pages: 59-91
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i::p:59-91

Template-Type: ReDIF-Article 1.0
Title: What Is Systemic Risk?
Author-Name: FRANKLIN ALLEN
Author-Name: ELENA CARLETTI
Journal: Journal of Money, Credit and Banking
Pages: 121-127
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i::p:121-127

Template-Type: ReDIF-Article 1.0
Title: Systemic Risk Monitoring and Financial Stability
Author-Name: NELLIE LIANG
Journal: Journal of Money, Credit and Banking
Pages: 129-135
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Ratings Competition in the CMBS Market
Author-Name: ANDREW COHEN
Author-Name: MARK D. MANUSZAK
Journal: Journal of Money, Credit and Banking
Pages: 93-119
Issue:
Volume: 45
Year: 2013
Month: 08
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i::p:93-119

Template-Type: ReDIF-Article 1.0
Title: Special Issue Editors' Introduction
Author-Name: ROBERT KOLLMANN
Author-Name: KENNETH D. WEST
Journal: Journal of Money, Credit and Banking
Pages: 1-1
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: When Credit Bites Back
Author-Name: âˆšÃSCAR JORDâˆšÃ„
Author-Name: MORITZ SCHULARICK
Author-Name: ALAN M. TAYLOR
Journal: Journal of Money, Credit and Banking
Pages: 3-28
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk
Author-Name: SIMON GILCHRIST
Author-Name: EGON ZAKRAJâ‰ˆâ€ EK
Journal: Journal of Money, Credit and Banking
Pages: 29-57
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i:s2:p:29-57

Template-Type: ReDIF-Article 1.0
Title: Financial Crises and Recapitalizations
Author-Name: DAMIANO SANDRI
Author-Name: FABIâˆšÃ…N VALENCIA
Journal: Journal of Money, Credit and Banking
Pages: 59-86
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Handle: RePEc:mcb:jmoncb:v:45:y:2013:i:s2:p:59-86

Template-Type: ReDIF-Article 1.0
Title: Banking Competition, Collateral Constraints, and Optimal Monetary Policy
Author-Name: JAVIER ANDRâˆšÃ¢S
Author-Name: âˆšÃ¬SCAR ARCE
Author-Name: CARLOS THOMAS
Journal: Journal of Money, Credit and Banking
Pages: 87-125
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Financial Exposure and the International Transmission of Financial Shocks
Author-Name: GâˆšÃºNEâ‰ˆÃ» KAMBER
Author-Name: CHRISTOPH THOENISSEN
Journal: Journal of Money, Credit and Banking
Pages: 127-158
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Title: Global Banks, Financial Shocks, and International Business Cycles: Evidence from an Estimated Model
Author-Name: ROBERT KOLLMANN
Journal: Journal of Money, Credit and Banking
Pages: 159-195
Issue: s2
Volume: 45
Year: 2013
Month: 12
X-DOI:
File-URL: http://hdl.handle.net/10.1111/
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Template-Type: ReDIF-Article 1.0
Author-Name: Agarwal, Sumit
Author-Name: Ambrose, Brent W.
Author-Name: Liu, Chunlin
Title: Credit Lines and Credit Utilization
Journal: Journal of Money, Credit and Banking
Abstract: While much is known about the characteristics of consumers or businesses that obtain credit lines, relatively little is known empirically about credit line utilization after origination. This study fills that gap by testing two interrelated hypotheses concerning borrower credit quality and credit line utilization. The empirical analysis confirms that borrowers with higher expectations of future credit quality deterioration originate credit lines to preserve financial flexibility. Furthermore, we estimate a competing risks model that confirms our predictions concerning changes in borrower credit line utilization in response to borrower credit quality shocks.
Pages: 1-22
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0010
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Template-Type: ReDIF-Article 1.0
Author-Name: Mihov, Ilian
Author-Name: Sibert, Anne
Title: Credibility and Flexibility with Independent Monetary Policy Committees
Journal: Journal of Money, Credit and Banking
Abstract: Independent monetary policy committees are a simple way of attaining relatively low inflation without completely sacrificing an activist role for monetary policy. If central bankers' types are unknown, then for a wide range of parameters an independent committee achieves higher social welfare than either a zero-inflation rule or discretionary policy conducted by an opportunistic central banker. A key reason for the committee's superior performance is that committee members are relatively likely to opt for low inflation and building a reputation when shocks are small. When large shocks hit the economy, the incentive to react outweighs the reputation-building benefit.
Pages: 23-46
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0021
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicolae, Anamaria
Author-Name: Nolan, Charles
Title: The Impact of Imperfect Credibility in a Transition to Price Stability
Journal: Journal of Money, Credit and Banking
Abstract: In this paper we study the impact of a temporary lack of credibility in a transition to price stability. We quantify the effects of a period of disinflation on temporary output losses, and the impact of the lack of credibility on the optimal speed of disinflation. We demonstrate that the "disinflationary booms" found by Ball (1994) and Ireland (1997) may or may not disappear in an environment with imperfect credibility, depending on the speed of learning relative to the speed of disinflation. Finally, we enquire whether the speed of the Volcker disinflation was excessive or not.
Pages: 47-66
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0022
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Template-Type: ReDIF-Article 1.0
Author-Name: Booth, James R.
Author-Name: Booth, Lena Chua
Title: Loan Collateral Decisions and Corporate Borrowing Costs
Journal: Journal of Money, Credit and Banking
Abstract: We examine the relation between borrowing costs and the presence of loan collateral. We find the presence of collateral increases with default risk, consistent with low quality borrowers reducing their risks and borrowing costs through the use of collateral. By explicitly controlling for the interdependence between the decision to pledge collateral and borrowing costs, we find that secured loans have predicted spreads substantially lower than if they had been made on an unsecured basis. Alternatively, loans made on an unsecured basis have spreads not substantially different from if they had been secured. The evidence suggests that collateral pledging decisions are generally consistent with borrowing cost minimization.
Pages: 67-90
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0011
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Template-Type: ReDIF-Article 1.0
Author-Name: Quiros, Gabriel Perez
Author-Name: Mendizabal, Hugo Rodriguez
Title: The Daily Market for Funds in Europe: What Has Changed with the EMU?
Journal: Journal of Money, Credit and Banking
Abstract: This paper shows that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience allows us to isolate the effects on the overnight rate of these particular instruments of monetary policy. To illustrate that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management, which is able to reproduce our empirical findings.
Pages: 91-118
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0023
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Template-Type: ReDIF-Article 1.0
Author-Name: Dewachter, Hans
Author-Name: Lyrio, Marco
Title: Macro Factors and the Term Structure of Interest Rates
Journal: Journal of Money, Credit and Banking
Abstract: This paper presents an essentially affine model of the term structure of interest rates making use of macroeconomic factors and their long-run expectations. The model extends the approach pioneered by Kozicki and Tinsley (2001) by modeling consistently long-run inflation expectations simultaneously with the term structure. Application to the U.S. economy shows the importance of long-run inflation expectations in the modeling of long-term bond yields. The paper also provides a macroeconomic interpretation for the latent factors found in standard finance models of the yield curve: the level factor represents the long-run inflation expectation of agents; the slope factor captures business cycle conditions; and the curvature factor expresses a clear independent monetary policy factor.
Pages: 119-140
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0014
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Template-Type: ReDIF-Article 1.0
Author-Name: Braun, R. Anton
Author-Name: Shioji, Etsuro
Title: Monetary Policy and the Term Structure of Interest Rates in Japan
Journal: Journal of Money, Credit and Banking
Abstract: This paper uses Japanese data to investigate the relationship between monetary policy and the yield curve. We find that the response of the yield curve depends in an important way on the maintained hypothesis about how monetary policy affects the economy. Under the liquidity effect maintained hypothesis monetary policy only has transient effects on the yield curve. Under the costly price adjustment maintained hypothesis, however, monetary policy has large and persistent effects on yields of all maturities.
Pages: 141-162
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0012
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:1:p:141-162

Template-Type: ReDIF-Article 1.0
Author-Name: Hanes, Christopher
Title: The Liquidity Trap and U.S. Interest Rates in the 1930s
Journal: Journal of Money, Credit and Banking
Abstract: Most current literature assumes that a central bank loses the ability to influence interest rates through variations in reserve supply as soon as overnight rates have been driven to zero. I argue that reserve supply can be directly related to longer-term rates when overnight rates are zero because banks' reserve demand is then defined by the role of cash as an asset free of interest-rate risk. I present evidence that reserve supply affected longer-term interest rates in the U.S. from 1934 through 1939, while overnight rates were at the zero floor, even when the changes in reserve supply reflected factors unlikely to have affected expectations of future overnight rates.
Pages: 163-194
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0017
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Template-Type: ReDIF-Article 1.0
Author-Name: Khan, Hashmat
Author-Name: Zhu, Zhenhua
Title: Estimates of the Sticky-Information Phillips Curve for the United States
Journal: Journal of Money, Credit and Banking
Abstract: Mankiw and Reis (2002) have proposed a 'sticky-information'-based Phillips curve (SIPC) to address some of the concerns with the 'sticky-price'-based new Keynesian Phillips curve. In this paper, we present a methodology to empirically implement the SIPC and estimate its key structural parameter-the degree of information stickiness-for the United States. Using this methodology, we estimate average durations of information stickiness that range from three quarters (on the low side) to over seven quarters (on the high side).
Pages: 195-207
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0018
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Template-Type: ReDIF-Article 1.0
Author-Name: Mendizabal, Hugo Rodriguez
Title: The Behavior of Money Velocity in High and Low Inflation Countries
Journal: Journal of Money, Credit and Banking
Abstract: This paper presents a general equilibrium model of money demand where the velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant as in standard cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). The model provides an explanation of why, for a sample of 79 countries, the correlation between the velocity of money and the inflation rate appears to be low, unlike common wisdom would suggest. The reason is the diverse transaction technologies available in different economies.
Pages: 209-228
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0020
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen, Lein-Lein
Author-Name: Choi, Seungmook
Author-Name: Devereux, John
Title: Accounting for U.S. Regional Real Exchange Rates
Journal: Journal of Money, Credit and Banking
Abstract: We examine the relationship between the relative price of nontradables and real exchange rate movements for fixed exchange rate regimes. Using BLS CPI data, we show that purchasing power parity holds strongly for tradables across U.S. regions. As a result, nontradables play a central role in U.S. regional real exchange rate movements. Indeed changes in the relative price of nontradables explain up to 80% of regional real exchange rate changes over medium and long run horizons. We also argue that nontradables can account for a large portion of real exchange rate changes internationally with high nontradables expenditure shares.
Pages: 229-244
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0013
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin, Antoine
Title: Endogenous Multiple Currencies
Journal: Journal of Money, Credit and Banking
Abstract: In this paper I study a model in which households can decide which currency or currencies they will accept. I provide a simple set of assumptions that are sufficient to prevent the indeterminacy of the exchange rate in the sense of Kareken and Wallace (1981). In a two-country model, stable equilibria have either a single currency or national currencies. I also show currency substitution occurs as an endogenous response to high growth in the stock of a currency.
Pages: 245-262
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0019
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Template-Type: ReDIF-Article 1.0
Author-Name: Easaw, Joshy Z.
Author-Name: Ghoshray, Atanu
Title: Agent-Based Learning in 'Islands' with 'Sticky Information': An Explanation for the Persistence of Real Effects
Journal: Journal of Money, Credit and Banking
Abstract: This paper outlines a model where a household forms subjective expectations about his income by 'anchoring' on a professional's forecasts of the aggregate economy. Hence, the household is able to form relative (or real) income expectations. However, he observes the professional's forecasts imperfectly and only adjusts his expectations partially. Using the 'Lucas-Phelps Island' scenario, set in the context of households, we show how persistence of real effects could arise in such a scenario.
Pages: 263-268
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0015
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Template-Type: ReDIF-Article 1.0
Author-Name: Edwards, Sebastian
Author-Name: Magendzo, I. Igal
Title: Strict Dollarization and Economic Performance: An Empirical Investigation
Journal: Journal of Money, Credit and Banking
Abstract: In this paper we analyze the macroeconomic record of "strictly dollarized" economies. In particular, we investigate whether dollarized countries have historically exhibited faster growth and lower volatility than countries with a domestic currency. We analyze this issue by using a treatment regression analysis that estimates jointly the probability of being a dollarized country, and outcome equations. Our analysis indicates that the probability of being a dollarized country depends on regional, geographical, political, and structural variables. Our results also suggest that GDP per capita growth has not been statistically different in dollarized and in non-dollarized countries. We also find that volatility has been significantly higher in dollarized than in non-dollarized economies. These results are robust to the estimation technique, and to the sample used.
Pages: 269-282
Issue: 1
Volume: 38
Year: 2006
Month: feb
File-URL: http://dx.doi.org/10.1353/mcb.2006.0016
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Template-Type: ReDIF-Article 1.0
Author-Name: Eggertsson, Gauti B.
Title: The Deflation Bias and Committing to Being Irresponsible
Journal: Journal of Money, Credit and Banking
Abstract: I model deflation, at zero nominal interest rate, in a microfounded general equilibrium model. I show that one can analyze deflation as a credibility problem if three conditions are satisfied. First: The government's only policy instrument is increasing the money supply by open market operations in short-term bonds. Second: The economy is subject to large negative demand shocks. Third: The government cannot commit to future policy. I call the credibility problem that arises under these conditions the deflation bias. I propose several policies to solve it. They all involve printing money or issuing nominal debt. In addition they require cutting taxes, buying real assets such as stocks, or purchasing foreign exchange. The government "credibly commits to being irresponsible" by pursuing these policies. It commits to higher money supply in the future so that the private sector expects inflation instead of deflation. This is optimal since it curbs deflation and increases output by lowering the real rate of return.
Pages: 283-321
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0031
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Template-Type: ReDIF-Article 1.0
Author-Name: Cummins, J. David
Author-Name: Rubio-Misas, Maria
Title: Deregulation, Consolidation, and Efficiency: Evidence from the Spanish Insurance Industry
Journal: Journal of Money, Credit and Banking
Abstract: This paper provides new information on the effects of deregulation and consolidation in financial services markets by analyzing the Spanish insurance industry. The sample period 1989-98 spans the introduction of the European Union's (EU) Third Generation Insurance Directives, which deregulated the EU insurance market. Deregulation has led to dramatic changes in the Spanish insurance market; the number of firms declined by 35%, average firm size increased by 275%, and unit prices declined significantly in both life and non-life insurance. We analyze the causes and effects of consolidation using modern frontier efficiency analysis to estimate cost, technical, and allocative efficiency, as well as using Malmquist analysis to measure total factor productivity (TFP) change. The results show that many small, inefficient, and financially underperforming firms were eliminated from the market due to insolvency or liquidation. As a result, the market experienced significant growth in TFP over the sample period. Consolidation not only reduced the number of firms operating with increasing returns to scale but also increased the number operating with decreasing returns to scale. Hence, many large firms should focus on improving efficiency by adopting best practices rather than on further growth.
Pages: 323-355
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0029
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Template-Type: ReDIF-Article 1.0
Author-Name: Hovakimian, Gayane
Author-Name: Titman, Sheridan
Title: Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales
Journal: Journal of Money, Credit and Banking
Abstract: We examine the importance of financial constraints for firm investment by looking at the relationship between investment expenditures and proceeds from voluntary asset sales. Asset sales provide a cleaner indicator of liquidity than cash flows since it appears not to be positively correlated with investment opportunities. The cross-sectional differences in firm investment are examined using an endogenous switching regression model with unknown sample separation. We find that cash obtained from asset sales is a significant determinant of corporate investment and that the sensitivity of investment to proceeds from asset sales is significantly stronger for firms that are likely to be financially constrained.
Pages: 357-374
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0034
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen, Andrew H.
Author-Name: Ju, Nengjiu
Author-Name: Mazumdar, Sumon C.
Author-Name: Verma, Avinash
Title: Correlated Default Risks and Bank Regulations
Journal: Journal of Money, Credit and Banking
Abstract: Bank regulatory design relies critically on bank risk modeling. Traditionally, the bank's aggregate value is assumed to obey an exogenously specified process (e.g., a lognormal diffusion). We demonstrate that this assumption is generally invalid given the truncated and correlated payoff structure of individual bank loans. Instead, the bank's aggregate terminal payoff is significantly (left) fat tailed. This skewness remains even when the bank holds an infinitely large number of loans in its portfolio unless they are uncorrelated. By ignoring skewness in bank payoffs, deposit insurance premia and capital requirements have traditionally been significantly mis-calculated.
Pages: 375-398
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0028
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Template-Type: ReDIF-Article 1.0
Author-Name: Gropp, Reint
Author-Name: Vesala, Jukka
Author-Name: Vulpes, Giuseppe
Title: Equity and Bond Market Signals as Leading Indicators of Bank Fragility
Journal: Journal of Money, Credit and Banking
Abstract: We analyse the ability of the distance to default and subordinated bond spreads to signal bank fragility in a sample of EU banks. We find leading properties for both indicators. The distance to default exhibits lead times of 6-18 months. Spreads have signal value close to problems only. We also find that implicit safety nets weaken the predictive power of spreads. Further, the results suggest complementarity between both indicators. We also examine the interaction of the indicators with other information and find that their additional information content may be small but not insignificant. The results suggest that market indicators reduce type II errors relative to predictions based on accounting information only.
Pages: 399-428
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0032
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:2:p:399-428

Template-Type: ReDIF-Article 1.0
Author-Name: Belongia, Michael T.
Author-Name: Ireland, Peter N.
Title: The Own-Price of Money and the Channels of Monetary Transmission
Journal: Journal of Money, Credit and Banking
Abstract: Traditionally, the effects of monetary policy actions on output are thought to be transmitted via monetary or credit channels. Real business cycle theory, by contrast, highlights the role of real price changes as a source of revisions in spending and production decisions. Motivated by the desire to focus on the effects of price changes in the monetary transmission mechanism, this paper incorporates a direct measure of the real own-price of money into an estimated vector autoregression and a calibrated real business cycle model. Consistent with the RBC view of the monetary transmission mechanism, both approaches reveal that movements in the own-price of money are strongly related to movements in output.
Pages: 429-445
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0025
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Template-Type: ReDIF-Article 1.0
Author-Name: Papell, David H.
Title: The Panel Purchasing Power Parity Puzzle
Journal: Journal of Money, Credit and Banking
Abstract: Does long-run purchasing power parity (PPP) hold over the post-1973 floating exchange rate period? Panel unit root tests provide evidence of PPP that increases with the number of observations. The strengthening of the evidence, however, is highly cyclical. When the dollar appreciates at the end of the sample, the evidence of PPP strengthens and, when it depreciates, the evidence weakens. While these patterns cannot be explained by the specifications that are normally used to model real exchange rates, the strengthening, but not the cyclical pattern, can be explained by a specification that incorporates PPP restricted structural change.
Pages: 447-467
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0035
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Template-Type: ReDIF-Article 1.0
Author-Name: Baum, Christopher F.
Author-Name: Barkoulas, John
Title: Dynamics of Intra-EMS Interest Rate Linkages
Journal: Journal of Money, Credit and Banking
Abstract: A number of previous studies have questioned the dominant role of Germany within the European Monetary System (EMS). These conclusions are often based on empirical findings that the interest rates of EMS member countries are not affected by German interest rates, even in the long run. In this study, we demonstrate that intra-EMS interest rate differentials (vis-a-vis Germany) exhibit mean-reverting behavior characterized by long-memory dynamics. In a system incorporating six EMS countries and one non-EMS country (the U.S.A.), estimates from a fractional error correction model suggest the presence of short-run intra-EMS monetary-policy interdependencies but validate the German Dominance Hypothesis in the long run.
Pages: 469-482
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0024
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:2:p:469-482

Template-Type: ReDIF-Article 1.0
Author-Name: Guerrieri, Luca
Title: The Inflation Persistence of Staggered Contracts
Journal: Journal of Money, Credit and Banking
Abstract: One of the criticisms routinely advanced against models with staggered contracts is their inability to generate inflation persistence. This paper finds that staggered contracts a la Taylor are, in fact, capable of reproducing the inflation persistence implied by U.S. data. Following Fuhrer and Moore, I capture the moments that the model needs to replicate by using the correlograms from a small vector autoregression (VAR). I estimate the contract parameters using the method of maximum likelihood. The correlogram of inflation for the contract model is very close to the correlogram from the VAR. By the same metric, Taylor contracts fare poorly in reproducing the comovements of inflation and output.
Pages: 483-494
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0033
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Template-Type: ReDIF-Article 1.0
Author-Name: Camera, Gabriele
Author-Name: Vesely, Filip
Title: On Market Activity and the Value of Money
Journal: Journal of Money, Credit and Banking
Abstract: In a random-matching monetary economy, efficient and inefficient sellers choose between home or market production. Since inefficient sellers bargain up their prices, two equilibria may exist-with high or low market participation-depending on extent of heterogeneity and frictions. In equilibrium, the presence of inefficient sellers in the market has two opposing effects. It raises trading frequencies, so it lowers consumption risk, but it lowers the value of money, raising prices. This may reduce trading efficiency. Equilibria with full and limited participation can coexist; when average efficiency is high and agents are patient, limited participation is socially preferable.
Pages: 495-509
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0027
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:2:p:495-509

Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, Daniel L.
Title: Tests of the Expectations Hypothesis: Resolving the Campbell-Shiller Paradox
Journal: Journal of Money, Credit and Banking
Abstract: One of the more puzzling results in the expectations hypothesis (EH) testing literature is the Campbell-Shiller paradox (CSP). In an influential paper, Campbell and Shiller (1991) found that "the slope of the term structure almost always gives a forecast in the wrong direction for the short-term change in the yield on the longer bond, but gives a forecast in the right direction for long-term changes in short rates." This paper provides an econometric resolution to the CSP. Specifically, it shows that, by their construction, these tests can generate results consistent with the CSP if the EH does not hold-whatever the reason. Monte Carlo experiments confirm that this explanation can account for Campbell and Shiller's paradoxical results for most pairings of short-term and long-term rates considered.
Pages: 511-542
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0036
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Template-Type: ReDIF-Article 1.0
Author-Name: Dellas, Harris
Title: Monetary Shocks and Inflation Dynamics in the New Keynesian Model
Journal: Journal of Money, Credit and Banking
Abstract: This paper demonstrates that imperfect information and gradual learning is a plausible and promising mechanism for generating realistic inflation and output dynamics in the standard new Keynesian model.
Pages: 543-551
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0030
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Template-Type: ReDIF-Article 1.0
Author-Name: Bowdler, Christopher
Author-Name: Nunziata, Luca
Title: Trade Openness and Inflation Episodes in the OECD
Journal: Journal of Money, Credit and Banking
Abstract: Boschen and Weise (Journal of Money, Credit, and Banking, 2003) model the probability of a large upturn in inflation in the OECD (an inflation start). We extend their work to consider the impact of trade openness on the probability of such an event. The main finding is that increased openness reduces the probability of an inflation start, both directly, and indirectly through restricting the role of general elections in triggering inflation starts.
Pages: 553-563
Issue: 2
Volume: 38
Year: 2006
Month: mar
File-URL: http://dx.doi.org/10.1353/mcb.2006.0026
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Template-Type: ReDIF-Article 1.0
Author-Name: Order, Robert Van
Title: A Model of Financial Structure and Financial Fragility
Journal: Journal of Money, Credit and Banking
Abstract: This paper presents an asymmetric information model of financial structure. The model has two types of financial institutions: banks and securities markets, both of which can hold loans made to firms to finance investment projects. The securities markets have lower costs, but they have a lemons problem because the banks have better information. The result is an equilibrium that can exhibit fragility in the sense that small parameter changes, such as changes in the cost advantage of the securities market or the risk structure of loans, can lead to discontinuous changes in interest rates, asset prices, and market structure.
Pages: 565-585
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0047
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Template-Type: ReDIF-Article 1.0
Author-Name: Benigno, Pierpaolo
Author-Name: Lopez-Salido, J. David
Title: Inflation Persistence and Optimal Monetary Policy in the Euro Area
Journal: Journal of Money, Credit and Banking
Abstract: In this paper we present an optimizing-agent model for the euro area to emphasize how the existence of heterogeneity in inflation persistence across regions matters for the design of monetary policy. We find supporting evidence of the existence of such a heterogeneity in inflation dynamics across euro area countries. In particular, based on the estimation of New Keynesian Phillips Curves for five major countries of the euro area, we find that inflation in Germany has a dominant forward-looking component, while in the other group of countries inflation show a significant inertial (backward looking) behavior. Under this circumstance, we study the welfare implications of four monetary policy rules following terms-of-trade shocks: fully optimal, optimal inflation targeting, HICP targeting, and output gap stabilization.
Pages: 587-614
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0038
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:587-614

Template-Type: ReDIF-Article 1.0
Author-Name: Fisher, Timothy C. G.
Author-Name: Konieczny, Jerzy D.
Title: Inflation and Costly Price Adjustment: A Study of Canadian Newspaper Prices
Journal: Journal of Money, Credit and Banking
Abstract: The paper studies the effect of inflation on price behaviour using price data from Canadian daily newspapers. We test the Sheshinski and Weiss (1977) monopoly price adjustment model on a sample of monopolistic as well as oligopolistic newspapers, in contrast to earlier studies that used data from oligopolistic or monopolistically competitive markets. The results depend crucially on the assumptions about how often the firm collects information and revises its optimal pricing policy. With infrequent policy revisions, the results for monopoly newspapers support the model. The results for oligopoly newspapers are similar.
Pages: 615-633
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0042
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Template-Type: ReDIF-Article 1.0
Author-Name: Maliar, Lilia
Author-Name: Maliar, Serguei
Title: The Neoclassical Growth Model with Heterogeneous Quasi-Geometric Consumers
Journal: Journal of Money, Credit and Banking
Abstract: This paper investigates how the assumption of quasi-geometric (hyperbolic) discounting affects the distributional implications of the standard one-sector neoclassical growth model with infinitely lived heterogeneous agents. The agents are subject to idiosyncratic shocks and face borrowing constraints. We confine attention to an interior Markov recursive equilibrium. The consequence of quasi-geometric discounting is that the effective discount factor of an agent is not a constant, but an endogenous variable which depends on the agent's current state. We show, both analytically and by simulation, that this new feature can significantly affect the distributional implications of the neoclassical growth model.
Pages: 635-654
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0045
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:635-654

Template-Type: ReDIF-Article 1.0
Author-Name: Weder, Mark
Title: Taylor Rules and Macroeconomic Instability or How the Central Bank Can Preempt Sunspot Expectations
Journal: Journal of Money, Credit and Banking
Abstract: This paper derives new results on the effects of employing Taylor rules in economies that are subject to real market imperfections such as production externalities. Policies which respond to output movements can block sunspot equilibria that arise from the increasing returns. The paper also finds that rules which should be chosen (avoided) in perfect market environments often yield (ensure) multiple (unique) rational expectations solutions in alternative settings. Therefore, exact knowledge on the degree of market imperfection may be integral for robust policy advice.
Pages: 655-677
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0049
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Template-Type: ReDIF-Article 1.0
Author-Name: Levina, Irina
Author-Name: Zamulin, Oleg
Title: Foreign Currency Pricing
Journal: Journal of Money, Credit and Banking
Abstract: A special case of dollarization is analyzed: quotation of prices in dollars. The proposed explanation is price stickiness: when price adjustment is costly, firms prefer to fix their prices in a stable foreign currency in order to avoid frequent price changes. The proposed model demonstrates that there are often two Nash equilibria in an economy populated by symmetric firms: an equilibrium with uniform domestic currency pricing and one with uniform dollar pricing. Hence, foreign currency pricing may exhibit hysteresis. The model also demonstrates that the degree of competition in the economy is important in determining the pricing currency.
Pages: 679-696
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0044
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:679-696

Template-Type: ReDIF-Article 1.0
Author-Name: Fujiki, Hiroshi
Title: Institutions of Foreign Exchange Settlement in a Two-Country Model
Journal: Journal of Money, Credit and Banking
Abstract: Fujiki (2003) extends the Freeman (1996) model to show that when combined, an elastic money supply in the foreign exchange market and an elastic money supply in the domestic credit market yield efficiency gains in monetary equilibrium. This paper discusses whether three other institutional designs could achieve the same improvement in efficiency: (1) a private arrangement based on a payment versus a payment settlement standard supported by central banks' free intraday credit, (2) a financial institution that provides a negotiable certificate of deposit, and (3) a currency union.
Pages: 697-719
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0043
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:697-719

Template-Type: ReDIF-Article 1.0
Author-Name: Cook, David
Author-Name: Devereux, Michael B.
Title: Accounting for the East Asian Crisis: A Quantitative Model of Capital Outflows in Small Open Economies
Journal: Journal of Money, Credit and Banking
Abstract: To what degree can the qualitative and quantitative aspects of the East Asian crisis be accounted for within a dynamic general equilibrium model? This paper investigates that question using a framework in which the crisis itself is modeled as an exogenous shock to the country risk premium. This exercise has empirical discipline because the scale of the shock can be measured by the movement in the reported risk premium. We calibrate a quantitative sticky-price dynamic general equilibrium model of a small open economy to match the features of three East Asian economies: Thailand, Korea, and Malaysia. We identify a shock to the country risk premium using published data from international bond markets, and identify short-run monetary policy using observed domestic interest rates. We find that the modeled response to the observed increase in external interest rates substantially matches macroeconomic data on prices and quantities at the aggregate and sectoral level. However, the model has more difficulty explaining the large exchange rate devaluations that occurred in those economies.
Pages: 721-749
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0040
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashcraft, Adam B.
Title: New Evidence on the Lending Channel
Journal: Journal of Money, Credit and Banking
Abstract: The response of aggregate lending to monetary policy is stronger in state banking markets where financially constrained banks have more market share. On the other hand, there is little difference in the response of state output across the market share financially constrained banks, implying that the aggregate elasticity of output to bank lending is very small, if not zero. I conclude that while small firms might view bank loans as special, they are not special enough for the lending channel to be an important part of how monetary policy works.
Pages: 751-775
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0037
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Template-Type: ReDIF-Article 1.0
Author-Name: Cover, James Peery
Author-Name: Enders, Walter
Author-Name: Hueng, C. James
Title: Using the Aggregate Demand-Aggregate Supply Model to Identify Structural Demand-Side and Supply-Side Shocks: Results Using a Bivariate VAR
Journal: Journal of Money, Credit and Banking
Abstract: This paper uses the short-run restrictions implied by a simple aggregate demand-aggregate supply model as an aid in identifying structural shocks. Combined with the Blanchard-Quah restriction, it allows estimation of the slope of the aggregate supply curve, the variances of structural demand and supply shocks, and the extent to which structural demand and supply shocks are correlated. This paper finds that demand and supply shocks are highly correlated and that demand shocks possibly can account for as much as 82% of the long-run forecast error variance of real U.S. GDR
Pages: 777-790
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0041
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:777-790

Template-Type: ReDIF-Article 1.0
Author-Name: Swanson, Eric T.
Title: Have Increases in Federal Reserve Transparency Improved Private Sector Interest Rate Forecasts?
Journal: Journal of Money, Credit and Banking
Abstract: Yes. This paper shows that, since the late 1980s, U.S. financial markets and private sector forecasters have become (1) better able to forecast the federal funds rate at horizons out to several months, (2) less surprised by Federal Reserve announcements, (3) more certain of their interest rate forecasts ex ante, as measured by interest rate options, and (4) less diverse in the cross-sectional variety of their interest rate forecasts. We also present evidence that strongly suggests increases in Federal Reserve transparency played a role: for example, private sector forecasts of GDP and inflation have not experienced similar improvements over the same period, indicating that the improvement in interest rate forecasts has been special.
Pages: 791-819
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0046
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Template-Type: ReDIF-Article 1.0
Author-Name: Carow, Kenneth A.
Author-Name: Kane, Edward J.
Author-Name: Narayanan, Rajesh P.
Title: How Have Borrowers Fared in Banking Megamergers?
Journal: Journal of Money, Credit and Banking
Abstract: Previous studies of event returns surrounding bank mergers show that banks gain value in megamergers and additional value when they absorb in-market competitors. A portion of these gains has been traced to the increased bargaining power of banks vis-a-vis regulators and other competitors. We demonstrate that increased bargaining power of megabanks adversely affects loan customers of the acquired institution. Wealth losses are greater when loan customers are credit-constrained, the loan customer is smaller, or the acquisition is an in-market deal. These findings reinforce complaints that the ongoing consolidation in banking has unfavorably affected the availability of credit for smaller firms and especially capital-constrained firms.
Pages: 821-836
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0039
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Template-Type: ReDIF-Article 1.0
Author-Name: Vermeylen, Koen
Title: Heterogeneous Agents and Uninsurable Idiosyncratic Employment Shocks in a Linearized Dynamic General Equilibrium Model
Journal: Journal of Money, Credit and Banking
Abstract: This paper proposes an analytical solution method for a dynamic general equilibrium model with heterogeneous agents and uninsurable idiosyncratic employment shocks. The solution method yields an approximate balanced growth path which depends on the unemployment rate and the unemployment risk, but which is independent of the ever-changing wealth distribution.
Pages: 837-846
Issue: 3
Volume: 38
Year: 2006
Month: apr
File-URL: http://dx.doi.org/10.1353/mcb.2006.0048
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:837-846

Template-Type: ReDIF-Article 1.0
Author-Name: Dennis, Richard
Author-Name: Soderstrom, Ulf
Title: How Important Is Precommitment for Monetary Policy?
Journal: Journal of Money, Credit and Banking
Abstract: We quantify the welfare differential between precommitment and discretionary monetary policy in three estimated models of the U.S. economy by calculating the permanent deviation of inflation from target that in welfare terms is equivalent to moving from discretion to precommitment. Using a range of reasonable central bank preference parameters, this "inflation equivalent" ranges from 0.05 to 3.6 percentage points, with a mid-point of either 0.15 or 1-1.5 percentage points, depending on the model. In addition to the degree of forward-looking behavior, we show that the existence of transmission lags and/or information lags is crucial for determining the welfare gain from precommitment.
Pages: 847-872
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0054
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:4:p:847-872

Template-Type: ReDIF-Article 1.0
Author-Name: Zhang, Qiang
Title: Human Capital, Weak Identification, and Asset Pricing
Journal: Journal of Money, Credit and Banking
Abstract: I develop a new approach to accounting for human capital and essentially all stock and non-stock wealth in estimating the return on wealth portfolio. Using the estimated return and aggregate U.S. data in weak-identification robust tests of the Epstein and Zin (1991) and Weil (1990) model, I find that the model can simultaneously match the historical average equity premium, risk-free rate, and stock return volatility with reasonable parameter values.
Pages: 873-899
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0063
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:4:p:873-899

Template-Type: ReDIF-Article 1.0
Author-Name: Carpenter, Seth
Author-Name: Demiralp, Selva
Title: The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations
Journal: Journal of Money, Credit and Banking
Abstract: We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. We find a liquidity effect on most days of the reserve maintenance period in addition to settlement day. The effect is nonlinear; large changes in supply more consistently have a measurable effect than do small changes. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days of the period.
Pages: 901-920
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0051
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:4:p:901-920

Template-Type: ReDIF-Article 1.0
Author-Name: Choi, Chi-Young
Author-Name: Mark, Nelson C.
Author-Name: Sul, Donggyu
Title: Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data
Journal: Journal of Money, Credit and Banking
Abstract: Three potential sources of bias introduce complications for panel data estimation of the half-life of purchasing power parity deviations. They are bias induced by inappropriate cross-sectional aggregation of heterogeneous coefficients, small-sample estimation bias of dynamic lag coefficients, and bias induced by time aggregation of commodity prices. All of these biases have been addressed individually in the literature. In this paper, we address all three biases in arriving at our estimates. Using an annual panel data set of CPI-based real exchange rates for 21 OECD countries from 1973 to 1998, we obtain a point estimate of the unbiased half-life of 3.0 years with a 95% confidence interval of 2.3-4.2 years.
Pages: 921-938
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0052
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Template-Type: ReDIF-Article 1.0
Author-Name: Farrant, Katie
Author-Name: Peersman, Gert
Title: Is the Exchange Rate a Shock Absorber or a Source of Shocks? New Empirical Evidence
Journal: Journal of Money, Credit and Banking
Abstract: This paper analyses the role of the real exchange rate in a structural vector autoregression framework for the United Kingdom, Euro area, Japan, and Canada vis-a-vis the United States. A new identification strategy is proposed building on sign restrictions. The results are compared to the benchmark conventional approach of Clarida and Gali (1994) based on long-run zero restrictions. Although the restrictions are derived from the same theoretical model, the results are strikingly different. In contrast to the benchmark model, an important role for nominal shocks in explaining real exchange rate fluctuations is found. Hence, the exchange rate can rather be considered as a source of shocks instead of a shock absorber.
Pages: 939-961
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0056
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Template-Type: ReDIF-Article 1.0
Author-Name: Broda, Christian
Author-Name: Yeyati, Eduardo Levy
Title: Endogenous Deposit Dollarization
Journal: Journal of Money, Credit and Banking
Abstract: This paper explores sources of deposit dollarization unrelated to standard moral hazard arguments. We argue that the equal treatment of peso and dollar claims on a bank in the event of default can induce banks to attract dollar deposits above the socially desirable level. The distortion arises because dollar depositors are the only source of default risk in the model, but they share the burden of the default with peso depositors as interest rates cannot be set contingent to the (unobserved) level of deposit dollarization. The incentive to dollarize is reinforced by common banking system safety nets such as deposit and bank insurance. Our findings suggest that regulators in bi-currency economies should depart from the currency-blind benchmark and instead distinguish across currencies in a way that prevents undesirable currency mismatches, even in the absence of moral hazard related to the relaxation of market discipline.
Pages: 963-988
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0050
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Template-Type: ReDIF-Article 1.0
Author-Name: Seligman, Jason
Title: Does Urgency Affect Price at Market? An Analysis of U.S. Treasury Short-Term Finance
Journal: Journal of Money, Credit and Banking
Abstract: Like all economic agents government must actively manage its cash position in order to meet obligations. In the U.S., when the short-term cash position is not adequate, Treasury offers bills that are not previously scheduled-Cash Management Bills. Using data from Treasury's proprietary Domestic Finance Database, this paper finds unscheduled bills have consistently higher yields than normally scheduled bills, suggesting the more inelastic demand represented by this type of finance has an impact on costs. Several factors are identified which contribute to the costs of Cash Management for Treasury.
Pages: 989-1012
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0062
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Template-Type: ReDIF-Article 1.0
Author-Name: Cornett, Marcia Millon
Author-Name: McNutt, Jamie John
Author-Name: Tehranian, Hassan
Title: Performance Changes around Bank Mergers: Revenue Enhancements versus Cost Reductions
Journal: Journal of Money, Credit and Banking
Abstract: This paper examines operating performance around commercial bank mergers. We find that industry-adjusted operating performance of merged banks increases significantly after the merger, large bank mergers produce greater performance gains than small bank mergers, activity focusing mergers produce greater performance gains than activity diversifying mergers, geographically focusing mergers produce greater performance gains than geographically diversifying mergers, and performance gains are larger after the implementation of nationwide banking in 1997. Further, we find improved performance is the result of both revenue enhancements and cost reduction activities. However, revenue enhancements are most significant in those mergers that also experience reduced costs.
Pages: 1013-1050
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0053
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Template-Type: ReDIF-Article 1.0
Author-Name: Loayza, Norman V.
Author-Name: Ranciere, Romain
Title: Financial Development, Financial Fragility, and Growth
Journal: Journal of Money, Credit and Banking
Abstract: This paper studies the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (e.g., Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns (e.g., Kaminsky and Reinhart 1999). The paper accounts for these contrasting effects based on the distinction between the short- and long-run impacts of financial intermediation. Working with a panel of cross-country and time-series observations, the paper estimates an encompassing model of short- and long-run effects using the Pooled Mean Group estimator developed by Pesaran, Shin, and Smith (1999). The conclusion from this analysis is that a positive long-run relationship between financial intermediation and output growth co-exists with a mostly negative short-run relationship. The paper further develops an explanation for these contrasting effects by relating them to recent theoretical models by linking the estimated short-run effects to measures of financial fragility (namely, banking crises and financial volatility) and by jointly analyzing the effects of financial depth and fragility in classic panel growth regressions.
Pages: 1051-1076
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0060
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Hwagyun
Author-Name: Subramanian, Chetan
Title: Transactions Cost and Interest Rate Rules
Journal: Journal of Money, Credit and Banking
Abstract: This paper evaluates quantitatively the effect of real money balances in a New Keynesian framework. Money in our model facilitates transactions and is introduced through a transactions cost technology. This technology acts like a distortionary consumption tax which varies endogenously with the nominal interest rate. In this setup the resultant Phillips curve becomes a function of the nominal interest rate. Our analysis has important policy implications. First, we find, unlike Woodford (2003), accounting for real-balance effects does not result in the policy maker's loss function having an interest rate smoothing term. Second, we show that in the case of a temporary shock to productivity the optimal policy response under discretion is to allow for a trade-off between inflation and the output gap. This trade-off arises endogenously in our model. The quantitative effects on the macroeconomic variables are found to be significant.
Pages: 1077-1091
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0058
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Template-Type: ReDIF-Article 1.0
Author-Name: McCullough, B. D.
Author-Name: McGeary, Kerry Anne
Author-Name: Harrison, Teresa D.
Title: Lessons from the JMCB Archive
Journal: Journal of Money, Credit and Banking
Abstract: We examine the online archive of the Journal of Money, Credit, and Banking, in which an author is required to deposit the data and code that replicate the results of his paper. We find that most authors do not fulfill this requirement. Of more than 150 empirical articles, fewer than 15 could be replicated. Despite all this, there is no doubt that a data/code archive is more conducive to replicable research than the alternatives. We make recommendations to improve the functioning of the archive.
Pages: 1093-1107
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0061
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Template-Type: ReDIF-Article 1.0
Author-Name: Lam, Pok-sang
Author-Name: Lucas, Deborah J.
Author-Name: Ogaki, Masao
Author-Name: West, Kenneth D.
Title: An Editors' Comment on "Lessons from the JMCB Archive" by B.D. McCullough, Kerry Anne McGeary, and Teresa D. Harrison
Journal: Journal of Money, Credit and Banking
Abstract:
Pages: 1109
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0059
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Template-Type: ReDIF-Article 1.0
Author-Name: Kahn, Charles M.
Author-Name: Santos, Joao A. C.
Title: Who Should Act as Lender of Last Resort? An Incomplete Contracts Model: A Comment
Journal: Journal of Money, Credit and Banking
Abstract: Researchers have pointed out that conflicts between the objectives of different bank regulators necessitate careful design of the institutional allocation of regulatory authority. In doing this, however, they often assume that regulators have incentives to share their private information regarding regulated banks. Our paper shows that the very same considerations that lead bank regulators to make different policy choices render the information-sharing assumption invalid. We further show that this result has important implications for the institutional allocation of lending of last resort, deposit insurance, and bank supervision.
Pages: 1111-1118
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0057
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Template-Type: ReDIF-Article 1.0
Author-Name: Dixon, Huw
Author-Name: Kara, Engin
Title: How to Compare Taylor and Calvo Contracts: A Comment on Michael Kiley
Journal: Journal of Money, Credit and Banking
Abstract: In a recent paper, Michael Kiley argued that the Calvo model of price adjustment is both quantitatively and qualitatively different from the Taylor model. What we show is that Kiley (along with most other people) are choosing the wrong parameterization to compare the two models. In effect they are comparing the average age of Calvo contracts with the completed length of Taylor contracts. When we compare the average age of Taylor contracts with the average of Calvo, the differences become much smaller and easier to understand. We also show that autocorrelation of output can be larger in a Taylor economy than in the age-equivalent Calvo economy.
Pages: 1119-1126
Issue: 4
Volume: 38
Year: 2006
Month: jun
File-URL: http://dx.doi.org/10.1353/mcb.2006.0055
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Todd E.
Author-Name: McCracken, Michael W.
Title: The Predictive Content of the Output Gap for Inflation: Resolving In-Sample and Out-of-Sample Evidence
Journal: Journal of Money, Credit and Banking
Abstract: This paper evaluates potential explanations for the sometimes poor forecasting performance of the Phillips curve. One explanation is that out-of-sample metrics are noisy or, equivalently, have relatively low power. Another potential explanation is instability in the coefficients of the model. To assess these forces, this paper compares sample forecasting results to results from bootstrap simulations of models that either assume stability or allow breaks in the coefficients of the model. This analysis indicates that a significant portion of the weakness of the out-of-sample evidence is attributable to power limitations. But instabilities in the coefficients on the output gap also play a role.
Pages: 1127-1148
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0068
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Template-Type: ReDIF-Article 1.0
Author-Name: Boivin, Jean
Title: Has U.S. Monetary Policy Changed? Evidence from Drifting Coefficients and Real-Time Data
Journal: Journal of Money, Credit and Banking
Abstract: Despite the large amount of empirical research on monetary policy rules, there is surprisingly little consensus on the nature or even the existence of changes in the conduct of U.S. monetary policy. Three issues appear central to this disagreement: (1) the specific type of changes in the policy coefficients, (2) the treatment of heteroskedasticity, and (3) the real-time nature of the data used. This paper addresses these issues in the context of forward-looking Taylor rules with drifting coefficients. The estimation is based on real-time data and accounts for the presence of heteroskedasticity in the policy shock. The findings suggest important but gradual changes in the rule coefficients, not adequately captured by the usual split-sample estimation. In contrast to Orphanides (2002, 2003), I find that the Fed's response to the real-time forecast of inflation was weak in the second half of the 1970s, perhaps not satisfying Taylor's principle as suggested by Clarida, Gali, and Gertler (2000). However, the response to inflation was strong before 1973 and gradually regained strength from the early 1980s onward. Moreover, as in Orphanides (2003), the Fed's response to real activity fell substantially and lastingly during the 1970s.
Pages: 1149-1173
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0065
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Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles
Author-Name: West, Kenneth D.
Title: Taylor Rules and the Deutschmark: Dollar Real Exchange Rate
Journal: Journal of Money, Credit and Banking
Abstract: We explore the link between an interest rate rule for monetary policy and the behavior of the real exchange rate. The interest rate rule, in conjunction with some standard assumptions, implies that the deviation of the real exchange rate from its steady state depends on the present value of a weighted sum of inflation and output gap differentials. The weights are functions of the parameters of the interest rate rule. An initial look at German data yields some support for the model.
Pages: 1175-1194
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0070
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:5:p:1175-1194

Template-Type: ReDIF-Article 1.0
Author-Name: Fields, L. Paige
Author-Name: Fraser, Donald R.
Author-Name: Berry, Tammy L.
Author-Name: Byers, Steven
Title: Do Bank Loan Relationships Still Matter?
Journal: Journal of Money, Credit and Banking
Abstract: James (1987) and Lummer and McConnell (1989) find that during the 1970s and 1980s the market responded positively to announcements of bank lending agreements. However, many of the advantages associated with bank lending relationships have largely disappeared since the 1980s due to financial system changes and greater availability of and less costly financial information. We find that bank loan announcements produced positive abnormal returns in the 1980s, but by the latter part of our sample period those announcement returns disappear entirely. We do find that bank loan relationships may still be valuable to smaller, poorer performing firms or during periods of high credit risk spreads.
Pages: 1195-1209
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0071
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Template-Type: ReDIF-Article 1.0
Author-Name: Pesaran, M. Hashem
Author-Name: Schuermann, Til
Author-Name: Treutler, Bjorn-Jakob
Author-Name: Weiner, Scott M.
Title: Macroeconomic Dynamics and Credit Risk: A Global Perspective
Journal: Journal of Money, Credit and Banking
Abstract: This paper presents a new approach to modeling conditional credit loss distributions. Asset value changes of firms in a credit portfolio are linked to a dynamic global macroeconometric model, allowing macroeffects to be isolated from idiosyncratic shocks from the perspective of default (and hence loss). Default probabilities are driven primarily by how firms are tied to business cycles, both domestic and foreign, and how business cycles are linked across countries. We allow for firm-specific business cycle effects and the heterogeneity of firm default thresholds using credit ratings. The model can be used, for example, to compute the effects of a hypothetical negative equity price shock in South East Asia on the loss distribution of a credit portfolio with global exposures over one or more quarters. We show that the effects of such shocks on losses are asymmetric and non-proportional, reflecting the highly nonlinear nature of the credit risk model.
Pages: 1211-1261
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0074
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Template-Type: ReDIF-Article 1.0
Author-Name: Hirtle, Beverly
Title: Stock Market Reaction to Financial Statement Certification by Bank Holding Company CEOs
Journal: Journal of Money, Credit and Banking
Abstract: In 2002, the SEC mandated that the CEOs of large, publicly traded firms certify the accuracy of their company financial statements. The SEC's certification order provides a natural experiment that gives insight into the question of whether banks are opaque. We find that the BHCs subject to the SEC's order experienced positive and significant average abnormal returns from certification. Characteristics associated with greater opaqueness-liquid asset holdings, information-intensive lending, and split credit ratings-are systematically associated with the size of abnormal returns.
Pages: 1263-1291
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0072
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlson, Mark
Author-Name: Mitchener, Kris James
Title: Branch Banking, Bank Competition, and Financial Stability
Journal: Journal of Money, Credit and Banking
Abstract: It is often argued that branching stabilizes banking systems by facilitating diversification of bank portfolios; however, previous empirical research on the Great Depression offers mixed support for this view. Using data on national banks from the 1920s and 1930s, we show that branch banking raises the level of competition and increases exit from the banking system. This consolidation strengthens the system as a whole without necessarily strengthening the branch banks themselves. Our empirical results suggest that the effects that branching had on competition were quantitatively more important than geographical diversification for bank stability in the 1920s and 1930s.
Pages: 1293-1328
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0067
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Template-Type: ReDIF-Article 1.0
Author-Name: Papell, David H.
Author-Name: Prodan, Ruxandra
Title: Additional Evidence of Long-Run Purchasing Power Parity with Restricted Structural Change
Journal: Journal of Money, Credit and Banking
Abstract: We investigate two alternative versions of Purchasing Power Parity (PPP): reversion to a constant mean in the spirit of Cassel and reversion to a constant trend in the spirit of Balassa and Samuelson, using long-span real exchange rate data for industrialized countries. We develop unit root tests that both account for structural change and maintain a long-run mean or trend. With conventional tests, previous research finds evidence of some variant of PPP for 9 of the 16 countries. With the unit root tests in the presence of restricted structural change, we find evidence of PPP for five additional countries.
Pages: 1329-1349
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0073
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:5:p:1329-1349

Template-Type: ReDIF-Article 1.0
Author-Name: Stiroh, Kevin J.
Title: A Portfolio View of Banking with Interest and Noninterest Activities
Journal: Journal of Money, Credit and Banking
Abstract: This paper uses a portfolio framework to evaluate the impact of increased noninterest income on equity market measures of return and risk of U.S. bank holding companies from 1997 to 2004. The results indicate that the banks most reliant on activities that generate noninterest income do not earn higher average equity returns, but are much more risky as measured by return volatility (both total and idiosyncratic) and market betas. This suggests that the pervasive shift toward noninterest income has not improved the risk/return outcomes of U.S. banks in recent years.
Pages: 1351-1361
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0075
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:5:p:1351-1361

Template-Type: ReDIF-Article 1.0
Author-Name: Duffy, John
Author-Name: Engle-Warnick, Jim
Title: Multiple Regimes in U.S. Monetary Policy? A Nonparametric Approach
Journal: Journal of Money, Credit and Banking
Abstract: We use two different nonparametric methods to determine whether there were multiple regimes in U.S. monetary policy over the period 1955-2003. We model monetary policy using two different versions of Taylor's rule for the nominal interest-rate target. By contrast with parametric tests for regime changes, the nonparametric methods we use allow the data to determine the dimensions on which to split the sample for purposes of estimating the coefficients of the Taylor rule. We find evidence for a few structural breaks and consistent agreement between our two nonparametric methods on the dating of those breaks.
Pages: 1363-1377
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0069
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Template-Type: ReDIF-Article 1.0
Author-Name: Aisen, Ari
Author-Name: Veiga, Francisco Jose
Title: Does Political Instability Lead to Higher Inflation? A Panel Data Analysis
Journal: Journal of Money, Credit and Banking
Abstract: Economists generally accept the proposition that high inflation rates generate inefficiencies that reduce society's welfare and economic growth. However, determining the causes of the worldwide diversity of inflationary experiences is an important challenge not yet satisfactorily confronted by the profession. Based on a dataset covering around 100 countries for the period 1960-99 and using modern panel data econometric techniques to control for endogeneity, this paper shows that a higher degree of political instability is associated with higher inflation. The paper also draws relevant policy implications for the optimal design of inflation stabilization programs and of the institutions favorable to price stability.
Pages: 1379-1389
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0064
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:5:p:1379-1389

Template-Type: ReDIF-Article 1.0
Author-Name: Cannon, Edmund
Author-Name: Cipriani, Giam Pietro
Title: Euro-Illusion: A Natural Experiment
Journal: Journal of Money, Credit and Banking
Abstract: We collect and analyse data on church collections to assess whether the introduction of Euro notes and coins had real effects on giving. Data for Italy suggests that money is not completely neutral while Irish data suggests a lower degree of money illusion. A smaller data set from continental Europe suggests different sorts of money illusion.
Pages: 1391-1403
Issue: 5
Volume: 38
Year: 2006
Month: aug
File-URL: http://dx.doi.org/10.1353/mcb.2006.0066
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:5:p:1391-1403

Template-Type: ReDIF-Article 1.0
Author-Name: Elliott, Graham
Author-Name: Pesavento, Elena
Title: On the Failure of Purchasing Power Parity for Bilateral Exchange Rates after 1973
Journal: Journal of Money, Credit and Banking
Abstract: Point estimates suggest mean reversion in real exchange rates; however, it still remains uncomfortable that models without any mean reversion are often compatible with data from the floating period. Studies with data over longer periods find mean reversion, but at the cost of mixing in data from earlier exchange rate arrangements. Pooling the floating period data potentially mixes country pairs with and without mean reversion. We examine tests for mean reversion for individual country pairs where greater power against close alternatives is gained through modeling other economic variables with the real exchange rate. By increasing the power of the tests we find strong evidence of mean reversion.
Pages: 1405-1430
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0080
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Template-Type: ReDIF-Article 1.0
Author-Name: Deng, Yongheng
Author-Name: Gabriel, Stuart
Title: Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations
Journal: Journal of Money, Credit and Banking
Abstract: This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit-quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as to result in markedly lower loan termination probabilities among underserved borrower groups. Those damped termination risks translate into sizable reductions in risk premia to investors in simulated lower credit-quality mortgage pools. Empirical findings suggest that such pooling and risk-based pricing of FHA-insured mortgages could serve to substantially reduce housing finance costs among underserved borrowers, so as to advance both their homeownership opportunities and related federal housing policy objectives.
Pages: 1431-1460
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0079
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho, Seonghoon
Author-Name: Moreno, Antonio
Title: A Small-Sample Study of the New-Keynesian Macro Model
Journal: Journal of Money, Credit and Banking
Abstract: This paper presents a small-sample study of the three-equation-three variable New-Keynesian macro model. While the point estimates imply that the Fed has been stabilizing inflation fluctuations since 1980, our econometric analysis suggests considerable uncertainty regarding the stance of the Fed against inflation. The canonical New-Keynesian macro model is strongly rejected by the likelihood ratio test, but we propose the direction in which it needs to be modified in order to fit the data.
Pages: 1461-1481
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0078
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Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N.
Author-Name: DeYoung, Robert
Title: Technological Progress and the Geographic Expansion of the Banking Industry
Journal: Journal of Money, Credit and Banking
Abstract: We test some predictions about the effects of technological progress on geographic expansion using data on banks in U.S. multibank holding companies over 1985-98. Specifically, we test whether over time (1) parental control over affiliate banks has increased and (2) the agency costs of distance from the parent have decreased. The data suggest that banking organizations' control over affiliates has been increasing over time and that the agency costs of distance have decreased somewhat over time. The findings are consistent with the hypothesis that technological progress has facilitated the geographic expansion of the banking industry.
Pages: 1483-1513
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0077
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Template-Type: ReDIF-Article 1.0
Author-Name: Epermanis, Karen
Author-Name: Harrington, Scott E.
Title: Market Discipline in Property/Casualty Insurance: Evidence from Premium Growth Surrounding Changes in Financial Strength Ratings
Journal: Journal of Money, Credit and Banking
Abstract: Analysis of abnormal premium growth surrounding changes in financial strength ratings for a large panel of property/casualty insurers generally indicates significant premium declines in the year of and the year following rating downgrades. Consistent with greater risk sensitivity of demand, premium declines were concentrated among commercial insurance, which has narrower guaranty fund protection than personal insurance. Premium declines were greater for firms with low pre-downgrade ratings, and especially pronounced for firms falling below an Arating. There is no evidence of moral hazard in the form of rapid commercial or personal lines premium growth following downgrades of A-or low-rated insurers.
Pages: 1515-1544
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0081
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Template-Type: ReDIF-Article 1.0
Author-Name: Krishnan, C. N. V.
Author-Name: Ritchken, P. H.
Author-Name: Thomson, J. B.
Title: On Credit-Spread Slopes and Predicting Bank Risk
Journal: Journal of Money, Credit and Banking
Abstract: We examine whether bank credit-spread curves, engendered by subordinated debt, would help predict bank risk. We extract credit-spread curves for each bank each quarter and analyze the predictive properties of credit-spread slopes. We find that credit-spread slopes are significant predictors of future credit spreads. We also find that credit-spread slopes provide significant additional information on future bank risk variables, over and above other bank-specific and market-wide information.
Pages: 1545-1574
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0084
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Template-Type: ReDIF-Article 1.0
Author-Name: Lown, Cara
Author-Name: Morgan, Donald P.
Title: The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey
Journal: Journal of Money, Credit and Banking
Abstract: VAR analysis on a measure of bank lending standards collected by the Federal Reserve reveals that shocks to lending standards are significantly correlated with innovations in commercial loans at banks and in real output. Credit standards strongly dominate loan rates in explaining variation in business loans and output. Standards remain significant when we include various proxies for loan demand, suggesting that part of the standards fluctuations can be identified with changes in loan supply. Standards are also significant in structural equations of some categories of inventory investment, a GDP component closely associated with bank lending. The estimated impact of a moderate tightening of standards on inventory investment is of the same order of magnitude as the decline in inventory investment over the typical recession.
Pages: 1575-1597
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0086
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Template-Type: ReDIF-Article 1.0
Author-Name: Reed, Robert R.
Author-Name: Waller, Christopher J.
Title: Money and Risk Sharing
Journal: Journal of Money, Credit and Banking
Abstract: We study the use of money for sharing consumption risk. In our model, agents randomly receive endowments at some points in time and produce at other points. Due to information frictions, agents cannot use intertemporal contracts to share risk. The use of money allows agents to overcome these information frictions. The Friedman rule is shown to generate efficient risk sharing. Furthermore, we quantify the welfare costs of incomplete risk sharing and find that with 10% inflation, the welfare cost of inefficient risk sharing is approximately 1%-1.5% of steady-state consumption.
Pages: 1599-1618
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0087
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Template-Type: ReDIF-Article 1.0
Author-Name: Leitemo, Kai
Author-Name: Lonning, Ingunn
Title: Simple Monetary Policymaking without the Output Gap
Journal: Journal of Money, Credit and Banking
Abstract: Several research contributions have argued that information about the output gap is essential for a good monetary policy rule. However, as pointed out by Orphanides (2001), there is considerable real-time uncertainty about the size of the output gap. The paper argues that simple monetary policy rules that rely exclusively on (survey-based) information about future and past inflation rates may be more efficient than optimized Taylor rules once real-time output gap uncertainty is accounted for. Even when only information about historical inflation rates is available, a very simple policy rule may be constructed that improves on the Taylor rule.
Pages: 1619-1640
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0085
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatum, Rasmus
Author-Name: Scholnick, Barry
Title: Do Exchange Rates Respond to Day-to-Day Changes in Monetary Policy Expectations When No Monetary Policy Changes Occur?
Journal: Journal of Money, Credit and Banking
Abstract: This paper addresses whether exchange rates respond to changes in expectations of future U.S. monetary policy when no actual monetary policy changes occur. We employ data on Federal funds futures contracts for extracting a measure of policy expectations, control for the surprise element of macroeconomic news and policy developments, and analyze more than 12 years of daily exchange rate data. Our findings show that continuous day-to-day changes in expectations of future monetary policy are associated in a highly significant and systematic way with day-to-day changes in exchange rates even when no actual monetary policy changes occur. This suggests that monetary policy matters for daily exchange rate determination in more ways than merely through infrequent, actual policy changes.
Pages: 1641-1657
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0082
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:6:p:1641-1657

Template-Type: ReDIF-Article 1.0
Author-Name: Bae, Youngsoo
Author-Name: Kakkar, Vikas
Author-Name: Ogaki, Masao
Title: Money Demand in Japan and Nonlinear Cointegration
Journal: Journal of Money, Credit and Banking
Abstract: We estimate the long-run Japanese money demand function in a cointegration framework with two nonlinear functional forms that allow for the liquidity trap, and compare the results with the standard log-level functional form. In addition to the conventional linear cointegration techniques, we also use a recently developed procedure for nonlinear cointegration that allows the estimation of alternative functional forms under the same assumption regarding the trend properties of the nominal interest rate. The nonlinear functional forms outperform the log-level functional form based on out-of-sample prediction performance.
Pages: 1659-1667
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0076
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Template-Type: ReDIF-Article 1.0
Author-Name: Kanas, Angelos
Title: Purchasing Power Parity and Markov Regime Switching
Journal: Journal of Money, Credit and Banking
Abstract: We revisit the evidence on PPP in the twentieth century allowing for Markov regime switching in the ADF regression. Using Lopez et al.'s (2005) extension of Taylor's (2002) original data set, our results are: (1) For most countries, there are periods over which the real exchange rate is stationary and PPP holds, and periods over which the real exchange rate is non-stationary and PPP does not hold, namely, regime-dependent stationarity. Thus, real exchange rate stationarity is a stochastic event itself. (2) The probability that the real exchange rate is stationary is less than 50% for most countries. (3) There is evidence of non-stationarity during both the Bretton Woods and the recent float periods for the majority countries. The comparative performance of PPP is slightly better during Bretton Woods than the recent float.
Pages: 1669-1687
Issue: 6
Volume: 38
Year: 2006
Month: sep
File-URL: http://dx.doi.org/10.1353/mcb.2006.0083
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Template-Type: ReDIF-Article 1.0
Author-Name: Dell'Ariccia, Giovanni
Author-Name: Schnabel, Isabel
Author-Name: Zettelmeyer, Jeromin
Title: How Do Official Bailouts Affect the Risk of Investing in Emerging Markets?
Journal: Journal of Money, Credit and Banking
Abstract: We analyze the effects of bailout expectations on sovereign bond spreads in emerging markets. The non-bailout of Russia in August 1998 is interpreted as an event that decreased the perceived probability of future crisis lending to emerging markets. If official rescues are expected to mitigate the losses of investors in the event of a crisis, such an event should raise the cross-country dispersion of spreads, because investors pay more attention to differences in risk characteristics across countries. We find strong evidence for such an effect. This is consistent with the existence of "investor moral hazard," at least prior to 1998.
Pages: 1689-1714
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0091
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Template-Type: ReDIF-Article 1.0
Author-Name: Linnemann, Ludger
Title: The Effect of Government Spending on Private Consumption: A Puzzle?
Journal: Journal of Money, Credit and Banking
Abstract: The empirical finding that cyclical changes in government spending tend to be associated with positive responses of private consumption has been interpreted as a challenge for representative agent intertemporal optimizing theories, which usually imply that the negative wealth effect of higher fiscal spending reduces the households' consumption and leisure. The present paper shows that the evidence can be explained by a standard real business cycle type model. With a nonadditively separable utility function and a small intertemporal consumption elasticity, higher fiscal spending can raise consumption and lower investment, as in the data. The nonseparable utility model is shown to imply the same consumption Euler equation as a model with "rule-of-thumb" consumers who mechanically spend their income.
Pages: 1715-1735
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0094
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Template-Type: ReDIF-Article 1.0
Author-Name: Salemi, Michael K.
Title: Econometric Policy Evaluation and Inverse Control
Journal: Journal of Money, Credit and Banking
Abstract: The traditional approach to monetary policy evaluation entails a first step in which structural parameters are estimated and a second in which the performance of alternative policy rules is studied. This paper combines the two steps of the traditional approach into one by estimating a structural model subject to the restriction that the central bank chooses the policy rule that minimizes expected loss. The structure is a forward-looking New Keynesian model in which equilibrium values of output and inflation depend on expectations of future values of those variables. Analysis of U.S. data between 1965 and 2001 support the hypotheses that the sample contains two policy regimes, that the Fed placed far greater weight on stabilizing inflation after 1980, and that improvements in policy were available in both regimes. The unified approach also sharpens estimates of structural parameters.
Pages: 1737-1764
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0092
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Template-Type: ReDIF-Article 1.0
Author-Name: Tapking, Jens
Author-Name: Yang, Jing
Title: Horizontal and Vertical Integration in Securities Trading and Settlement
Journal: Journal of Money, Credit and Banking
Abstract: This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that in our model, full technical horizontal integration of settlement systems is better than vertical integration of exchanges and settlement systems, but vertical integration is still better than no consolidation. These findings have clear policy implications with regards to the highly fragmented European securities infrastructure.
Pages: 1765-1795
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0096
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Template-Type: ReDIF-Article 1.0
Author-Name: Holthausen, Cornelia
Author-Name: Rochet, Jean-Charles
Title: Efficient Pricing of Large Value Interbank Payment Systems
Journal: Journal of Money, Credit and Banking
Abstract: This paper studies the pricing of large-value payment systems and its influence on the way commercial banks route their payments. It is shown that the optimal pricing scheme for a public monopoly system involves quantity discounts in the form of a decreasing marginal fee. This is also true when the public system competes with a private system characterized by a lower marginal cost. However in this case, optimal marginal fees in the public system are lower than its marginal cost, and fixed fees have to be levied. We show that if the Central Bank wants the public system to be used by a significant proportion of the banks, this may be incompatible with full cost recovery. We also study the case of competition between several public systems. The structure of the optimal tariff depends on the willingness of Central Banks to allow by-pass.
Pages: 1797-1818
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0093
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Template-Type: ReDIF-Article 1.0
Author-Name: de Fontnouvelle, Patrick
Author-Name: Dejesus-Rueff, Virginia
Author-Name: Jordan, John S.
Author-Name: Rosengren, Eric S.
Title: Capital and Risk: New Evidence on Implications of Large Operational Losses
Journal: Journal of Money, Credit and Banking
Abstract: Operational risk is currently receiving significant media attention, as financial scandals have appeared regularly and multiple events have exceeded one billion dollars in impact. Regulators have also been devoting attention to this risk and are finalizing proposals that would require banks to hold capital for potential operational losses. This paper uses newly available loss data to model operational risk at internationally active banks. Our results suggest that the amount of capital held for operational risk will often exceed capital held for market risk and that the largest banks could choose to allocate several billion dollars in capital to operational risk.
Pages: 1819-1846
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0088
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Template-Type: ReDIF-Article 1.0
Author-Name: Wu, Tao
Title: Macro Factors and the Affine Term Structure of Interest Rates
Journal: Journal of Money, Credit and Banking
Abstract: This paper formulates an affine term structure model of bond yields from a dynamic stochastic general equilibrium model, with observable macro state variables as the term structure factors. Model implications for the joint macro-term structure dynamics are consistent with the empirical patterns from the VAR estimation. Model calibration and simulation exercises also provide clear macroeconomic interpretations of the latent term structure factors as found in the finance literature: most of the "slope" factor movement can be explained by exogenous monetary policy shocks, and the "level" factor movement is closely related to the technology shocks.
Pages: 1847-1875
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0097
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam, Klaus
Author-Name: Billi, Roberto M.
Title: Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates
Journal: Journal of Money, Credit and Banking
Abstract: We determine optimal monetary policy under commitment in a forward-looking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S. economy suggests that policy should reduce nominal interest rates more aggressively than suggested by a model without lower bound. Rational agents anticipate the possibility of reaching the lower bound in the future and this amplifies the effects of adverse shocks well before the bound is reached. While the empirical magnitude of U.S. mark-up shocks seems too small to entail zero nominal interest rates, shocks affecting the natural real interest rate plausibly lead to a binding lower bound. Under optimal policy, however, this occurs quite infrequently and does not imply positive average inflation rates in equilibrium. Interestingly, the presence of binding real rate shocks alters the policy response to (non-binding) markup shocks.
Pages: 1877-1905
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0089
File-Format: application/pdf
File-Function: full text
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:7:p:1877-1905

Template-Type: ReDIF-Article 1.0
Author-Name: Shen, Chung-Hua
Author-Name: Lee, Chien-Chiang
Title: Same Financial Development Yet Different Economic Growth: Why?
Journal: Journal of Money, Credit and Banking
Abstract: We re-study the relationship between financial development and real GDP per capita growth in 48 countries. What we find is an interesting evidence that only stock market development has positive effects on growth and that banking development has an unfavorable, if not negative, effect on growth. We examine whether or not these impacts are a product of various financial and economic conditional variables. Our conditional variables consist of financial liberalization, two sets of country development dummies, crises in banking and currency dummies, the creditor protection index as well as the anti-director and corruption indices. Our results clearly show that the conditional variables of financial liberalization, high-income level, and good shareholder protection mitigate the negative impacts of banking development on growth. In contrast, the conditional variables of middle-income level, regional Latin American, Sub-Saharan African and East Asian dummies, banking and currency crises, good creditor protection, and higher corruption strengthen the negative impacts of banking development on growth. Next, the conditional variables of middle-income level, Latin American, Sub-Saharan African, and East Asian dummies strengthen the positive impacts of stock market development on growth, whereas the conditional variables of financial liberalization mitigate the positive impacts of stock market development on growth. Last, we find that the relationship between growth and bank development is better described as a weak inverse U-shape. This inverse U-shape becomes stronger when additional stock market variables are squared. Thus, financial development and growth may, in fact, be in a nonlinear form.
Pages: 1907-1944
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0095
File-Format: application/pdf
File-Function: full text
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:7:p:1907-1944

Template-Type: ReDIF-Article 1.0
Author-Name: Carlstrom, Charles T.
Author-Name: Fuerst, Timothy S.
Title: Oil Prices, Monetary Policy, and Counterfactual Experiments
Journal: Journal of Money, Credit and Banking
Abstract: Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.
Pages: 1945-1958
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0090
File-Format: application/pdf
File-Function: full text
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:7:p:1945-1958

Template-Type: ReDIF-Article 1.0
Author-Name: Zanetti, Francesco
Title: Labor Market Frictions, Indeterminacy, and Interest Rate Rules
Journal: Journal of Money, Credit and Banking
Abstract: This paper studies the emergence of indeterminate equilibria in a standard New Keynesian model characterized by labor market frictions, under a policy rule that reacts strictly to inflation. Given labor market frictions, monetary policy may not be able to prevent aggregate fluctuations from being driven solely by self-fulfilling expectations. This is not, though, a result that holds under all circumstances: a monetary policy that reacts to some average measures of inflation or to the output gap may guarantee determinacy in the economy.
Pages: 1959-1970
Issue: 7
Volume: 38
Year: 2006
Month: oct
File-URL: http://dx.doi.org/10.1353/mcb.2006.0098
File-Format: application/pdf
File-Function: full text
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:7:p:1959-1970

Template-Type: ReDIF-Article 1.0
Author-Name:
Eijffinger, Sylvester
Author-Name: Hoeberichts, Marco
Author-Name: Schaling, Eric
Title:
Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 137-39
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

In a comment on our recent paper in this journal, Beetsma and Jensen
claim that Propositions 3 and 4 of our paper are incorrect due to minor
computational mistakes. In this reply we give the correct propositions and
show that our results still stand. Our conclusion is that central bank
preference uncertainty may still be desirable if the beneficial effects on
output variability dominate the detrimental effects on the level and
variability of inflation.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:137-39

Template-Type: ReDIF-Article 1.0
Author-Name:
Beetsma, Roel M W J
Author-Name: Jensen, Henrik
Title:
Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 129-36
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

We demonstrate that in important cases Propositions 3 and 4 in
Eijffinger, Hoeberichts, and Schaling (2000) may fail. Moreover, their
monetary policy delegation arrangement, which advocates that central
banker preference uncertainty may be desirable, is dominated by other
arrangements without any such uncertainty. Finally, their way of modelling
preference uncertainty leads to arbitrary effects on average monetary
policy. Without these, preference uncertainty is never desirable.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:129-36

Template-Type: ReDIF-Article 1.0
Author-Name:
Furfine, Craig H
Title:
Interbank Exposures: Quantifying the Risk of Contagion.
Journal: Journal of Money, Credit and Banking
Pages: 111-28
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

This paper examines the degree to which the failure of one bank would
cause the subsequent collapse of other banks. Using unique data on
interbank payment flows, the magnitude of bilateral federal funds
exposures is quantified. These exposures are used to simulate the impact
of various failure scenarios, and the risk of contagion is found to be
economically small.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:111-28

Template-Type: ReDIF-Article 1.0
Author-Name:
Dotsey, Michael
Author-Name: Lantz, Carl
Author-Name: Scholl, Brian
Title:
The Behavior of the Real Rate of Interest.
Journal: Journal of Money, Credit and Banking
Pages: 91-110
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

This paper presents new facts regarding the behavior of the ex-ante real
rate of interest. These facts are notably different from conventional
wisdom about the cyclical properties of the real rate. In particular, we
find that the ex-ante real rate is contemporaneously positively correlated
with GDP and positively correlated with lagged cyclical output. There is
also evidence that high real rates are associated with strong cyclical
output one quarter into the future. Our results generally are not
sensitive to the estimation methodology, but are quite sensitive to the
price series used. This sensitivity is especially true for the Consumer
Price Index. Thus, we find evidence of specification uncertainty. We also
find that real rate behavior varies over different sample periods and that
the cyclical properties of the ex-ante and ex-post real rates are not
identical. Therefore, inferring ex-ante real rate behavior using ex-post
data is inappropriate.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:91-110

Template-Type: ReDIF-Article 1.0
Author-Name:
Fisher, Irving
Title:
Are Booms and Depressions Transmitted Internationally through Monetary Standards?
Journal: Journal of Money, Credit and Banking
Pages: 60-90
Issue: 1
Volume: 35
Year: 2003
Month: February
Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:60-90

Template-Type: ReDIF-Article 1.0
Author-Name:
Dimand, Robert W
Title:
Irving Fisher on the International Transmission of Booms and Depressions through Monetary Standards.
Journal: Journal of Money, Credit and Banking
Pages: 49-59
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

The role of monetary standards in the international transmission of
economic fluctuations, particularly the role of the gold standard in the
Depression, has attracted considerable recent attention, for instance from
Choudhri and Kochin (1980), Hamilton (1988), Temin (1989, 1993),
Eichengreen (1992), and Bernanke (1995). However, this literature has
overlooked a pioneering precursor: Irving Fisher, "Are Booms and
Depressions Transmitted Internationally Through Monetary Standards?"
(1935), which has also been neglected in the literature on Fisher. I
examine Fisher's contribution in the context of later research on the
topic and explore the place of Fisher (1935) in Fisher's work.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:49-59

Template-Type: ReDIF-Article 1.0
Author-Name:
Rapach, David E
Title:
International Evidence on the Long-Run Impact of Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 23-48
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

In this paper, I use a structural vector autoregression framework to
analyze the effects of a permanent change in inflation on the long-run
real interest rate and real output level in 14 industrialized countries.
Long-run monetary superneutrality is rejected for all 14 countries using
annual data: the results indicate that a permanent increase in inflation
lowers the long-run real interest rate in each country; a permanent
increase in inflation also increases the long-run real output level in a
number of countries. Long-run monetary superneutrality is also rejected
for four out of the five countries examined using quarterly data.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:23-48

Template-Type: ReDIF-Article 1.0
Author-Name:
Tevlin, Stacey
Author-Name: Whelan, Karl
Title:
Explaining the Investment Boom of the 1990s.
Journal: Journal of Money, Credit and Banking
Pages: 1-22
Issue: 1
Volume: 35
Year: 2003
Month: February
Abstract:

Real equipment investment in the United States boomed in the 1990s, led
by soaring investment in computers. We find that traditional aggregate
econometric models completely fail to capture the magnitude of this
growth-mainly because these models neglect to address two features that
were crucial (and unique) to the 1990s' investment boom. First, the pace
at which firms replace depreciated capital increased. Second, investment
was more sensitive to the cost of capital. We document that these two
features stem from the special behavior of investment in computers and
therefore propose a disaggregated approach. This produces an econometric
model that successfully explains the 1990s' equipment investment boom.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:1-22

Template-Type: ReDIF-Article 1.0
Author-Name:
Dutkowsky, Donald H
Author-Name: Cynamon, Barry Z
Title:
Sweep Programs: The Fall of M1 and Rebirth of the Medium of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 263-79
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

This paper investigates the effect of sweep programs on M1 using dynamic
simulations of money demand over 1994-2000. The postsample period
constitutes when sweep programs have been in effect. All models generate
predictions systematically above reported M1. Using data on newly
initiated programs, test findings indicate that sweeps account for the
overprediction within the conventional money demand model with a long-term
interest rate. We construct a medium of exchange measure, M/S, equal to M1
plus estimated holdings of sweep balances. M/S velocity compares favorably
with that of broader aggregates. Evidence indicates cointegration within
M/S money demand.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:263-79

Template-Type: ReDIF-Article 1.0
Author-Name:
Giannetti, Mariassunta
Title:
Bank-Firm Relationships and Contagious Banking Crises.
Journal: Journal of Money, Credit and Banking
Pages: 239-61
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

This paper argues that in an open economy a banking system with close
bank-firm relationships may be easily subject to contagious banking crises
because it is difficult to distinguish between "crony capitalism" and
"good" main bank relationships. 1 show that, if international investors
cannot distinguish the bank type, the distinction between crony capitalism
and good main bank relationships becomes very fuzzy. In particular, the
model can explain sequences of bank defaults within a country, even if the
insolvent banks are very few ex ante, as well as sequences of banking
crises among countries that are equally rated by international investors,
but indeed differ in the ex ante solvency of their banking system.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:239-61

Template-Type: ReDIF-Article 1.0
Author-Name:
Cysne, Rubens P
Title:
Divisia Index, Inflation, and Welfare.
Journal: Journal of Money, Credit and Banking
Pages: 221-38
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

This work addresses a usual criticism in the literature of the welfare
costs of inflation, related to the tact that some items in the relevant
definition of money pay interest, while others do not. We show that the
problem can be solved by using a Divisia index of monetary services as the
welfare measure.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:221-38

Template-Type: ReDIF-Article 1.0
Author-Name:
Mitra, Kaushik
Title:
Desirability of Nominal GDP Targeting under Adaptive Learning.
Journal: Journal of Money, Credit and Banking
Pages: 197-220
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

Nominal GDP targeting has been advocated by a number of authors since it
produces relative stability of inflation and output. However, all of the
papers assume rational expectations on the part of private agents. In this
paper I provide an analysis of this assumption. I use stability under
recursive learning as a criterion for evaluating nominal GDP targeting in
the context of a model with explicit micro-foundations which is currently
the workhorse for the analysis of monetary policy.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:197-220

Template-Type: ReDIF-Article 1.0
Author-Name:
Ball, Laurence
Author-Name: Romer, David
Title:
Inflation and the Informativeness of Prices.
Journal: Journal of Money, Credit and Banking
Pages: 177-96
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

This paper studies the welfare effects of the relative-price variability
arising from inflation. If customers and suppliers form long-term
relationships, prices have an informational role: a potential customer
uses current prices as signals of future prices. Inflation reduces the
informativeness of current prices, causing customers to make costly
mistakes about which relationships to enter. In addition, the reduced
informativeness of prices makes demand less price elastic, thereby
increasing markups. Both effects can be quantitatively significant at
moderate inflation rates.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:177-96

Template-Type: ReDIF-Article 1.0
Author-Name:
Berger, Allen N
Title:
The Economic Effects of Technological Progress: Evidence from the Banking Industry.
Journal: Journal of Money, Credit and Banking
Pages: 141-76
Issue: 2
Volume: 35
Year: 2003
Month: April
Abstract:

This paper examines technological progress and its effects in the banking
industry. Banks are intensive users of both IT and financial technologies,
and have a wealth of data available that may be helpful for the general
understanding of the effects of technological change. The research
suggests improvements in costs and lending capacity due to improvements in
"back-office" technologies, as well as consumer benefits from improved
"front-office" technologies. The research also suggests significant
overall productivity increases in terms of improved quality and variety of
banking services. In addition, the research indicates that technological
progress likely helped facilitate consolidation of the industry.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:141-76

Template-Type: ReDIF-Article 1.0
Author-Name:
Sironi, Andrea
Title:
Testing for Market Discipline in the European Banking Industry: Evidence from Subordinated Debt Issues.
Journal: Journal of Money, Credit and Banking
Pages: 443-72
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

The question of whether private investors can discriminate between the
risk taken by banks is empirically investigated by testing the risk
sensitivity of European banks' subordinated notes and debentures (SND)
spreads. A unique dataset of spreads, ratings, and accounting measures of
bank risk is used for a sample of SND issued during the 1991-2000:Q1
period. Moody's Bank Financial Strength (MBFS) and FitchIBCA Individual
(FII) ratings, which omit the influence of government and other external
support on risk borne by investors, are used as bank risk proxies together
with accounting variables to explain the variability of spreads. Empirical
results support the hypothesis that SND investors are sensitive to bank
risk, with the exception of SND issued by public sector banks, i.e.,
government owned or guaranteed institutions. Results also show that the
sensitivity of SND spreads to measures of stand-alone risk (i.e., measures
that do not incorporate external guarantees) has been increasing from the
first to the second part of the 1990s, with the perception of
too-big-to-fail type guarantees by private investors gradually
disappearing. This result can be attributed to the joint effect of the
loss of monetary policy by national central banks and the public budget
constraints imposed by the European Monetary Union (EMU).

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:443-72

Template-Type: ReDIF-Article 1.0
Author-Name:
Lambrecht, Bart M
Author-Name: Perraudin, William R M
Author-Name: Satchell, Steven
Title:
Mortgage Default and Possession under Recourse: A Competing Hazards Approach.
Journal: Journal of Money, Credit and Banking
Pages: 425-42
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

Recent studies by Ambrose, Buttimer, and Capone have stressed the fact
that lender and borrower decisions after the initial default on a mortgage
may significantly affect the amount and timing of recoveries and hence,
more broadly, the value and riskiness of mortgage loan portfolios. This
study uses microeconomic data from the UK to examine the timing decisions
of mortgage lenders and borrowers when mortgages are in default. The
results suggest that salary and interest rates influence timing decisions
more than loan-to-value ratios do and that lenders and borrowers
accelerate the resolution of delinquent mortgages as the economic climate
deteriorates.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:425-42

Template-Type: ReDIF-Article 1.0
Author-Name:
Kumbhakar, Subal C
Author-Name: Sarkar, Subrata
Title:
Deregulation, Ownership, and Productivity Growth in the Banking Industry: Evidence from India.
Journal: Journal of Money, Credit and Banking
Pages: 403-24
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

This paper analyzes the relationship between deregulation and total
factor productivity (TFP) growth in the Indian banking industry using a
generalized shadow cost function approach. TFP growth is decomposed into a
technological change, a scale, and a miscellaneous component. A
disaggregated panel data analysis, using the population of public and
private banks over 1985-96 that covers both pre- and post-deregulation
periods, indicates that a significant decline in regulatory distortions
and the anticipated increase in TFP growth have not yet materialized
following deregulation. While private sector banks have improved their
performance mainly due to the freedom to expand output, public sector
banks have not responded well to the deregulation measures.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:403-24

Template-Type: ReDIF-Article 1.0
Author-Name:
Driffill, John
Author-Name: Snell, Andrew
Title:
What Moves OECD Real Interest Rates?
Journal: Journal of Money, Credit and Banking
Pages: 375-402
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

This paper conducts a structural time-series analysis of ex-ante real
interest rates of the five major OECD economies. The relationships of
rates to permanent and temporary real and nominal shocks appear to be
qualitatively consistent with predictions of stochastic general
equilibrium business cycle models. U.S. real and nominal shocks are found
to be the most important causes of persistence in rates, but only nominal
shocks cause dynamic movements that are coherent across all countries. The
rise in real interest rates in the early 1980s was mainly due to nominal
shocks; real shocks played little or no role.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:375-402

Template-Type: ReDIF-Article 1.0
Author-Name:
Cardia, Emanuela
Author-Name: Kozhaya, Norma
Author-Name: Ruge-Murcia, Francisco J
Title:
Distortionary Taxation and Labor Supply.
Journal: Journal of Money, Credit and Banking
Pages: 350-73
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

This paper examines empirically the effects of distortionary taxation on
labor supply using a general equilibrium framework. The long-term
relations predicted by the model are derived and tested using data from
Canada, United States, Germany, and Japan. In all these countries,
labor-tax changes are found to be persistent and to have played an
important role in the observed downward trend in hours worked.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:350-73

Template-Type: ReDIF-Article 1.0
Author-Name:
Boschen, John F
Author-Name: Weise, Charles L
Title:
What Starts Inflation: Evidence from the OECD Countries.
Journal: Journal of Money, Credit and Banking
Pages: 323-49
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

We use a pooled cross-country time series framework to study the factors
associated with the start of 73 inflation episodes in OECD countries since
1960. We find that policy-makers' pursuit of high real growth targets and
national elections were important factors in initiating inflation
episodes. U.S. inflation turns out to be a triggering event for
simultaneous outbreaks of inflation across countries. Several other
explanations for inflation starts, including increases in the natural rate
of unemployment, oil price shocks, changes in the political orientation of
governments, and government debt policy, are not supported by the data.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:323-49

Template-Type: ReDIF-Article 1.0
Author-Name:
Benston, George, et al
Title:
Bank Capital Structure, Regulatory Capital, and Securities Innovations.
Journal: Journal of Money, Credit and Banking
Pages: 301-22
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

Since late 1993, nonfinancial corporations have used financial
instruments that permit them to treat preferred-stock dividends as
tax-deductible interest. Bank holding companies (BHCs), however, did not
issue these trust-preferred securities (TPS) until 1996, when the Federal
Reserve qualified them as Tier-1 capital. We delineate and test five, not
mutually exclusive, hypotheses by: (l) analyzing the stock-market's
reaction to the Fed's ruling and to TPS filings and (2) comparing BHCs
that issued TPS with those that did not. We find that regulatory capital
requirements, tax savings, and uninsured sources of funds had significant
positive effects on BHCs' demand for capital and that the market responded
favorably to TPS filings. Our event-study findings are contrary to prior
empirical results in that we find a positive market reaction to equity
offerings.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:301-22

Template-Type: ReDIF-Article 1.0
Author-Name:
Batini, Nicoletta
Author-Name: Yates, Anthony
Title:
Hybrid Inflation and Price-Level Targeting.
Journal: Journal of Money, Credit and Banking
Pages: 283-300
Issue: 3
Volume: 35
Year: 2003
Month: June
Abstract:

In this paper we investigate the properties of monetary regimes that
combine price-level and inflation targeting. We look both at an optimal
control and at a simple rule characterisation of these regimes. We derive
numerical results by modelling the economy as a small-scale open-economy
RE model calibrated on UK data. We conclude that: (1) the relative merits
of price-level and inflation targeting, as well as of mixes of these two,
depend on particular modelling and policy assumptions; and (2) these
merits do not always change gradually and/or monotonically as we move from
one regime to another.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:283-300

Template-Type: ReDIF-Article 1.0
Author-Name:
Chang, Wen-ya
Author-Name: Tsai, Hsueh-fang
Title:
Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 657-61
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

Using Gong and Zou's (2001) model, we reexamine the steady-state effect
of monetary growth on the capital stock in the presence of a
wealth-induced social status. We find that inflation negatively affects
the long-run capital stock if all investment and consumption goods are
liquidity constrained. Moreover, if all consumption goods and a faction of
investment goods are liquidity constrained, inflation has an uncertain
effect on the long-run capital stock, depending on the extent of the
desire for a wealth-induced social status. These results stand in contrast
to those of Gong and Zou (2001).

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:657-61

Template-Type: ReDIF-Article 1.0
Author-Name:
Whelan, Karl
Title:
A Two-Sector Approach to Modeling U.S. NIPA Data.
Journal: Journal of Money, Credit and Banking
Pages: 627-56
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

The one-sector Solow-Ramsey model is the most popular model of long-run
economic growth. This paper argues that a two-sector approach, in which
technological progress in the production of durable goods exceeds that in
the rest of the economy, provides a far better picture of the long-run
behavior of the U.S. economy. The paper shows how to use the two-sector
approach to model the real chain-aggregated variables currently featured
in the U.S. National Income and Product Accounts. It is shown that each of
the major chain-aggregates--output, consumption, investment, and capital
stock--will tend in the long run to grow at steady, but different, rates.
Implications for empirical analysis based on these data are explored.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:627-56

Template-Type: ReDIF-Article 1.0
Author-Name:
Leitemo, Kai
Title:
Targeting Inflation by Constant-Interest-Rate Forecasts.
Journal: Journal of Money, Credit and Banking
Pages: 609-26
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

This paper reviews the concept of constant-interest-rate inflation
forecast (CIR) targeting. It stresses the time-inconsistent nature of CIR
targeting and provides a new method for constructing CIR forecasts
consistently in the context of models with forward-looking variables. A
dynamic New Keynesian model with forward-looking price setting is used as
an illustration, suggesting that the main reason for choosing a relatively
long forecast targeting horizon lies in the monetary authorities'
objective to smooth interest rate movements, as greater nominal and real
stabilization is achieved at a relatively short inflation forecast
targeting horizon.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:609-26

Template-Type: ReDIF-Article 1.0
Author-Name:
Kahn, Charles M
Author-Name: McAndrews, James
Author-Name: Roberds, William
Title:
Settlement Risk under Gross and Net Settlement.
Journal: Journal of Money, Credit and Banking
Pages: 591-608
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

Previous comparative analyses of gross and net settlement have focused on
the credit risk of the central counterparty in net settlement arrangements
and on the incentives for participants to alter the risk of their
portfolios under net settlement. By modeling the trading economy that
generates the demand for payment services, we are able to show some
largely unexplored advantages of net settlement. We find that net
settlement can prevent certain gridlock situations, which may arise in
gross settlement in the absence of delivery versus payment requirements.
In addition, we show that net settlement can economize on collateral
requirements and avoid trading delays.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:591-608

Template-Type: ReDIF-Article 1.0
Author-Name:
Fratantoni, Michael
Author-Name: Schuh, Scott
Title:
Monetary Policy, Housing, and Heterogeneous Regional Markets.
Journal: Journal of Money, Credit and Banking
Pages: 557-89
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

We quantify the importance of heterogeneity for monetary policy using a
new heterogeneous-agent VAR (HAVAR) model that integrates national
monetary/financial markets with regional housing markets via the mortgage
rate. Although the HAVAR model has linear regional VARs, its aggregate
impulse responses exhibit two nonlinearities: (1) time variation, stemming
from aggregation over heterogeneous regions, and (2) state dependence on
initial economic conditions in regions. Thus, monetary policy has "long
and variable lags" because monetary transmission depends on the extent and
nature of regional heterogeneity, which both vary over time. The model is
estimated with data for U.S. regions from 1986 to 1996 and simulated to
show how coastal housing booms might influence the efficacy of monetary
policy.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:557-89

Template-Type: ReDIF-Article 1.0
Author-Name:
Favero, Carlo A
Author-Name: Rovelli, Riccardo
Title:
Macroeconomic Stability and the Preferences of the Fed: A Formal Analysis, 1961-98.
Journal: Journal of Money, Credit and Banking
Pages: 545-56
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

The rate of inflation in the U.S. has declined from an average of 4.5% in
the period 1960-79 to an average of 3.6% in 1980-98. Between those two
periods, the standard deviations of inflation and the output gap have also
declined. These facts can be attributed to the interaction of three
possible factors: a shift in central bank preferences, a reduction in the
variability of aggregate supply shocks, and a more efficient conduct of
monetary policy. In this paper we identify the relative roles of these
factors. Our framework is based on the estimation of a small structural
macro model for the U.S. economy jointly with the first order conditions,
which solve the intertemporal optimization problem faced by the Fed.
Overall, our results indicate that the policy preferences of the Fed, and
in particular the (implicit) inflation target, have changed drastically
with the advent of the Volcker-Greenspan era. In addition, we find that
the variance of supply shocks has been lower and monetary policy has been
conducted more efficiently during this period.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:545-56

Template-Type: ReDIF-Article 1.0
Author-Name:
Brewer, Elijah, III, et al
Title:
Does the Japanese Stock Market Price Bank-Risk? Evidence from Financial Firm Failures.
Journal: Journal of Money, Credit and Banking
Pages: 507-43
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

The ability of the Japanese stock market to appropriately price the
riskiness of Japanese financial firms has been frequently questioned,
particularly in light of Japan's widespread financial distress in recent
years and poor disclosure requirements. This paper examines the response
in equity returns of Japanese banks to the failure of four commercial
banks and two securities firms between 1995 and 1998. Using events
methodology, the analysis finds that share prices of surviving banks on
the whole responded unfavorably to the failures and that financially
weaker survivors were more adversely affected. This suggests that, despite
the distress and alleged opaqueness, bank shareholders were able to use
available indicators of financial condition both to incorporate new
information quickly into stock prices and to differentiate among banks.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:507-43

Template-Type: ReDIF-Article 1.0
Author-Name:
Bodenhorn, Howard
Title:
Short-Term Loans and Long-Term Relationships: Relationship Lending in Early America.
Journal: Journal of Money, Credit and Banking
Pages: 485-505
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

Recent banking theory holds that durable firm-bank relationships are
valuable to both parties. This paper uses the contract-specific loan
records of a 19th-century U.S. bank and shows that firms with extended
relationships received three principal benefits. First, firms with
extended relationships had lower credit costs. Second, long-term customers
provided fewer personal guarantees, which were an alternative to
collateral. Third, long-term customers were more likely to have loan terms
renegotiated during a credit crunch. These findings support theories that
banks realize cost advantages through the use of proprietary information.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:485-505

Template-Type: ReDIF-Article 1.0
Author-Name:
Ball, Laurence
Author-Name: Croushore, Dean
Title:
Expectations and the Effects of Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 473-84
Issue: 4
Volume: 35
Year: 2003
Month: August
Abstract:

This paper examines the predictive power of shifts in monetary policy, as
measured by changes in the real federal funds rate, for output, inflation,
and survey expectations of these variables. We find that policy shifts
have larger effects on actual output than on expected output; thus, policy
predicts errors in output expectations, a violation of rational
expectations. Policy shifts do not predict errors in inflation
expectations. We explain these results with a model in which agents
systematically underestimate the effects of policy on aggregate demand.
This model helps to explain the real effects of policy.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:4:p:473-84

Template-Type: ReDIF-Article 1.0
Author-Name:
Woo, David
Title:
In Search of "Capital Crunch": Supply Factors behind the Credit Slowdown in Japan.
Journal: Journal of Money, Credit and Banking
Pages: 1019-38
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

The seeming failure of loose monetary policy to reactivate Japan's
economy has led some observers to suggest that the usual credit channels
through which monetary policy affects the real economy are blocked, and
this is because of a pervasive shortage of bank capital that has induced a
leftward shift in the supply of bank credit. This is the so-called capital
crunch hypothesis. This paper finds support for the hypothesis in the bank
data for 1997--a year during which the landscape of the Japanese financial
system underwent some fundamental changes.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:1019-38

Template-Type: ReDIF-Article 1.0
Author-Name:
Scott, Jonathan A
Author-Name: Dunkelberg, William C
Title:
Bank Mergers and Small Firm Financing.
Journal: Journal of Money, Credit and Banking
Pages: 999-1017
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

In this study the effect of bank mergers on the most recent attempt to
obtain financing from a sample U.S. small firms in the mid-1990s is
examined. Banking mergers, which affected about 25% of the firms
responding to the survey, had no significant effect on the ability of
small firms to obtain a loan or the contract loan rate on the most recent
loan from a commercial bank. However, the incidence of mergers does appear
to increase nonprice loan terms, increase the incidence of related fees
for services, raise the frequency of searching for a new bank, and result
in deterioration of service quality Little evidence is found that the most
informationally opaque firms (e.g., the smallest firms) bear a higher cost
from mergers than do less informationally opaque firms.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:999-1017

Template-Type: ReDIF-Article 1.0
Author-Name:
Rosen, Richard J
Title:
Is Three a Crowd? Competition among Regulators in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 967-98
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

Banks are able to switch among three options for a primary federal
regulator: the FDIC, the Federal Reserve, and the OCC. We examine why they
switch and what the results of switches are. We find support for the
hypothesis that competition among regulators has beneficial aspects.
Regulators seem to specialize in offering banks that are changing strategy
the ability to improve performance by switching regulators. There is also
evidence that the ability to switch regulators allows banks to get away
from bank examiners who desire a quiet life, that is, examiners who
attempt to minimize the effort they spend on work.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:967-98

Template-Type: ReDIF-Article 1.0
Author-Name:
Perez, Stephen J
Author-Name: Siegler, Mark V
Title:
Inflationary Expectations and the Fisher Effect prior to World War I.
Journal: Journal of Money, Credit and Banking
Pages: 947-65
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

We use univariate and multivariate techniques to estimate the expected
price level changes for the U.S. during the pre-World War I period. We
also examine contemporaneous evidence from agricultural commodity futures
markets to measure inflationary expectations. Using previously neglected
data on consumer prices and a variety of techniques, we draw three main
conclusions not traditionally found for this period: (1) price level
changes were not white noise, (2) a significant portion of deflationary
and inflationary episodes was indeed expected, and (3) expected inflation
is positively and significantly correlated with nominal interest rates,
thus providing support for a short-run Fisher effect.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:947-65

Template-Type: ReDIF-Article 1.0
Author-Name:
Peek, Joe
Author-Name: Rosengren, Eric S
Author-Name: Tootell, Geoffrey M B
Title:
Identifying the Macroeconomic Effect of Loan Supply Shocks.
Journal: Journal of Money, Credit and Banking
Pages: 931-46
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

The inability to clearly distinguish the effects of shocks to loan supply
from those to loan demand has made it difficult to quantify the economic
importance of the credit channel in the transmission mechanism of monetary
policy. This study provides an innovative approach to identifying loan
supply shocks. Three different results confirm that loan supply shocks
have been successfully isolated from shifts in loan demand. Our measure is
particularly important for explaining inventory movements, the component
of GDP most dependent on bank lending; the effect is present even during
periods with strong loan demand; and the effect remains even when the
unpredictable part of the loan supply shock is isolated. This
identification enables us to show that loan supply shocks have had
economically important effects on the U.S. economy.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:931-46

Template-Type: ReDIF-Article 1.0
Author-Name:
Linnemann, Ludger
Author-Name: Schabert, Andreas
Title:
Fiscal Policy in the New Neoclassical Synthesis.
Journal: Journal of Money, Credit and Banking
Pages: 911-29
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

We analytically derive the cyclical effects of fiscal policy shocks in a
New Neoclassical Synthesis model. Price stickiness has the consequence
that a rise in government demand affects labor demand, while at the same
time the usual wealth effect boosts labor supply. The strength of the
demand effect depends on the response of the real interest rate governed
by the monetary policy regime. When the central bank controls money
growth, fiscal expansions are deflationary and might even be
contractionary, whereas output, wages, and, inflation can increase when
the rise in the real interest rate is dampened by an interest rate rule,
However, price stickiness alone is not sufficient to explain a rise in
consumption as predicted by Keynesian theory.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:911-29

Template-Type: ReDIF-Article 1.0
Author-Name:
Lange, Joe
Author-Name: Sack, Brian
Author-Name: Whitesell, William
Title:
Anticipations of Monetary Policy in Financial Markets.
Journal: Journal of Money, Credit and Banking
Pages: 889-909
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

In recent years, financial markets appear better able to anticipate
Federal Open Market Committee (FOMC) policy changes. Beginning in the late
1980s and early 1990s, longer-term interest rates and futures rates have
tended to incorporate movements in the federal funds rate several months
in advance, in contrast to the largely contemporaneous response typically
observed before that time. After identifying these emerging trends, the
paper parses the enhanced predictability into a component that can be
attributed to the autoregressive behavior of the funds rate and a
nonautoregressive component. The paper considers institutional
developments in FOMC policy making that may have contributed to each of
these components, including gradualism in adjusting the federal funds rate
target and transparency regarding the setting of the target and future
policy intentions.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:889-909

Template-Type: ReDIF-Article 1.0
Author-Name:
Jafarey, Saqib
Author-Name: Masters, Adrian
Title:
Output, Prices, and the Velocity of Money in Search Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 871-88
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

A monetary-search model with match specific preferences and traded
quantities is analyzed to assess how aggregate output, the price level,
and the velocity of money are affected by various forms of technological
change. Changes in the productive technology lead to output and prices
moving in opposite directions but provide no prediction for monetary
velocity. The matching technology directly affects monetary velocity and
output but has little impact on prices. Transactions technologies, which
affect the fixed cost of trading, are ambiguous with respect to
comovements of output and prices but systematically impact velocity.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:871-88

Template-Type: ReDIF-Article 1.0
Author-Name:
Buch, Claudia M
Title:
Information or Regulation: What Drives the International Activities of Commercial Banks?
Journal: Journal of Money, Credit and Banking
Pages: 851-69
Issue: 6
Volume: 35
Year: 2003
Month: Dec.
Abstract:

Information costs and regulatory barriers distinguish international
financial markets from national ones. Using panel data on bilateral assets
and liabilities of commercial banks, I empirically determine the impact of
information, costs and regulations, and I isolate intra-EU financial
linkages. I confirm that information costs and regulations are important
factors influencing international asset choices of banks, but their
relative importance differs among countries.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:851-69

Template-Type: ReDIF-Article 1.0
Author-Name:
Walsh, Carl E
Title:
Accountability, Transparency, and Inflation Targeting.
Journal: Journal of Money, Credit and Banking
Pages: 829-49
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

Inflation targeting regimes define a performance measure for the central
bank. A regime that places a large (small) weight on achieving the target
is analogous to a high- (low-) powered incentive scheme. High-powered
incentive structures promote accountability but may distort stabilization
policy. The optimal power under inflation targeting is derived under
perfect and imperfect information. The fundamental trade-off between
accountability and stabilization depends on the degree of transparency,
defined as the ability to monitor the central bank's performance.
Multiplicative uncertainty increases the optimal weight to place on
achieving an inflation target.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:829-49

Template-Type: ReDIF-Article 1.0
Author-Name:
Stiroh, Kevin J
Author-Name: Strahan, Philip E
Title:
Competitive Dynamics of Deregulation: Evidence from U.S. Banking.
Journal: Journal of Money, Credit and Banking
Pages: 801-28
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

This paper examines the impact of increased competition from deregulation
on the dynamics of the U.S. banking industry. We find the link between a
bank's relative performance and its subsequent market share growth
strengthens significantly after deregulation as competitive reallocation
effects transfer assets to better performers. Exit dynamics also change in
ways consistent with the disciplinary role of competition. The net effect
is a substantial reallocation of market share toward better banks. We
conclude that earlier regulation of U.S. banks blunted this market
mechanism and seriously hindered the competitive process.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:801-28

Template-Type: ReDIF-Article 1.0
Author-Name:
Sarno, Lucio
Author-Name: Taylor, Mark P
Author-Name: Peel, David A
Title:
Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997.
Journal: Journal of Money, Credit and Banking
Pages: 787-99
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

Several theoretical models of money demand imply nonlinear functional
forms for the aggregate demand for money, characterized by smooth
adjustment toward long-run equilibrium. In this paper, we propose a
nonlinear equilibrium correction model of U.S. money demand that is shown
to be stable over the sample period from 1869 to 1997.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:787-99

Template-Type: ReDIF-Article 1.0
Author-Name:
Ruge-Murcia, Francisco J
Title:
Inflation Targeting under Asymmetric Preferences.
Journal: Journal of Money, Credit and Banking
Pages: 763-85
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

This paper develops and estimates a game-theoretical model of inflation
targeting where the central banker's preferences are asymmetric around the
targeted rate. Specifically, positive deviations from the target can be
weighted more, or less, severely than negative ones in the central
banker's loss function. It is shown that some of the previous results
derived under the assumption of symmetry are not robust to this
generalization of preferences. Estimates of the central banker's
preference parameters for Canada, Sweden, and the UK are statistically
different from the one implied by the commonly used quadratic loss
function.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:763-85

Template-Type: ReDIF-Article 1.0
Author-Name:
Jones, John B
Title:
The Dynamic Effects of Firm-Level Borrowing Constraints.
Journal: Journal of Money, Credit and Banking
Pages: 743-62
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

In this paper, I develop a detailed dynamic model of firm behavior in
order to see whether financial constraints and endogenous exit are
important propagation mechanisms. To do this, I construct an economy where
firms face financial constraints, fixed costs, and persistent
idiosyncratic shocks. Using numerical methods, I analyze how a large
collection of these firms responds to aggregate productivity shocks. A
common result is that financial constraints tend to dampen the economy's
initial response to aggregate productivity shocks but equity accumulation
and exit dynamics amplify the longer-term response. The relative sizes of
these two effects, however, are sensitive to firms' environments.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:743-62

Template-Type: ReDIF-Article 1.0
Author-Name:
Devereux, Michael B
Author-Name: Yetman, James
Title:
Predetermined Prices and the Persistent Effects of Money on Output.
Journal: Journal of Money, Credit and Banking
Pages: 729-41
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

This note illustrates a model of predetermined pricing, where firms set a
fixed schedule of nominal prices at the time of price readjustment, based
on the work of Fischer (1977). This contrasts with the model of fixed
pricing, the specification underlying most recent dynamic sticky-price
models. It is well known that predetermined pricing cannot generate
substantial persistence in the real effects of monetary shocks when prices
are set via fixed duration contracts unless the contracts are of long
duration. However, we show that with a probabilistic model of price
adjustment, a predetermined pricing specification can produce almost as
much persistence as the more conventional model of fixed prices, without
the assumption of long average contract duration.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:729-41

Template-Type: ReDIF-Article 1.0
Author-Name:
DeYoung, Robert
Title:
De Novo Bank Exit.
Journal: Journal of Money, Credit and Banking
Pages: 711-28
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

Newly chartered banks provide an additional credit source for small
businesses, but the staying power of new banks can be weak. A multi-state
exit model is estimated for U.S. commercial banks chartered between 1980
and 1985 and for a benchmark sample of small established banks. The
determinants of failure are similar for both samples, but new bank failure
is more sensitive to adverse environmental conditions. The timing of new
bank exit-by-failure follows a life-cycle pattern, but the timing of new
bank exit-by-acquisition does not. There is mixed evidence on the efficacy
of regulations aimed at reducing new bank fragility.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:711-28

Template-Type: ReDIF-Article 1.0
Author-Name:
Choi, Woon Gyu
Author-Name: Oh, Seonghwan
Title:
A Money Demand Function with Output Uncertainty, Monetary Uncertainty, and Financial Innovations.
Journal: Journal of Money, Credit and Banking
Pages: 685-709
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

In a general equilibrium framework incorporating the money-in-the-utility
function approach, we show that output uncertainty and monetary
uncertainty as well as output, interest rates, and financial innovations
affect money demand. The estimated long-run relationships are consistent
with our postulated relation but not with the conventional one. Our model
delivers a high income elasticity consistent with cross-sectional evidence
and helps resolve MI demand puzzles. The model estimated in dynamic error
correction form exhibits a good level of stability and forecastability,
providing little support for the recent de-emphasis of monetary aggregates
due to the instability of money demand.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:685-709

Template-Type: ReDIF-Article 1.0
Author-Name:
Angelini, Paolo
Author-Name: Cetorelli, Nicola
Title:
The Effects of Regulatory Reform on Competition in the Banking Industry.
Journal: Journal of Money, Credit and Banking
Pages: 663-84
Issue: 5
Volume: 35
Year: 2003
Month: October
Abstract:

The paper analyzes the evolution of competitive conditions in the Italian
banking industry using firm-level balance sheet data for the period
1984-1997. Regulatory reform, large-scale consolidation, and competitive
pressure from other European countries have changed substantially the
banking environment, with potentially offsetting effects on the overall
degree of competitiveness. We find that competitive conditions, relatively
unchanged until 1992, have improved substantially thereafter, as signaled
by the decline in estimated markups. Also, we analyze for the first time
the long-run impact of the consolidation process on competition and find
no evidence that banks involved in mergers and acquisitions gained market
power: at the same time, they exhibit lower than average marginal costs.
Finally, after controlling for various factors that may have determined
the time pattern of banks' estimated markups, we still detect a
significant unexplained drop in our competitive conditions indicators
after 1992. Overall, our evidence is consistent with the hypothesis that
the deregulation process, which culminated with the implementation of the
Second Banking Directive in 1993, significantly contributed to improving
bank competition and that it may also have been an important determinant
of the consolidation process recorded by the Italian credit system during
the 1990s.

Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:663-84

Template-Type: ReDIF-Article 1.0
Author-Name: Lotz, Sebastien
Author-Name: Rocheteau, Guillaume
Title: On the Launching of a New Currency.
Journal: Journal of Money, Credit and Banking
Pages: 563-88
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper studies the appropriate way of launching a new fiat currency
within a dual currency search-theoretic framework. We demonstrate that
legal tender laws may not be sufficient to guarantee the acceptability of
the new currency, and that the old currency may continue to circulate if
the enforcement power of legal tender laws is weak, and the fraction of
individuals endowed with the new currency is too low. The possibility of
converting the old currency into the new one can ease the transition to
the new currency only if it is combined with strict legal tender laws.
Finally, a network externality may generate inefficiencies in the decision
to switch to the new currency.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:563-88

Template-Type: ReDIF-Article 1.0
Author-Name: Hooker, Mark A
Title: Are Oil Shocks Inflationary? Asymmetric and Nonlinear Specifications versus Changes in Regime.
Journal: Journal of Money, Credit and Banking
Pages: 540-61
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper identifies a structural break in core U.S. inflation Phillips
curves such that oil prices contributed substantially before 1981, but
since that time pass-through has been negligible. This characterization is
robust to a variety of re-specifications and fits the data better than
asymmetric and nonlinear oil price alternatives. Evidence does not support
the hypotheses that declining energy intensity or deregulation of
energy-producing and -consuming industries played an important role.
Monetary policy did not itself become less accommodative of oil shocks,
but may have helped create a regime where inflation is less sensitive to
price shocks more generally.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:540-61

Template-Type: ReDIF-Article 1.0
Author-Name: Faust, Jon
Author-Name: Svensson, Lars E O
Title: The Equilibrium Degree of Transparency and Control in Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 520-39
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
We examine a central bank's endogenous choice of degree of control and
degree of transparency, under both commitment and discretion. We argue
that discretion is the more realistic assumption for the choice of control
and that commitment is more realistic for the choice of transparency. For
the choice of control, under discretion maximum degree of control is the
only equilibrium. For the choice of transparency, under commitment, a
sufficiently patient bank with sufficiently low average inflation bias
will always choose minimum transparency. Thus, a maximum feasible degree
of control with a minimum degree of transparency is a likely outcome. The
Bundesbank and the Federal Reserve System are, arguably, examples of this.

Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:520-39

Template-Type: ReDIF-Article 1.0
Author-Name: Flandreau, Marc R
Title: "Water Seeks a Level": Modeling Bimetallic Exchange Rates and the Bimetallic Band.
Journal: Journal of Money, Credit and Banking
Pages: 491-519
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
Arbitrage costs are usually treated as a mere footnote in formal analyses
of bimetallism. At the same time, recent empirical research has
demonstrated their key importance, since they produced a "bimetallic
band". This paper provides the first model of bimetallism that takes this
explicitly into account and uses it to explain a number of stylized
features of the French bimetallic experience 1850-1870. First, the model
explains the association between the location of the price ratio within
its band and the nature (either cross or joint) of specie flows. Second,
it explains the correlation between bimetallic exchange rates and the
bimetallic ratio. And third, it explains the two-humps distribution of the
bimetallic ratio. This analysis leads to a reconsideration of bimetallism:
the fluctuations of the price ratio are no longer evidence of the collapse
of bimetallism, but are part of the normal functioning of a bimetallic
system.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:491-519

Template-Type: ReDIF-Article 1.0
Author-Name: van Tassel, Eric
Title: Signal Jamming in New Credit Markets.
Journal: Journal of Money, Credit and Banking
Pages: 469-90
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper develops a simple two-period model in which a lender's credit
operations in a new market end up externalizing information on borrowers'
repayment capabilities. This information improves the competitive position
of outside lenders by allowing them to enter the credit market with a more
accurate description of potential clients. Equilibrium strategies are then
identified where an inside lender chooses to offer a costly first-period
contract with the explicit objective of distorting the quality of the
external information flow in the second period.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:469-90

Template-Type: ReDIF-Article 1.0
Author-Name: Temple, Jonathan
Title: Openness, Inflation, and the Phillips Curve: A Puzzle.
Journal: Journal of Money, Credit and Banking
Pages: 450-68
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
Models of open economies with nominal rigidities are often thought to
predict a correlation between openness to trade and the slope of the
output-inflation trade-off, or Phillips curve. Using a variety of measures
of the trade-off and a standard measure of openness, this paper argues
that the direct evidence for a correlation is not strong. In turn, this
calls into question the usual explanation for the negative correlation
between openness and inflation that was documented by Romer (1993). The
paper considers some alternative explanations for the Romer evidence.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:450-68

Template-Type: ReDIF-Article 1.0
Author-Name: Tambakis, Demosthenes N
Title: Expected Social Welfare under a Convex Philips Curve and Asymmetric Policy Preferences.
Journal: Journal of Money, Credit and Banking
Pages: 434-49
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper evaluates the expected social welfare implications of monetary
policy with a convex Phillips curve under a symmetric loss function and an
asymmetric loss function corresponding to the "opportunistic approach" to
disinflation. The convex-asymmetric specification yields an inaction range
of inflation shocks for which the optimal monetary policy setting does not
adjust. For parameter estimates relevant to the U.S., numerical
simulations show that the symmetric loss function dominates the asymmetric
alternative in expected social welfare terms. Asymmetric policy
preferences enhance social welfare only under extreme parameter values.
This result is robust to sensitivity analysis with respect to inflation
variability and the degrees of Phillips curve convexity and preference
asymmetry, thereby supporting arguments for a tough anti-inflationary
stance by the Federal Reserve regardless of the "true" social loss
function.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:434-49

Template-Type: ReDIF-Article 1.0
Author-Name: Shea, John S
Title: Complementarities and Comovements.
Journal: Journal of Money, Credit and Banking
Pages: 412-33
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
Short-run interindustry comovement may be due either to common shocks or
to complementarities that progagate shocks across sectors. This paper
assesses the importance of input-output linkages, aggregate activity
spillovers, and local activity spillovers to comovement in postwar US
manufacturing. I find that input-output linkages and local activity
spillovers are important to comovement, while aggregate activity
spillovers are not important. I find that complementarities are important
to aggregate volatility, even after I remove observable aggregate shocks
from the data. Local spillovers are particularly important, explaining
between 15 and 36 percent of manufacturing employment volatility. The
importance of local spillovers stems from the fact that industries that
cluster together in space also comove through time, contrary to the
Marshallian idea that industries with negatively correlated fluctuations
should cluster together in order to stabilize local demand.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:412-33

Template-Type: ReDIF-Article 1.0
Author-Name: Ramirez, Carlos D
Title: Did Banks' Security Affiliates Add Value? Evidence from the Commercial Banking Industry during the 1920s.
Journal: Journal of Money, Credit and Banking
Pages: 393-411
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper finds that banks' security affiliates added 4% to 7% to the
market value of commercial banks in 1926 and 1927. This result is robust
to the inclusion of a large array of control variables, including risk,
regulatory environment, and financial health variables such as the
capital-asset ratio and profitability measures. Bank size explains about
40% of this premium, thus suggesting that economies of scale were present.
The remaining 60% of the premium most likely came from economies of scope.
This result implies that the Glass-Steagall Act, by disallowing banks'
involvement in the securities industry, had a direct cost in lost market
value for the commercial banking industry.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:393-411

Template-Type: ReDIF-Article 1.0
Author-Name: Miyao, Ryuzo
Title: The Effects of Monetary Policy in Japan.
Journal: Journal of Money, Credit and Banking
Pages: 376-92
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This article interprets time series facts regarding the sources of
business fluctuations in Japan and attempts to uncover possible
characteristics of the effects of monetary policy over the last two
decades. It argues that given the institutional features of the Bank of
Japan's operating procedures, a simple recursive vector autoregressive
(VAR) model that consists of interest rates, money, stock prices and
output, all in first differences, may serve as a useful benchmark for
Japan. The main finding is that monetary policy shocks in fact have a
persistent effect on real output especially in the rise and fall of
Japan's "bubble economy" in the late 1980s.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:376-92

Template-Type: ReDIF-Article 1.0
Author-Name: Mixon, Franklin G, Jr
Author-Name: Gibson, M Troy
Title: The Timing of Partisan and Nonpartisan Appointments to the Central Bank: Some New Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 361-75
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper empirically tests two prevalent but competing theories
regarding the timing of appointments to the Board of Governors by
presidential administrations. Both theories were developed simultaneously
in the economics literature by Havrilesky and Gildea (1992) and Waller
(1992) and are observationally equivalent by suggesting that
administrations will select partisans early in their four-year term and
nonpartisans (sectoral) later in their four-year term, although each bases
this prediction on a different theoretical model. Several empirical
replications (with updated data sets) presented here work to confirm the
solutions put forth consistently by both models. However, the results of a
new statistical test perhaps lends slightly more credence to the
theoretical foundations of Waller's bargaining model.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:361-75

Template-Type: ReDIF-Article 1.0
Author-Name: Hamilton, James D
Author-Name: Kim, Dong Heon
Title: A Reexamination of the Predictability of Economic Activity Using the Yield Spread.
Journal: Journal of Money, Credit and Banking
Pages: 340-60
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper revisits the yield spread's usefulness for predicting future
real GDP growth. We show that the contribution of the spread can be
decomposed into the effect of expected future changes in short rates and
the effect of the term premium. We find that both factors are relevant for
predicting real GDP growth but the respective contributions differ. We
investigate whether the cyclical behavior of interest rate volatility
could account for either or both effects. We find that while volatility
displays important correlations with both the term structure of interest
rates and GDP, it does not appear to account for the yield spread's
usefulness for predicting GDP growth.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:340-60

Template-Type: ReDIF-Article 1.0
Author-Name: Guiso, Luigi
Author-Name: Jappelli, Tullio
Title: Private Transfers, Borrowing Constraints and the Timing of Homeownership.
Journal: Journal of Money, Credit and Banking
Pages: 315-39
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
The 1991 Italian Survey of Household Income and Wealth contains
retrospective information on intergenerational transfers. This information
is used to estimate the impact of transfers on the saving time required to
purchase a house. It is found that transfers have a small impact on saving
time and that after receiving a transfer households purchase considerably
larger homes. The results have implications for the debate about the
source of the relation between aggregate saving and growth.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:315-39

Template-Type: ReDIF-Article 1.0
Author-Name: Shy, Oz
Author-Name: Tarkka, Juha
Title: The Market for Electronic Cash Cards.
Journal: Journal of Money, Credit and Banking
Pages: 299-314
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
We develop a theoretical framework aimed to model the pricing of
electronic cash cards and the market domain in which these cards will be
used in an environment where charge cards and currency (the legal tender)
are competing payment media. We also investigate whether the adoption of
the various payment media generates an underutilization or overutilization
of the electronic cash cards relative to currency.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:299-314

Template-Type: ReDIF-Article 1.0
Author-Name: Eichengreen, Barry
Title: When to Dollarize.
Journal: Journal of Money, Credit and Banking
Pages: 1-24
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
Implicit in the debate over dollarization are two very different views of
sequencing of policy measures. One view is that dollarization, to work
smoothly and yield more benefits than costs, must wait on the completion
of complementary reforms. The other view is that dollarization need not
wait on these other reforms because the very act of dollarizing will
produce the changes needed to smooth the operation of the new regime. In
this paper I consider these arguments as they apply to the cases of
labor-market reform, fiscal reform, and financial-sector reform. I
conclude that neither theory nor evidence suggests that removing all scope
for an independent monetary policy will necessarily accelerate the pace of
reform.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:1-24

Template-Type: ReDIF-Article 1.0
Author-Name: Pesenti, Paolo
Author-Name: van Wincoop, Eric
Title: Can Nontradables Generate Substantial Home Bias?
Journal: Journal of Money, Credit and Banking
Pages: 25-50
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
The past decade has witnessed an increase in the fraction of equity
portfolios invested abroad, as barriers to international asset trade have
significantly declined. What are the long-run implications of this
process? In this paper we investigate to what extent nontradables
(consumption and leisure) can affect the portfolio allocation decision in
otherwise integrated capital markets. We find that hedging against
nontradables shocks can account for only a small portfolio bias towards
domestic assets. These results suggest that in the near future we can
expect to observe sizable additional international diversification.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:25-50

Template-Type: ReDIF-Article 1.0
Author-Name: Peel, David A
Author-Name: Taylor, Mark P
Title: Covered Interest Rate Arbitrage in the Interwar Period and the Keynes-Einzig Conjecture.
Journal: Journal of Money, Credit and Banking
Pages: 51-75
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
In the Tract on Monetary Reform, Keynes (1923) conjectured that
deviations from covered interest rate parity would not be arbitraged
unless a profit of at least a half of one percent on an annualized basis
was available, and that larger deviations would still be moderately
persistent because of less than perfect elasticity of supply of arbitrage
fluids. This two-part conjecture was given further emphasis by other
writers on this period, notably Einzig (1937). We apply nonlinear
econometric techniques to a previously unexploited weekly data base for
the 1920s London and New York markets and find strong support for the
conjecture.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:51-75

Template-Type: ReDIF-Article 1.0
Author-Name: Coe, Patrick J
Title: Financial Crisis and the Great Depression: A Regime Switching Approach.
Journal: Journal of Money, Credit and Banking
Pages: 76-93
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
I explore the timing of and effects of the U.S. financial crisis of the
1930s in a regime switching framework. Estimated conditional probabilities
over the state of the financial sector suggest that a prolonged period of
crisis begins not with the 1929 stock market crash, but with the first
banking panic of October 1930. These probabilities also suggest that the
crisis persists until the introduction of Federal deposit insurance in
early 1934. Consistent with the view that this financial crisis had real
effects, these conditional probabilities contain additional explanatory
power for output fluctuations. This persists even when money is added to
the equation.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:76-93

Template-Type: ReDIF-Article 1.0
Author-Name: Cogley, Timothy
Title: A Simple Adaptive Measure of Core Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 94-113
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
This paper proposes a new measure of core inflation and compares it with
several existing measures. The new measure is adaptive and is designed to
track sudden and persistent movements in inflation, such as those arising
from changes in monetary policy regimes. The adaptive measure filters out
transients more effectively than existing measures, and it is a superior
predictor of locally mean-reverting components of inflation.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:94-113

Template-Type: ReDIF-Article 1.0
Author-Name: Balke, Nathan S
Author-Name: Petersen, D'Ann
Title: How Well Does the Beige Book Reflect Economic Activity? Evaluating Qualitative Information Quantitatively.
Journal: Journal of Money, Credit and Banking
Pages: 114-36
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
Eight times a year, approximately two weeks before every FOMC meeting,
the Federal Reserve releases a description of economic conditions in the
twelve Federal Reserve districts. Called the Beige Book, this description
relies primarily on surveys and anecdotal evidence gathered by the twelve
district banks. For this paper, we read and numerically scored past Beige
Books in order to determine the extent to which the descriptions in these
books accurately reflect current economic activity as measured by
quarterly real GDP growth. We find that both in-sample and out-of-sample,
the quantitative Beige Book indices do have significant predictive content
for current and next quarter real GDP growth. Furthermore, the Beige Book
has information about current quarter real GDP growth not present in other
indicators such as the Blue Chip Consensus Forecast or time series models
that use real-time data.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:114-36

Template-Type: ReDIF-Article 1.0
Author-Name: Bartolini, Leonardo
Author-Name: Bertola, Giuseppe
Author-Name: Prati, Alessandro
Title: Day-to-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate.
Journal: Journal of Money, Credit and Banking
Pages: 137-59
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
We propose a model of the interbank money market with an explicit role
for central bank intervention and periodic reserve requirements, and study
the interaction of profit-maximizing banks with a central bank targeting
interest rates at high-frequency. The model yields predictions on biweekly
patterns of the federal funds rate's volatility and on its response to
changes in target rates and in intervention procedures, such as those
implemented by the Fed in 1994. Theoretical results are consistent with
empirical patterns of interest rate volatility in the U.S. market for
federal funds.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:137-59

Template-Type: ReDIF-Article 1.0
Author-Name: Schellekens, Philip
Title: Caution and Conservatism in the Making of Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 160-77
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
Does society benefit from the delegation of monetary policy to cautious
and conservative central bankers? We offer a critical view on the
delegation literature and relax seemingly innocuous assumptions about
uncertainty and preferences. First, caution improves credibility but does
not obviate the need for central-bank conservatism. Second, previous
models of delegation have focused on suboptimal forms of conservatism. We
derive optimal concepts of conservatism that mitigate, or eliminate, any
residual problem of credibility. Third, we rationalize why credible
monetary policy may be conducive to stable inflation and output.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:160-77

Template-Type: ReDIF-Article 1.0
Author-Name: Jadresic, Esteban
Title: Wage Indexation and Output Stability Revisited.
Journal: Journal of Money, Credit and Banking
Pages: 178-96
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
Since Gray (1976) and Fischer (1977), the accepted view is that wage
indexation stabilizes output when shocks are nominal and destabilizes
output when shocks are real. This paper examines this proposition's
validity when wage indexation is based on lagged inflation. It shows that:
(i) in a Gray-Fischer economy with plausible parameters, indexing wages to
lagged inflation destabilizes output regardless of the type of shocks;
(ii) the Gray-Fischer result may be restored if nominal shocks have a
strong direct effect on prices, given wages; and (iii) wage indexation to
lagged inflation can be neutral for output stability if monetary policy is
accommodative.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:178-96

Template-Type: ReDIF-Article 1.0
Author-Name: Levy, Daniel
Author-Name: Dutta, Shantanu
Author-Name: Bergen, Mark
Title: Heterogeneity in Price Rigidity: Evidence from a Case Study Using Microlevel Data.
Journal: Journal of Money, Credit and Banking
Pages: 197-220
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
We combine two datasets to study price rigidity. The first consists of
weekly time series of retail, wholesale, and spot prices for twelve
products. These time series contain two exogenous cost shocks. We find
that prices exhibit more rigidity in response to the second shock than the
first. The second dataset consists of all publicly available information
about the shocks. Content analysis of these information reveals that the
first shock is larger and more persistent, and the market has more
information on it than the second. We conclude, therefore, that prices are
more flexible in response to cost shocks that are larger, that are more
persistent, and on which market participants have more information.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:197-220

Template-Type: ReDIF-Article 1.0
Author-Name: Lensink, Robert
Author-Name: Sterken, Elmer
Title: The Option to Wait to Invest and Equilibrium Credit Rationing.
Journal: Journal of Money, Credit and Banking
Pages: 221-25
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
Stiglitz and Weiss (1981) show that firms considering risky projects have
higher reservation interest rates and hence it is optimal for a bank to
reduce loan supply. In this note we show that when the risk involved in an
investment will be resolved in the future, investors with riskier projects
have a greater return from waiting. More risky projects have lower
reservation interest rates and hence there is no motive for banks to
ration credit demand.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:221-25

Template-Type: ReDIF-Article 1.0
Author-Name: Nilsen, Jeffrey H
Title: Trade Credit and the Bank Lending Channel.
Journal: Journal of Money, Credit and Banking
Pages: 226-53
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
The bank lending channel theory posits that during monetary contractions
banks restrict some firms' loans, thus reducing their desired investment
independently of interest rates. Previous research finds small firms
reduce, while large firms accelerate, loan growth. We find that small
firms increase trade credit, a substitute credit, indicating a strong loan
demand. It supports the bank lending channel: they do not voluntarily cut
bank loans since they increase a less-desirable alternative. Using trade
credit is propitious since unlike commercial paper (investigated by
previous researchers), it is widely used by the small firms suffering the
loan decline. Surprisingly, we also find large firms increase trade
credit, a puzzle since they are typically assumed to have wide access to
other credit. Using individual manufacturing firm data, we find the
reasons large firms use trade credit are financial in nature: those
without a bond rating increase trade credit (i.e. without access to open
market credit). As relatively few firms have this mark of quality, it
implies that more firms are affected by credit constraints than previously
believed.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:226-53

Template-Type: ReDIF-Article 1.0
Author-Name: Vander Vennet, Rudi
Title: Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe.
Journal: Journal of Money, Credit and Banking
Pages: 254-82
Issue: 1
Volume: 34
Year: 2002
Month: February
Abstract:
+In contrast to the United States, where the banking system has
historically been fragmented, the Second Banking Directive allows European
banks both to form financial conglomerates and hold equity stakes in
nonfinancial companies. This paper analyzes the cost and profit efficiency
of European financial conglomerates and universal banks. I find that
conglomerates are more revenue efficient than their specialized
competitors and that the degree of both cost and profit efficiency is
higher in universal banks than in nonuniversal banks. These results
indicate that the current trend toward further de-specialization may lead
to a more efficient banking system. An investigation of the equity betas
under varying business cycle conditions supports the hypothesis of
superior monitoring capabilities on the part of universal banks. Finally,
profit regressions suggest that operational efficiency has become the
major determinant of bank profitability and that oligopolistic rents have
become less prevalent in European banking.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:1:p:254-82

Template-Type: ReDIF-Article 1.0
Author-Name: Kiley, Michael T
Title: Partial Adjustment and Staggered Price Setting.
Journal: Journal of Money, Credit and Banking
Pages: 283-98
Issue: 2
Volume: 34
Year: 2002
Month: May
Abstract:
This paper compares Taylor-style staggered price setting to partial
adjustment of prices (or Calvo staggering) in a small optimizing IS/LM
model. In contrast to the overwhelming perception in the literature, the
models are not similar for most parameterizations. In particular, the
dynamic response of the economy to shocks is quite different in the two
models, and the welfare cost of price rigidity is eight or more times
larger in the Calvo model than in the Taylor model (for typical
calibrations). Suggestions for calibrations under which the models are
more similar are also presented.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:2:p:283-98

Template-Type: ReDIF-Article 1.0
Author-Name: Lux, Thomas
Author-Name: Sornette, Didier
Title: On Rational Bubbles and Fat Tails.
Journal: Journal of Money, Credit and Banking
Pages: 589-610
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper addresses the statistical properties of time series driven by
rational bubbles a la Blanchard and Watson (1982). Using insights on the
behavior of multiplicative stochastic processes, we demonstrate that the
tails of the unconditional distribution emerging from such bubble
processes follow power-laws (exhibit hyperbolic decline). More precisely,
we find that rational bubbles predict a "fat" power tail for both the
bubble component and price differences with an exponent mu smaller than 1.
The distribution of returns is dominated by the same power-law over an
extended range of large returns. Although power-law tails are a pervasive
feature of empirical data, these numerical predictions are in disagreement
with the usual empirical estimates. It therefore appears that exogenous
rational bubbles are hardly reconcilable with some of the stylized facts
of financial data at a very elementary level.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:589-610

Template-Type: ReDIF-Article 1.0
Author-Name: Murray, Christian J
Author-Name: Nelson, Charles R
Title: The Great Depression and Output Persistence.
Journal: Journal of Money, Credit and Banking
Pages: 1090-98
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
The persistence of shocks to aggregate output has been the subject of
continuing investigation since Nelson and Plosser (1982) suggested they
are largely permanent. Recent literature reaches mixed conclusions,
largely due to disagreement about how to treat the Great Depression. We
estimate output persistence based on a parametric bootstrap of a
Markov-switching model for GDP 1870-1994 in which the economy can switch
in and out of a turbulent state. Our results suggest that real shocks
persist indefinitely if we drop the maintained assumption of
homoskedasticity in favor of a Markov-switching representation of the
Great Depression.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:1090-98

Template-Type: ReDIF-Article 1.0
Author-Name: Rose, Andrew K
Author-Name: Engel, Charles
Title: Currency Unions and International Integration.
Journal: Journal of Money, Credit and Banking
Pages: 1067-89
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
This paper characterizes the integration patterns of international
currency unions (such as the CFA Franc Zone). We empirically explore
different features of currency unions, and compare them to countries with
sovereign monies by examining the criteria for Mundell's concept of an
optimum currency area. We find that members of currency unions are more
integrated than countries with their own currencies. For instance, we find
that currency union members have more trade and less volatile real
exchange rates than countries with their own monies; business cycles are
more highly synchronized across currency union countries than across
countries with sovereign monies.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:1067-89

Template-Type: ReDIF-Article 1.0
Author-Name: Focarelli, Dario
Author-Name: Panetta, Fabio
Author-Name: Salleo, Carmelo
Title: Why Do Banks Merge?
Journal: Journal of Money, Credit and Banking
Pages: 1047-66
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
The banking industry is consolidating at an accelerating pace, yet no
conclusive results have emerged on the benefits of mergers and
acquisitions. In order to investigate the motives and results of each type
of deal we consider separately acquisitions (that is, the purchase of the
majority of voting shares) and mergers, using Italian data. Mergers seek
to improve income from services, but the increase is offset by higher
staff costs; return on equity improves because of a decrease in capital.
Acquisitions aim to restructure the loan portfolio of the acquired bank;
improved lending policies result in higher profits.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:1047-66

Template-Type: ReDIF-Article 1.0
Author-Name: Bottazzi, Laura
Author-Name: Manasse, Paolo
Title: Credibility and Seigniorage in a Common Currency Area.
Journal: Journal of Money, Credit and Banking
Pages: 1034-46
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
In the paper we show that common currency areas tend to amplify the
inefficiencies associated with lack of credibility of monetary policy.
Lack of commitment in redistribution of seigniorage leads to excessive
inflation and suboptimal taxation in the Monetary Union. Lack of
commitment to inflation creates multiple inefficient equilibria that do
not exist in a regime of national monetary independence.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:1034-46

Template-Type: ReDIF-Article 1.0
Author-Name: Fukuta, Yuichi
Author-Name: Saito, Makoto
Title: Forward Discount Puzzle and Liquidity Effects: Some Evidence from Exchange Rates among the United States, Canada, and Japan.
Journal: Journal of Money, Credit and Banking
Pages: 1014-33
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
This paper empirically examines whether the interaction between foreign
exchange markets and monetary markets can help to resolve the forward
discount puzzle. Following the monetary models of Lucas (1990) and Fuerst
(1992), we define as liquidity effects (the negative impact of monetary
injection on nominal interest rates), temporary deviations from the
standard Euler equation. The liquidity effect identified by these models
weakens the linkage between current forward rates and expected future spot
rates, and improves on the standard rational expectations model that
predicts a one-to-one correspondence between the two. Using time series of
exchange rates among the United States, Canada, and Japan, this paper
shows that the liquidity measure identified above has an impact on forward
premiums, and that once the liquidity effect is taken into consideration,
the unbiased prediction of the forward discount rate is recovered to some
extent in a theoretically consistent manner.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:1014-33

Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Jeffrey A
Author-Name: Siems, Thomas F
Title: X-Efficiency in Banking: Looking beyond the Balance Sheet.
Journal: Journal of Money, Credit and Banking
Pages: 987-1013
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
The distribution free and stochastic frontier estimation methods are used
to derive bank specific measures of cost and profit X-efficiency. This is
done to investigate the importance of including aggregate measures of
off-balance-sheet (OBS) activities. The results indicate that economic
cost and production cost X-efficiency estimates increase with the
inclusion of the OBS measure. Profit X-efficiency estimates are largely
unaffected. Further, the composition of banks' OBS activities appears to
help explain interbank differences in cost and profit X-efficiency
estimates, whereas bank size and the mix between on- and off-balance-sheet
banking activities are largely uncorrelated with the X-efficiency
estimates.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:987-1013

Template-Type: ReDIF-Article 1.0
Author-Name: Nason, James M
Author-Name: Rogers, John H
Title: Investment and the Current Account in the Short Run and the Long Run.
Journal: Journal of Money, Credit and Banking
Pages: 967-86
Issue: 4
Volume: 34
Year: 2002
Month: November
Abstract:
Theoretical models of the relationship between investment and the current
account impose restrictions on the joint dynamic behavior of these
variables. These restrictions come in two forms. One imposes causal
orderings on investment and the current account. The other restriction
concerns the permanent responses of these variables to different shocks.
We use these restrictions to identify empirically structural shocks from
vector autoregressions of investment and the current account for Canada.
Under certain identifications, our results support the implications of the
intertemporal, small open economy model. However, these results are
sensitive to perturbations of the identifications.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:4:p:967-86

Template-Type: ReDIF-Article 1.0
Author-Name: McCauley, Robert Neil
Title: Panel: Implications of Declining Treasury Debt: International Market Implications of Declining Treasury Debt.
Journal: Journal of Money, Credit and Banking
Pages: 952-66
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:952-66

Template-Type: ReDIF-Article 1.0
Author-Name: Broaddus, J Alfred, Jr
Author-Name: Goodfriend, Marvin
Title: Panel: Implications of Declining Treasury Debt: Federal Reserve Asset Acquisition: A Proposal.
Journal: Journal of Money, Credit and Banking
Pages: 946-51
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:946-51

Template-Type: ReDIF-Article 1.0
Author-Name: Kohn, Donald L
Title: Panel: Implications of Declining Treasury Debt: What Should the Federal Reserve Do as Treasury Debt Is Repaid?
Journal: Journal of Money, Credit and Banking
Pages: 941-45
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:941-45

Template-Type: ReDIF-Article 1.0
Author-Name: Gokhale, Jagadeesh
Title: Comment on Government Asset and Liability Management in an Era of Vanishing Public Debt.
Journal: Journal of Money, Credit and Banking
Pages: 934-40
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:934-40

Template-Type: ReDIF-Article 1.0
Author-Name: Bohn, Henning
Title: Government Asset and Liability Management in a Era of Vanishing Public Debt.
Journal: Journal of Money, Credit and Banking
Pages: 887-933
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
The paper examines alternative options for managing public debt and
public assets in a government balance sheet framework that includes the
Treasury, the Federal Reserve, and Social Security. Even after September
11, U.S. fiscal policy is on a trajectory to accumulate substantial
"uncommitted funds." The paper examines how such funds should be invested.
I conclude that high-quality fixed-income securities are the best
benchmark and that Social Security is the most appropriate government
asset manager. The analysis of policy alternatives reveals a trilemma
between maintaining a liquid Treasury market, minimizing rent seeking, and
facilitating intergenerational risk sharing.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:887-933

Template-Type: ReDIF-Article 1.0
Author-Name: Orphanides, Athanasios
Title: Comment on the Conduct of Monetary Policy with a Shrinking Stock of Government Debt.
Journal: Journal of Money, Credit and Banking
Pages: 883-86
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:883-86

Template-Type: ReDIF-Article 1.0
Author-Name: Schreft, Stacey L
Author-Name: Smith, Bruce D
Title: The Conduct of Monetary Policy with a Shrinking Stock of Government Debt.
Journal: Journal of Money, Credit and Banking
Pages: 848-82
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This article considers the consequences for a central bank of a declining
stock of government debt. The model has a treasury that taxes, spends, and
issues debt; a central bank that conducts open market operations in
treasury debt; and banks that intermediate private savings. It suggests
that a sufficiently small stock of debt can put an economy on the Pareto
inferior side of the seigniorage Laffer curve, implying unnecessarily high
inflation. If there is also a primary budget deficit, equilibrium might
not exist. Discount-window lending is a potentially desirable alternative
to open market operations, especially if the loans are not subsidized.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:848-82

Template-Type: ReDIF-Article 1.0
Author-Name: Hau, Harald
Title: Real Exchange Rate Volatility and Economic Openness: Theory and Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 611-30
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper relates the volatility of the trade-weighted effective real
exchange rate to the degree of trade openness of an economy. The
theoretical part presents an intertemporal monetary model of a small open
economy with nominal rigidities. Both monetary and aggregate supply shocks
are shown to produce (ceteris paribus) smaller real exchange rate
movements if the country is more open to foreign trade. Empirical evidence
on a cross section of fortyeight countries confirms this relationship:
Differences in trade openness explain a large part of the cross-country
variation in the volatility of the effective real exchange rate.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:611-30

Template-Type: ReDIF-Article 1.0
Author-Name: Aizenman, Joshua
Author-Name: Marion, Nancy
Title: Reserve Uncertainty and the Supply of International Credit.
Journal: Journal of Money, Credit and Banking
Pages: 631-49
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper shows that uncertainty about an emerging market's
international reserves can affect the willingness of foreign investors to
supply international credits. We illustrate the relevance of this concern
for South Korea. Uncertainty has asymmetric effects. When the expected
reserve position of an emerging market is large relative to the potential
bailout in bad states of nature, reserve volatility does not matter.
However, the same amount of reserve volatility can cause a large reduction
in the supply of international credit if the private sector seriously
downgrades its priors about repayment possibilities or becomes more
pessimistic about the emerging market's reserve position.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:631-49

Template-Type: ReDIF-Article 1.0
Author-Name: Moore, Bartholomew
Author-Name: Schaller, Huntley
Title: Persistent and Transitory Shocks, Learning, and Investment Dynamics.
Journal: Journal of Money, Credit and Banking
Pages: 650-77
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper introduces a new approach to understanding investment. The
distinctive feature of our approach is that shocks to the economic
fundamentals have both persistent and transitory components, and that
firms must disentangle the persistent from the transitory shocks. The
model generates interesting dynamics. Simulations of the model show that
the response of investment to changes in the interest rate can vary widely
over time, that the current response of investment depends on the sequence
of past shocks, that investment will respond less when the firm is
confident about its beliefs and more when a change in economic
fundamentals challenges the firm's beliefs, and that investment booms and
crashes may occur without any change in the true state of the economy.
Simulations of the model also show that it captures many "stylized facts"
of investment dynamics documented in previous empirical studies.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:650-77

Template-Type: ReDIF-Article 1.0
Author-Name: Ratti, Ronald A
Title: On Optimal Contracts for Central Bankers and Inflation and Exchange-Rate-Targeting Regimes.
Journal: Journal of Money, Credit and Banking
Pages: 678-85
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper analyzes the issues of discretion and commitment in monetary
policy under an exchange rate-targeting regime. Neither a linear
state-contingent inflation contract for the central bank nor an explicit
state-contingent inflation target combined with a weight-conservative
central bank can now achieve the commitment equilibrium. It is shown that
a state-contingent contract conditioned on the exchange rate and past
output can implement the commitment equilibrium. Contracts conditioned on
the exchange rate and inflation and on inflation and past output can also
mimic the optimal rule under commitment.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:678-85

Template-Type: ReDIF-Article 1.0
Author-Name: Sollis, Robert
Author-Name: Leybourne, Stephen
Author-Name: Newbold, Paul
Title: Tests for Symmetric and Asymmetric Nonlinear Mean Reversion in Real Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 686-700
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
New tests, based on smooth transition autoregressive models, for mean
reversion in time series of real exchange rates are proposed. One test
forces mean reversion to be symmetric about the integrated process central
case, while the other permits asymmetry. The tests are applied to monthly
series of seventeen real exchange rates against the U.S. dollar and
fourteen against the Deutsche mark. They reveal stronger evidence against
the unit root null hypothesis than does the usual Dickey-Fuller test.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:686-700

Template-Type: ReDIF-Article 1.0
Author-Name: Haubrich, Joseph G
Author-Name: Thomson, James B
Title: A Conference Sponsored by the Federal Reserve Bank of Cleveland, October 24-26, 2001: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 701-06
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:701-06

Template-Type: ReDIF-Article 1.0
Author-Name: Fleming, Michael J
Title: Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings.
Journal: Journal of Money, Credit and Banking
Pages: 707-35
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
This paper makes use of a natural experiment of the U.S. Treasury
Department to examine the relationship between Treasury security issue
size and liquidity. Treasury bills that were first issued with 52 weeks to
maturity and then "reopened" at 26 weeks are shown to be more liquid than
comparable maturity bills that were first issued with 26 weeks to
maturity. The relationship is less pronounced when bills are "on-the-run"
(the most recently auctioned bills of a given maturity) than when they are
"off-the-run," and persists when controlling for other factors that affect
liquidity. The reopened bills are found to have higher yields (lower
prices) than comparable maturity bills, showing that the indirect
liquidity benefits of reopenings are more than offset by the direct supply
costs.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:707-35

Template-Type: ReDIF-Article 1.0
Author-Name: Jegadeesh, Narasimhan
Title: Comment on Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings.
Journal: Journal of Money, Credit and Banking
Pages: 736-39
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:736-39

Template-Type: ReDIF-Article 1.0
Author-Name: Boni, Leslie
Author-Name: Leach, J Chris
Title: Supply Contraction and Trading Protocol: An Examination of Recent Changes in the U.S. Treasury Market.
Journal: Journal of Money, Credit and Banking
Pages: 740-62
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
We investigate liquidity and trader behavior in the U.S. Treasury market
during recent supply contractions. As in the precontraction period,
dealers employ expandable order strategies to achieve greater-than-posted
depth at the posted price and use expandable orders more often when
expected information asymmetry is greater. Overall, however, dealers are
less likely to discover greater-than-quoted depth during the supply
contraction regimes. We find that, even after substantial losses in their
market share of coupon Treasury trading, brokers reporting voice-brokered
trading through GovPX provide an important protocol for depth discovery.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:740-62

Template-Type: ReDIF-Article 1.0
Author-Name: Chakravarty, Sugato
Title: Comment on Supply Contraction and Trading Protocol: An Examination of Recent Changes in the U.S. Treasury Market.
Journal: Journal of Money, Credit and Banking
Pages: 763-66
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:763-66

Template-Type: ReDIF-Article 1.0
Author-Name: Thomas, Sam
Title: The Saga of the First Stock Index Futures Contract: Benchmarks, Models, and Learning.
Journal: Journal of Money, Credit and Banking
Pages: 767-808
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
In the presence of imperfect, or perturbed benchmarks, pricing based on
relative valuation or arbitrage can be affected adversely. This study
highlights persistent pricing irregularities in the Kansas City Value Line
(KCVL) stock index futures market. This contract is especially interesting
because the underlying benchmark underwent a midstream change in
definition from a complex equally weighted geometric index to an equally
weighted arithmetic index. Empirical analysis reveals that during a
four-year period the market displayed herd-like behavior and priced the
KCVL (Geometric) contract using the simple but wrong cost-of-carry
benchmark model. A dramatic change occurs around the publication of the
Eytan-Harpaz (1986) model when the market turns efficient from the
perspective of this new model. The market appears to have succumbed
initially to a bad information cascade primarily because arbitrage was
difficult to understand and carry out under complex benchmarking. The
evidence provides empirical extension to the observational social learning
paradigms of Simon (1955), Banerjee (1992), and Bikhchandani, Hirshleifer,
and Welch (1992) that lead to behavioral herding and information cascades.

Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:767-808

Template-Type: ReDIF-Article 1.0
Author-Name: Stevens, Ed
Title: Comment on The Saga of the First Stock Index Futures Contract: Was It a Case of the Market Using the Wrong Model and Not Learning?
Journal: Journal of Money, Credit and Banking
Pages: 809-11
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:809-11

Template-Type: ReDIF-Article 1.0
Author-Name: Ambrose, Brent W
Author-Name: Dolly King, Tao-Hsien
Title: GSE Debt and the Decline in the Treasury Market.
Journal: Journal of Money, Credit and Banking
Pages: 812-39
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Abstract:
As a result of the economic expansion during the late 1990s, the size of
the federal debt has declined significantly. Contemporaneous with this
reduction in Treasury debt, growth in federal agency debt has been
remarkable. Understanding the impact of the decline in federal debt
outstanding on the GSE debt market is of critical importance to
policymakers involved in the debate regarding the costs and benefits of
the GSEs' Congressional charter. Thus, this paper separates the liquidity
effect of GSE benchmark creation from the substitution effect resulting
from the reduction in the Treasury debt market.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:812-39

Template-Type: ReDIF-Article 1.0
Author-Name: Gravelle, Toni
Title: Comment on GSE Debt and the Decline in the Treasury Debt Market.
Journal: Journal of Money, Credit and Banking
Pages: 840-47
Issue: 3
Volume: 34
Year: 2002
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:34:y:2002:i:3:p:840-47

Template-Type: ReDIF-Article 1.0
Author-Name: Alvarez, Fernando
Title: Comment on The Benefits of Dollarization When Stabilization Policy Lacks Credibility and Financial Markets Are Imperfect.
Journal: Journal of Money, Credit and Banking
Pages: 475-81
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:475-81

Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Title: Comment on Fiscal Consequences for Mexico of Adopting the Dollar.
Journal: Journal of Money, Credit and Banking
Pages: 617-25
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:617-25

Template-Type: ReDIF-Article 1.0
Author-Name: Sims, Christopher A
Title: Fiscal Consequences for Mexico of Adopting the Dollar.
Journal: Journal of Money, Credit and Banking
Pages: 597-616
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Dollarization implies a reduction in the menu of assets available to the
government and to the private sector in managing risk. Whatever the gains
from dollarization, the costs of reducing the asset menu need to be
weighed against them. This paper presents models, one a simple
generalization of a well-known model of tax smoothing by Barro, in which
these costs are explicit. Along the way, it suggests that there is likely
to be no reduction in interest costs to the government from dollarization.

Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:597-616

Template-Type: ReDIF-Article 1.0
Author-Name: Del Negro, Marco, et al
Title: Introduction: Context, Issues, and Contributions.
Journal: Journal of Money, Credit and Banking
Pages: 303-11
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:303-11

Template-Type: ReDIF-Article 1.0
Author-Name: Calvo, Guillermo A
Title: Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America.
Journal: Journal of Money, Credit and Banking
Pages: 312-34
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
The paper reviews the main challenges faced by policymakers in emerging
market economies, EM, in light of recent financial crises, and taking into
account salient factors like the existence of partial dollarization,
imperfect credibility, weak financial systems, and contagion. The standard
theory of optimal currency areas is discussed and criticized for omitting
the above factors. When these factors are taken into account, an extreme
foreign exchange regime like dollarization is shown to become much more
attractive. The paper discusses the pros and cons of dollarization and,
among other things, shows that the lack of a lender of last resort is not
necessarily a major drawback in EM. The paper also discusses inflation
targeting, IT. In a formal model, it is shown that IT could be subject to
credibility problems similar to those found in exchange rate-based
stabilization programs.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:312-34

Template-Type: ReDIF-Article 1.0
Author-Name: Kashyap, Anil K
Title: Comment on Capital Markets and the Exchange Rate.
Journal: Journal of Money, Credit and Banking
Pages: 335-38
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:335-38

Template-Type: ReDIF-Article 1.0
Author-Name: Levine, Ross
Author-Name: Carkovic, Maria
Title: How Much Bang for the Buck? Mexico and Dollarization.
Journal: Journal of Money, Credit and Banking
Pages: 339-63
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Two arguments advanced in favor of Mexico abandoning the peso and
adopting the U.S. dollar are to lower exchange rate volatility and
inflation. We are not able to identify an independent link between
economic growth and either the exogenous component of exchange rate
volatility or the exogenous component of inflation. Exchange rate
volatility generally reflects other factors, rather than representing an
independent growth determinant. The findings are consistent with
theoretical predictions that inflation influences growth by affecting
financial development. However, we present suggestive evidence that legal
reforms offer greater financial development dividends for Mexico than
adopting the dollar.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:339-63

Template-Type: ReDIF-Article 1.0
Author-Name: Faust, Jon
Title: Comment on How Much Bang for the Buck?
Journal: Journal of Money, Credit and Banking
Pages: 364-69
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:364-69

Template-Type: ReDIF-Article 1.0
Author-Name: Clarida, Richard H
Title: Comment on Optimal Central Bank Areas, Financial Intermediation, and Mexican Dollarization.
Journal: Journal of Money, Credit and Banking
Pages: 667-68
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:667-68

Template-Type: ReDIF-Article 1.0
Author-Name: Albanesi, Stefania
Author-Name: Christiano, Lawrence J
Title: Comment on The Costs of Losing Monetary Independence: The Case of Mexico.
Journal: Journal of Money, Credit and Banking
Pages: 398-403
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:398-403

Template-Type: ReDIF-Article 1.0
Author-Name: Del Negro, Marco
Author-Name: Obiols-Homs, Francesc
Title: Has Monetary Policy Been so Bad that It Is Better to Get Rid of It? The Case of Mexico.
Journal: Journal of Money, Credit and Banking
Pages: 404-33
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Motivated by the dollarization debate in Mexico, we estimate an
identified vector autoregression for the Mexican economy, using monthly
data from 1976 to 1997, taking into account the changes in the monetary
policy regime that occurred during this period. We find that (i) exogenous
shocks to monetary policy have had no impact on output and prices; (ii)
most of the shocks originated in the foreign sector; (iii) disturbances
originating in the U. S. economy have been a more important source of
fluctuations for Mexico than shocks to oil prices. We also study the
endogenous response of domestic monetary policy by means of a
counterfactual experiment. The results indicate that the response of
monetary policy to foreign shocks played an important part in the 1994
crisis.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:404-33

Template-Type: ReDIF-Article 1.0
Author-Name: Crucini, Mario J
Title: Comment on Has Monetary Policy Been so Bad that It Is Better to Get Rid of It? The Case of Mexico.
Journal: Journal of Money, Credit and Banking
Pages: 434-39
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:434-39

Template-Type: ReDIF-Article 1.0
Author-Name: Mendoza, Enrique G
Title: The Benefits of Dollarization When Stabilization Policy Lacks Credibility and Financial Markets Are Imperfect.
Journal: Journal of Money, Credit and Banking
Pages: 440-74
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Dollarization entails two potentially large benefits for emerging
economies. First, it may eliminate price and wealth distortions induced by
the lack of credibility of stabilization policies. Second, it may improve
the efficiency of financial markets by weakening informational or
institutional frictions driving credit constraints. Quantitative analysis
of a dynamic, stochastic equilibrium model calibrated to Mexican data
shows that the mean welfare gains of eliminating policy uncertainty are
staggering, ranging between 6.4 and 9 percent of trend consumption. The
mean welfare gain of weakening credit constraints is 4.6 percent.
Liability dollarization and sharp fluctuations in relative prices play a
key role in these results.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:440-74

Template-Type: ReDIF-Article 1.0
Author-Name: Stockman, Alan C
Title: Optimal Central Bank Areas, Financial Intermediation, and Mexican Dollarization.
Journal: Journal of Money, Credit and Banking
Pages: 648-66
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper argues that the most important effects of Mexican
dollarization would operate not through the standard "optimal currency
area" channels, which involve gains from reducing costs of translating and
exchanging currencies, gains from stabilization of business cycles. Nor
would it operate through possible welfare improvements from dollarization
as a commitment device for monetary policy. Instead, it would operate
through the effects of dollarization on financial intermediation,
investment, and economic growth. In particular, dollarization--like
adoption of the Euro--would involve not only a change in the currency used
to quote prices, perform accounting, and make transactions, but also to a
change in central bank (for Mexico), with attendant changes in
supervision, regulation, and monetary policies that, by affecting
incentives of banks and other financial intermediaries, would affect the
amount of financial intermediation and therefore overall investment and
growth. Examples drawn from various theories of financial intermediation
illustrate how the scale of intermediation can be affected by central bank
policies, and how this affects the costs and benefits of dollarization.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:648-66

Template-Type: ReDIF-Article 1.0
Author-Name: Borjas, George J
Author-Name: Fischer, Eric O'N
Title: Dollarization and the Mexican Labor Market.
Journal: Journal of Money, Credit and Banking
Pages: 626-47
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper examines how dollarization affects wages and employment in the
Mexican labor market. Dollarization is modeled as a fixed real exchange
rate and also as a potentially increased inflow of capital from abroad.
The effects of dollarization depend upon whether adopting a fixed exchange
reduces the rate of return on emigration and helps to attract foreign
capital. The paper investigates how Mexican emigration to the United
States responds to changes in bilateral economic conditions. The evidence
indicates that the flow of illegal immigrants from Mexico into the United
States is sensitive to economic conditions and is more volatile when the
Mexican monetary authorities have fixed the exchange rate in the past. In
contrast, the legal immigrant flow is not sensitive to changes in relative
economic conditions.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:626-47

Template-Type: ReDIF-Article 1.0
Author-Name: Cooley, Thomas F
Author-Name: Quadrini, Vincenzo
Title: The Cost of Losing Monetary Independence: The Case of Mexico.
Journal: Journal of Money, Credit and Banking
Pages: 370-97
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper develops a two-country monetary model calibrated to data from
the United States and Mexico to address the question of whether
dollarization is welfare improving for the two countries. Our findings
suggest that dollarization is not necessarily Pareto superior to monetary
independence for Mexico.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:370-97

Template-Type: ReDIF-Article 1.0
Author-Name: Schmitt-Grohe, Stephanie
Author-Name: Uribe, Martin
Title: Stabilization Policy and the Costs of Dollarization.
Journal: Journal of Money, Credit and Banking
Pages: 482-509
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper compares the welfare costs of business cycles in a dollarized
economy to those arising in economies in which monetary policy takes the
form of inflation targeting, money growth rate pegs, or devaluation rate
rules. The analysis is conducted within an optimizing model of a small
open economy with sticky prices. The model is calibrated to the Mexican
economy and is driven by three external shocks: terms of trade, world
interest rate, and import-price inflation. The welfare comparisons suggest
that dollarization is the least successful of the monetary policies
considered. Agents are willing to give up between 0.1 and 0.3 percent of
their nonstochastic steady-state consumption to see a policy other than
dollarization implemented.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:482-509

Template-Type: ReDIF-Article 1.0
Author-Name: Kehoe, Timothy J
Title: Comment on Dollarization and the Integration of International Capital Markets.
Journal: Journal of Money, Credit and Banking
Pages: 590-96
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:590-96

Template-Type: ReDIF-Article 1.0
Author-Name: Bencivenga, Valerie R
Author-Name: Huybens, Elisabeth
Author-Name: Smith, Bruce D
Title: Dollarization and the Integration of International Capital Markets: A Contribution to the Theory of Optimal Currency Areas.
Journal: Journal of Money, Credit and Banking
Pages: 548-89
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:548-89

Template-Type: ReDIF-Article 1.0
Author-Name: Espinosa-Vega, Marco A
Title: Comment on Optimal Exchange Rate Policy.
Journal: Journal of Money, Credit and Banking
Pages: 542-47
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:542-47

Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles
Title: Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets.
Journal: Journal of Money, Credit and Banking
Pages: 518-41
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper examines optimal exchange rate policy in two-country
sticky-price general equilibrium models in which households and firms
optimize over an infinite horizon in an environment of uncertainty. The
models are in the vein of the "new open-economy macroeconomics" as
exemplified by Obstfeld and Rogoff (1995, 1998, 2000). The conditions
under which fixed or floating exchange rates yield higher welfare depend
on the exact nature of price stickiness and on the degree of risk-sharing
opportunities. This paper presents some preliminary empirical evidence on
the behavior of consumer prices in Mexico that suggests failures of the
law of one price are important. The evidence on price setting and
risk-sharing opportunities is not refined enough to make definitive
conclusions about the optimal exchange rate regime for that country.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:518-41

Template-Type: ReDIF-Article 1.0
Author-Name: Zarazaga, Carlos E J M
Title: Comment on Stabilization Policy and the Costs of Dollarization.
Journal: Journal of Money, Credit and Banking
Pages: 510-17
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:510-17

Template-Type: ReDIF-Article 1.0
Author-Name: Newbold, Paul, et al
Title: U.S. and U.K. Interest Rates, 1890-1934: New Evidence on Structural Breaks.
Journal: Journal of Money, Credit and Banking
Pages: 235-50
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper presents econometric evidence on whether the founding of the
Federal Reserve in 1914 caused a structural change from level stationarity
to difference stationarity in U. S. and U.K. short-term nominal interest
rates. We develop new econometric tests that allow for parameter
transitions to test for a break of this kind and undertake a grid search
analysis of dates and speeds for the change. We find that U. S. nominal
interest rates most likely evolved rapidly to difference stationarity in
June 1917. For the United Kingdom we fail to reject the null that U.K.
interest rate series follow a difference stationary process over the
entire period 1890-1934. Our analysis differs from previous research on
this topic in that we take care to explore statistical uncertainty around
parameter estimates, and incorporate higher-order dynamics into our
econometric analysis.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:235-50

Template-Type: ReDIF-Article 1.0
Author-Name: Wu, Yangru
Author-Name: Zhang, Junxi
Title: The Effects of Inflation on the Number of Firms and Firm Size.
Journal: Journal of Money, Credit and Banking
Pages: 251-71
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
A typical money and growth model generally incorporates an implicit
assumption that the number of firms (or the set of goods available) is
fixed. This paper attempts to investigate the implications of relaxing
this assumption in a monopolistically competitive model with endogenous
markup. It is found that among other effects, inflation reduces the number
of firms and each firm's size; moreover, due to this new channel,
inflation induces secondary effects. One direct implication is that the
welfare costs of inflation in our framework are substantially higher than
those documented in existing models with standard features. Our findings
suggest that it is the lessening of competition that appears to be the
primary driving force.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:251-71

Template-Type: ReDIF-Article 1.0
Author-Name: Schunk, Donald L
Title: The Relative Forecasting Performance of the Divisia and Simple Sum Monetary Aggregates.
Journal: Journal of Money, Credit and Banking
Pages: 272-83
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper provides direct evidence on the forecasting performance of the
divisia monetary aggregates relative to the traditional simple sum
monetary aggregates. It is shown that forecasts of U.S. real GDP from a
four variable vector autoregression (VAR) are most accurate when a divisia
aggregate is used rather than a simple sum aggregate, particularly at
broad levels of aggregation. Further, the two M1 aggregates, relative to
the broader aggregates, are superior predictors of the GDP deflator, with
a slight edge going to divisia M1 over simple sum M1.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:272-83

Template-Type: ReDIF-Article 1.0
Author-Name: Grossman, Richard S
Title: Double Liability and Bank Risk Taking.
Journal: Journal of Money, Credit and Banking
Pages: 143-59
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper examines double liability as it existed in the United States
prior to the Great Depression and assesses its impact upon bank
risk-taking. Under double liability shareholders of failing banks could
lose, in addition to the initial purchase price of shares, an amount equal
to the par value of shares owned. This paper assesses whether or not banks
chartered in states with double liability laws undertook less risk than
banks operating under conventional limited liability. The results suggest
that double liability did reduce bank risk-taking, but did not guarantee
bank stability in times of widespread financial distress.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:143-59

Template-Type: ReDIF-Article 1.0
Author-Name: Humphrey, David B
Author-Name: Kim, Moshe
Author-Name: Vale, Bent
Title: Realizing the Gains from Electronic Payments: Costs, Pricing, and Payment Choice.
Journal: Journal of Money, Credit and Banking
Pages: 216-34
Issue: 2
Volume: 33
Year: 2001
Month: May
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:216-34

Template-Type: ReDIF-Article 1.0
Author-Name: Gong, Liutang
Author-Name: Zou, Heng-Fu
Title: Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model.
Journal: Journal of Money, Credit and Banking
Pages: 284-93
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
This paper presents an infinite-horizon model of optimal capital
accumulation with the social-status concern and the cash-in-advance
constraint. When the cash-in-advance constraint applies to both
consumption and investment, money is not superneutral. If only consumption
is subject to the cash-in-advance constraint, inflation increases capital
accumulation.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:284-93

Template-Type: ReDIF-Article 1.0
Author-Name: Bischoff, Charles W
Author-Name: Belay, Halefom
Title: The Problem of Identification of the Money Demand Function.
Journal: Journal of Money, Credit and Banking
Pages: 205-15
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Cooley and LeRoy (1981) have argued that if random shifts in money demand
are at least partially accommodated by the Federal Reserve, then there is
no obvious way to identify the money demand function for the purposes of
estimation. We argue that this is not correct, and that identification is
in fact straightforward, provided that the monetary authority reacts to at
least one variable not in the money demand function. If the monetary
authority looks at "everything" in making its policy, this condition is
likely to be fulfilled.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:205-15

Template-Type: ReDIF-Article 1.0
Author-Name: Easterly, William
Author-Name: Fischer, Stanley
Title: Inflation and the Poor.
Journal: Journal of Money, Credit and Banking
Pages: 160-78
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Using polling data for 31,869 households in 38 countries and allowing for
country effects, we show that the poor are more likely than the rich to
mention inflation as a top national concern. This result survives several
robustness checks. We also find direct measures of improvements in
well-being of the poor--the change in their share in national income, the
percent decline in poverty, and the percent change in the real minimum
wage--to be negatively correlated with inflation in pooled cross-country
samples.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:160-78

Template-Type: ReDIF-Article 1.0
Author-Name: Beetsma, Roel M W J
Author-Name: Bovenberg, A Lans
Title: The Optimality of a Monetary Union without a Fiscal Union.
Journal: Journal of Money, Credit and Banking
Pages: 179-204
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
The paper explores the case for monetary and fiscal unification. Monetary
policy suffers from an inflation bias because the monetary authorities are
not able to commit. With international risk-sharing, fiscal discipline
suffers from moral hazard. An inflation target alleviates the inflation
bias but weakens fiscal discipline. In a monetary union, however, this
adverse effect on fiscal discipline is weaker. This advantage of monetary
unification may outweigh the disadvantage of not being able to employ
monetary policy to stabilise country-specific shocks. While monetary
unification may thus be optimal, international risk-sharing may be
undesirable because it weakens fiscal discipline.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:179-204

Template-Type: ReDIF-Article 1.0
Author-Name: Selgin, George
Title: In-Concert Overexpansion and the Precautionary Demand for Bank Reserves.
Journal: Journal of Money, Credit and Banking
Pages: 294-300
Issue: 2
Volume: 33
Year: 2001
Month: May
Abstract:
Economists have long believed that, absent any public withdrawals of
high-powered money, an unregulated, closed banking system can expand its
assets and liabilities without encountering any shortage of reserves so
long as its members act in concert. Notwithstanding its popularity, this
"inconcert overexpansion" doctrine is inconsistent with standard theories
of the precautionary demand for bank reserves. Unless these theories are
themselves incorrect, concerns that complete removal of legal restrictions
on the competitive supply of bank money must result in an unstable or
indeterminate bank-money multiplier are misplaced.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:294-300

Template-Type: ReDIF-Article 1.0
Author-Name: Roisland, Oistein
Title: Institutional Arrangements for Monetary Policy When Output Is Persistent.
Journal: Journal of Money, Credit and Banking
Pages: 994-1014
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
A discretionary monetary policy gives rise to a constant average
inflation bias, a state-contingent inflation bias, and a stabilization
bias when output is persistent. The paper considers institutional
arrangements ("contracts") for central banks that remove these policy
imperfections. The average and state-contingent inflation biases can be
removed by directing the central bank to target the growth of nominal
income and appoint a central banker with a specific relative weight
attached to output stabilization. An alternative to this institutional
solution is to direct central banks to aim for a feasible output target.
Although this would remove the inflationary biases, the government must
appoint a "liberal" (as opposed to "conservative") central banker in order
to implement optimal stabilization.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:994-1014

Template-Type: ReDIF-Article 1.0
Author-Name: Campbell, John Y
Author-Name: Ludvigson, Sydney
Title: Elasticities of Substitution in Real Business Cycle Models with Home Protection.
Journal: Journal of Money, Credit and Banking
Pages: 847-75
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
This paper constructs a simple model of home production that demonstrates
the connection between the intertemporal elasticity of substitution in
market consumption (IES) and the static elasticity of substitution between
home and market consumption (SES). Understanding this connection is
important because there is a large body of empirical evidence suggesting
that the IES is small, but little evidence on the size of the SES. We use
our framework to shed light on the properties of a home production model
with a low IES. We find that such a model must have three fundamental
properties in order to match key aspects of aggregate U.S. data. First,
the steady-state growth rate of technology must be the same across
sectors. Second, shocks to technology must be sufficiently positively
correlated across sectors. Third, capital must be used more intensively in
the market sector than in the home sector. A home production model with
these three properties can be surprisingly successful at reconciling the
RBC paradigm with evidence for a low IES.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:847-75

Template-Type: ReDIF-Article 1.0
Author-Name: Einarsson, Tor
Author-Name: Marquis, Milton H
Title: Bank Intermediation over the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 876-99
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
A model is developed in which banks engage in valued asset transformation
by converting illiquid assets (working capital loans) into highly liquid
demand deposit accounts that households use for transactions purposes.
Consumption-smoothing behavior induces countercyclicality in the degree to
which firms rely on bank borrowings to finance their working capital
expenses, which is consistent with U.S. data. The importance of financial
markets that provide alternative sources of short-term funds to firms is
also illustrated. Absent these markets, nominal interest rates become
nearly perfectly positively correlated with output, which is
counterfactual, and monetary shocks induce (perhaps, artificially) large
aggregate employment responses.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:876-99

Template-Type: ReDIF-Article 1.0
Author-Name: DeYoung, Robert, et al
Title: The Information Content of Bank Exam Ratings and Subordinated Debt Prices.
Journal: Journal of Money, Credit and Banking
Pages: 900-925
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
Do supervisory examinations of large commercial banking firms produce
useful information not already reflected in market prices? To investigate
this question, we apply a new research methodology to data on bank exam
ratings and the subordinated debt risk spreads of their parent holding
companies. We find that government exams do produce new, value-relevant
information; that debenture prices do not immediately reflect this
information; and that the market prices the likely regulatory actions
implied by this information. These results have implications for market
versus regulatory discipline at large banking firms, and for proposals to
make subordinated debt mandatory for these firms.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:900-925

Template-Type: ReDIF-Article 1.0
Author-Name: Altunbas, Yener
Author-Name: Evans, Lynne
Author-Name: Molyneux, Philip
Title: Bank Ownership and Efficiency.
Journal: Journal of Money, Credit and Banking
Pages: 926-54
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
Agency issues associated with different types of firm ownership are an
area of concern in many banking systems where state-owned banks operate
alongside mutual and private-sector institutions. This paper uses a
variety of approaches to model cost and profit inefficiencies as well as
technical change for different ownership types in the German banking
market. We find little evidence to suggest that privately owned banks are
more efficient than their mutual and public-sector counterparts. While all
three bank ownership types benefit from widespread economies of scale,
inefficiency measures indicate that public and mutual banks have slight
cost and profit advantages over their private sector competitors.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:926-54

Template-Type: ReDIF-Article 1.0
Author-Name: Bennett, Paul
Author-Name: Peach, Richard
Author-Name: Peristiani, Stavros
Title: Structural Change in the Mortgage Market and the Propensity to Refinance.
Journal: Journal of Money, Credit and Banking
Pages: 955-75
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
We hypothesize that the intrinsic benefit required to trigger a
refinancing has become smaller, due to a combination of technological,
regulatory, and structural changes that have made mortgage origination
more competitive and more efficient and have raised financial awareness of
homeowners. To test this hypothesis, we estimate an empirical hazard model
of loan survival for two subperiods, using a database that allows us to
carefully control for homeowners' credit ratings, equity, loan size, and
measurable transaction costs. Our findings strongly confirm that credit
ratings and home equity have significant effects on the refinancing
probability. In addition, we provide evidence that homeowners postpone
refinancing in the face of increased interest rate volatility, consistent
with option value theory. Finally, our results support the hypothesis that
structural change in the mortgage market has increased homeowners'
propensity to refinance.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:955-75

Template-Type: ReDIF-Article 1.0
Author-Name: Parsley, David C
Author-Name: Popper, Helen A
Title: Official Exchange Rate Arrangements and Real Exchange Rate Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 976-93
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
We study the behavior of real exchange rates under various official
designations of exchange rate arrangements. Examining many currencies, we
find important differences across the designations. Most notably, real
exchange rate mean reversion is fastest when nominal exchange rates are
officially pegged. We also find a large nonlinear effect: adjustment is
fastest when the real exchange rate deviates greatly from its mean. This
nonlinear effect is also most striking among officially pegged currencies.
Finally, we find that nominal exchange rates, rather than prices, do most
of the adjusting.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:976-93

Template-Type: ReDIF-Article 1.0
Author-Name: Van Hove, Leo
Title: Optimal Denominations for Coins and Bank Notes: In Defense of the Principle of Least Effort.
Journal: Journal of Money, Credit and Banking
Pages: 1015-21
Issue: 4
Volume: 33
Year: 2001
Month: November
Abstract:
A number of recent articles argue that the "problem of Bachet"--the
problem of finding the most efficient set of standard weights--can shed
light on the problem of finding the optimal denominations of coins and
bank notes. The present note opposes this view and shows that the two
problems are different in a key way. It also argues that finding the
optimal denominational structure is a multicriteria optimization problem,
in which the principle of least effort should be given the greatest
weight.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:4:p:1015-21

Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles
Author-Name: Rogers, John H
Title: Violating the Law of One Price: Should We Make a Federal Case Out of It?
Journal: Journal of Money, Credit and Banking
Pages: 1-15
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
We use new disaggregated data on consumer prices to determine why there
is variability in prices of similar goods across U.S. cities. We address
questions similar to those that have arisen in the international context:
is this variability purely a result of market segmentation or do sticky
nominal prices play a role? We also examine how the degree of tradability
of a good influences price variability. Surprisingly, we find that
variability is larger for traded-goods. We attribute this finding to
greater price stickiness for non-traded goods. Distance between cities
accounts for a significant amount of the variation in prices between pairs
of cities. But we also find that nominal price stickiness plays an even
more significant role.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:1-15

Template-Type: ReDIF-Article 1.0
Author-Name: Alam, Ila M Semenick
Title: A Nonparametric Approach for Assessing Productivity Dynamics of Large U.S. Banks.
Journal: Journal of Money, Credit and Banking
Pages: 121-39
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
The 1980s marked an era of substantial change for the US commercial
banking industry. An issue of considerable interest to banking analysts
and economists alike is whether the intensified competitive pressure,
generated by deregulation and notable financial innovations, enhanced
productivity. To investigate the response to these changes, the
non-parametric Malmquist index is used to evaluate productivity dynamics.
A statistically significant productivity surge found between 1983 and 1984
is followed by productivity regress the next period; post-1985, sustained
productivity progress is observed for the remainder of the decade.
Productivity movements are primarily attributable to technological changes
rather than scale changes or convergence to the production frontier.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:121-39

Template-Type: ReDIF-Article 1.0
Author-Name: Kumbhakar, Subal C, et al
Title: The Effects of Deregulation on the Performance of Financial Institutions: The Case of Spanish Savings Banks.
Journal: Journal of Money, Credit and Banking
Pages: 101-20
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
This paper examines the impact of regulatory reform on the performance of
Spanish savings banks. To this end it uses panel data for the period
1986-95 and a flexible variable profit function that incorporates
time-varying technical efficiency. The focus is whether increased
competition brought on by deregulation affected performance of banks over
time. Bank performance, measured by the percentage change in
profitability, ceteris paribus, is decomposed into technical change and
change in technical efficiency both of which are defined in terms of the
profit function. We also examine output technical efficiency, which is
defined in terms of the production possibility frontier. Several
alternative models with different specifications of technical efficiency
are used to check robustness of the results. Empirical results show
declining levels of output technical efficiency along with a significantly
high rate of technical progress. In spite of declining technical
efficiency during this period, we find evidence of an increasing trend in
productivity growth.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:101-20

Template-Type: ReDIF-Article 1.0
Author-Name: Simonsen, Mario Henrique
Author-Name: Cysne, Rubens Penha
Title: Welfare Costs of Inflation and Interest-Bearing Money.
Journal: Journal of Money, Credit and Banking
Pages: 90-100
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
This note extends the Lucas' analysis of the welfare cost of inflation to
an economy with interest-bearing deposits. Lower and upper bounds to
Lucas' measure of the welfare cost of inflation are also provided. The
upper bound is shown to lie between Lucas' measure of the welfare cost of
inflation and the area under the money-demand curve.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:90-100

Template-Type: ReDIF-Article 1.0
Author-Name: Senda, Takashi
Title: Asymmetric Effects of Money Supply Shocks and Trend Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 65-89
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
This paper considers a possible explanation for the asymmetric effects of
money supply shocks. Based on a sticky price theory, I derive the
following two predictions: first, the relationship between trend inflation
and the degree of asymmetry is not simply monotonic, instead, increases in
inflation beyond some level can actually reduce the degree of asymmetry.
Secondly, the degree of asymmetry is high in countries where the standard
deviation of nominal GDP growth is high. I examine prewar and postwar data
for OECD countries and find that the cross-country evidence supports both
of these predictions.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:65-89

Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Peter
Author-Name: Laxton, Douglas
Author-Name: Rose, David
Title: An Evaluation of Alternative Monetary Policy Rules in a Model with Capacity Constraints.
Journal: Journal of Money, Credit and Banking
Pages: 42-64
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
A small model of the U.S. output-inflation nexus is used to examine the
implications of two policy rules, one where the interest rate responds to
contemporaneous inflation and one where the response is to predict future
inflation. The model is asymmetric in that positive deviations of
aggregate demand from potential are more inflationary than negative
deviations are disinflationary. With asymmetry, following a myopic rule
and allowing the economy to overheat requires deep or protracted
recessions to control inflation, whereas following a forward-looking rule
not only reduces volatility but also raises the equilibrium level of
output.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:42-64

Template-Type: ReDIF-Article 1.0
Author-Name: Arestis, Philip
Author-Name: Demetriades, Panicos O
Author-Name: Luintel, Kul B
Title: Financial Development and Economic Growth: The Role of Stock Markets.
Journal: Journal of Money, Credit and Banking
Pages: 16-41
Issue: 1
Volume: 33
Year: 2001
Month: February
Abstract:
Utilizing time series methods and data from five developed economies, we
examine the relationship between stock market development and economic
growth, controlling for the effects of the banking system and stock market
volatility. Our results support the view that, although both banks and
stock markets may be able to promote economic growth, the erects of the
former are more powerful. They also suggest that the contribution of stock
markets on economic growth may have been exaggerated by studies that
utilize cross-country growth regressions.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:16-41

Template-Type: ReDIF-Article 1.0
Author-Name: Coleman, William
Title: Is It Possible that an Independent Central Bank Is Impossible? The Case of the Australian Notes Issue Board, 1920-1924.
Journal: Journal of Money, Credit and Banking
Pages: 729-48
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
The history of the Australian Notes Issue Board over the period 1920-24
is presented. It is shown that the Board was created as a genuinely
independent monetary authority, but was soon abolished, as its policies
antagonised interests upon which the government depended. The episode
illustrates the thesis that the possibility of a genuinely independent
monetary authority is problematic.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:729-48

Template-Type: ReDIF-Article 1.0
Author-Name: Wang, Hung-Jen
Title: Production Smoothing When Bank Loan Supply Shifts: The Role of Variable Capacity Utilization.
Journal: Journal of Money, Credit and Banking
Pages: 749-66
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
How do firms smooth production when facing financing uncertainty? By
using a model incorporating financing constraints, this paper shows that
firms may adjust capacity utilization rates to buffer against financing
disturbances. In particular, it emphasizes that variable capacity
utilization plays the roles of both inter- and intra-temporal substitution
of capital in this context. The paper presents results from the
comparative statics and numerical calibrations of the model. These results
show that the implied short-run dynamics are consistent with business
cycle phenomena. The results also indicate that the long-run average of
the capital stock is not likely to be affected by financing uncertainty,
so that stabilization policy in the banking sector may only have a
second-order welfare gain.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:749-66

Template-Type: ReDIF-Article 1.0
Author-Name: Kuo, Biing-Shen
Author-Name: Mikkola, Anne
Title: How Sure Are We about Purchasing Power Parity? Panel Evidence with the Null of Stationary Real Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 767-89
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
This article presents evidence on mean reversion in industrial countries'
real exchange rates in a setup that accounts naturally for cross-sectional
dependence, is invariant to the benchmark currency and actually tests for
the null of interest, i.e. purchasing power parity. Our results are based
on the Kwiatkowski et al. (1992) test for the stationarity null
generalized in a multivariate random walk plus noise model by Nyblom and
Harvey (2000).
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:767-89

Template-Type: ReDIF-Article 1.0
Author-Name: Papell, David H
Author-Name: Theodoridis, Hristos
Title: The Choice of Numeraire Currency in Panel Tests of Purchasing Power Parity.
Journal: Journal of Money, Credit and Banking
Pages: 790-803
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
We investigate the implications of the choice of numeraire currency on
panel tests of Purchasing Power Parity under the current regime of
flexible exchange rates by conducting panel unit root tests with
twenty-one different base currencies. We show that the conditions
necessary for numeraire irrelevancy are not supported empirically, and
that the choice of numeraire currency can and does matter for PPP. The
evidence of PPP is stronger for European than for non-European base
currencies. Distance between the countries and volatility of the exchange
rates are the most important determinants of the results.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:790-803

Template-Type: ReDIF-Article 1.0
Author-Name: Wu, Jyh-Lin
Author-Name: Wu, Shaowen
Title: Is Purchasing Power Parity Overvalued?
Journal: Journal of Money, Credit and Banking
Pages: 804-12
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
The purpose of this paper is to re-examine the hypothesis of long-run
Purchasing Power Parity among industrial countries under the current float
using the panel data approach. We propose a new finite-sample panel data
unit-root test procedure that allows for a general serial correlation
structure and arbitrary contemporaneous correlation in model innovations
across countries. This procedure is then applied to the recently developed
panel data unit-root tests of Im, Pesaran and Shin (1996) and of Maddala
and Wu (1999). The test results show sufficient evidence against the
unit-root null for most samples. By comparing our results with the
existing ones in the literature, we found that the method of assuming a
restrictive serial correlation structure tends to weaken evidence against
the unit-root null.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:804-12

Template-Type: ReDIF-Article 1.0
Author-Name: Frame, W Scott
Author-Name: Srinivasan, Aruna
Author-Name: Woosley, Lynn
Title: The Effect of Credit Scoring on Small-Business Lending.
Journal: Journal of Money, Credit and Banking
Pages: 813-25
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
This paper examines the effect of credit scoring on small-business
lending for a sample of large U. S. banking organizations. We find that
credit scoring is associated with an 8.4 percent increase in the portfolio
share of small-business loans, or $4 billion per institution. However, we
fail to uncover any specific attributes of bank small-business
credit-scoring programs that lead to this increased lending. Overall, we
conclude that credit scoring lowers information costs between borrowers
and lenders, thereby reducing the value of traditional, local bank lending
relationships.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:813-25

Template-Type: ReDIF-Article 1.0
Author-Name: Woodford, Michael
Title: Fiscal Requirements for Price Stability.
Journal: Journal of Money, Credit and Banking
Pages: 669-728
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
Maintaining price stability requires not only commitment to an
appropriate monetary policy rule, but an appropriate fiscal policy rule as
well. Ricardian equivalence does not imply that fiscal policy is
irrelevant, except in the case of a certain class of policies ("Ricardian"
policies). The role of fiscal developments in inflation determination
under a non-Ricardian regime is illustrated through an analysis of the
bond-price support regime of the 1940s. A monetary-fiscal regime with
attractive properties would combine a "Taylor rule" for monetary policy
with nominal-deficit targeting as a fiscal policy commitment.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:669-728

Template-Type: ReDIF-Article 1.0
Author-Name: Lucas, Andre
Title: Evaluating the Basle Guidelines for Backtesting Banks' Internal Risk Management Models.
Journal: Journal of Money, Credit and Banking
Pages: 826-46
Issue: 3
Volume: 33
Year: 2001
Month: August
Abstract:
The 1996 Amendment to the Baste capital accord to incorporate market
risks constitutes a breakthrough in the determination of capital
requirements. Rather than dictating these requirements through a uniform
supervisory approach, banks are allowed to use their own, internal models
for computing the capital required. In order to mitigate moral hazard
problems and stimulate banks to use adequate internal models, the models
must be subjected to a backtesting procedure. If a model produces too many
incorrect predictions, increased capital requirements result. This paper
provides an evaluation of the current internal models approach in
conjunction with the proposed backtesting procedure. In particular, using
a stylized representation of the present supervisory framework, we
investigate whether banks are provided with the right incentives to come
up with the correct internal model. We find that under the current
regulatory framework banks are prone to under-reporting their true market
risk. A much stricter penalty scheme is required in order to align banks'
incentives with those of the supervisor. We check the sensitivity of our
results to changes in the length of the planning horizon, portfolio risk,
time preferences, risk attitudes, and the distribution of financial
returns.
Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:826-46

Template-Type: ReDIF-Article 1.0
Author-Name: Fuhrer, Jeffrey C
Author-Name: Sniderman, Mark S
Title: Monetary Policy in a Low-Inflation Environment: Conference Summary.
Journal: Journal of Money, Credit and Banking
Pages: 845-69
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:845-69

Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 870-904
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
This paper explores several issues concerning a possible zero lower bound
(ZLB) including its theoretical rationale; the magnitude of effects of low
sustained inflation on real interest rates; the validity of analyzing
monetary policy in models with no monetary variables; and the dynamic
stabilizing properties of Taylor rules in a ZLB context. The most
important argument, however, is that if the short nominal rate is
immobilized at zero, there nevertheless exists a route for monetary
stabilization policy to be effective-via the foreign exchange market. Its
quantitative importance is examined in a calibrated, optimizing,
open-economy model.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:870-904

Template-Type: ReDIF-Article 1.0
Author-Name: Christiano, Lawrence J
Title: Comment on Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 905-30
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:905-30

Template-Type: ReDIF-Article 1.0
Author-Name: Wallace, Neil
Title: Comment on Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 931-35
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:931-35

Template-Type: ReDIF-Article 1.0
Author-Name: Reifschneider, David
Author-Name: Willams, John C
Title: Three Lessons for Monetary Policy in a Low-Inflation Era.
Journal: Journal of Money, Credit and Banking
Pages: 936-66
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
The zero lower bound on nominal interest rates constrains the central
bank's ability to stimulate the economy during downturns. We use the
FRB/US model to quantify the effects of the zero bound on macroeconomic
stabilization and to explore how policy can be designed to minimize these
effects. During particularly severe contractions, open-market operations
alone may be insufficient to restore equilibrium; some other stimulus is
needed.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:936-66

Template-Type: ReDIF-Article 1.0
Author-Name: Sims, Christopher A
Title: Comment on Three Lessons for Monetary Policy in a Low-Inflation Era.
Journal: Journal of Money, Credit and Banking
Pages: 967-72
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:967-72

Template-Type: ReDIF-Article 1.0
Author-Name: Taylor, John B
Title: Comment on Three Lessons for Monetary Policy in a Low-Inflation Era.
Journal: Journal of Money, Credit and Banking
Pages: 973-78
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:973-78

Template-Type: ReDIF-Article 1.0
Author-Name: DeLong, J Bradford
Title: America's Historical Experience with Low Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 979-93
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
The inflation of the 1970s was a marked deviation from America's typical
peacetime historical pattern as a hard-money country. We should expect
America to continue to be a hard-money--low inflation--country in the
future, at least in peacetime. The low rate of future inflation that we
thus forecast changes the balance of macroeconomic risks and
opportunities. The risk of debt-deflation-mediated recessions is somewhat
higher because a low trend rate of goods-and-services price index
inflation somewhat increases the chances of deflation. But it does not
raise such risks as much as one might think. The failure of the Fisher
effect to hold empirically means that a low-inflation era will in all
likelihood be a high real interest rate era. But such high real interest
rates do not appear to significantly discourage investment or growth.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:979-93

Template-Type: ReDIF-Article 1.0
Author-Name: Bernanke, Ben S
Title: Comment on America's Historical Experience with Low Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 994-97
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:994-97

Template-Type: ReDIF-Article 1.0
Author-Name: English, William B
Title: Comment on America's Historical Experience with Low Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 998-1006
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:998-1006

Template-Type: ReDIF-Article 1.0
Author-Name: Goodfriend, Marvin
Title: Overcoming the Zero Bound on Interest Rate Policy.
Journal: Journal of Money, Credit and Banking
Pages: 1007-35
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
The paper proposes three options for overcoming the zero bound on
interest rate policy: a carry tax on money, open market operations in long
bonds, and monetary transfers. A variable carry tax on electronic bank
reserves could enable a central bank to target negative nominal interest
rates. A carry tax could be imposed on currency to create more leeway to
make interest rates negative. Quantitative policy--monetary transfers and
open market purchases of long bonds--could stimulate the economy by
creating liquidity broadly defined. A central bank needs more fiscal
support than usual from the Treasury to pursue quantitative policy at the
interest rate floor.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1007-35

Template-Type: ReDIF-Article 1.0
Author-Name: Bryant, Ralph C
Title: Comment on Overcoming the Zero Bound on Interest Rate Policy.
Journal: Journal of Money, Credit and Banking
Pages: 1036-50
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1036-50

Template-Type: ReDIF-Article 1.0
Author-Name: Freedman, Charles
Title: Comment on Overcoming the Zero Bound on Interest Rate Policy.
Journal: Journal of Money, Credit and Banking
Pages: 1051-57
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1051-57

Template-Type: ReDIF-Article 1.0
Author-Name: Saunders, Anthony
Title: Low Inflation: The Behavior of Financial Markets and Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 1058-87
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
This paper provides a broad overview of the potential impact of low
inflation (deflation) on US financial markets and institutions. It is
argued that the contemporary experience of Japan and the historical
experience of the U.S. in the 1920s and 30s offer only limited insights
into the potential impact of low inflation (deflation) on today's US
financial system. A number of potential implications are discussed
including a decline in secondary market trading and a trend towards
reintermediation. In addition, low inflation/deflation is likely to have a
material effect on bank duration and convexity exposures.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1058-87

Template-Type: ReDIF-Article 1.0
Author-Name: Campbell, John Y
Title: Comment on Low Inflation: The Behavior of Financial Markets and Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 1088-92
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1088-92

Template-Type: ReDIF-Article 1.0
Author-Name: Blinder, Alan S
Title: Monetary Policy at the Zero Lower Bound: Balancing the Risks: Summary Panel.
Journal: Journal of Money, Credit and Banking
Pages: 1093-99
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1093-99

Template-Type: ReDIF-Article 1.0
Author-Name: Mussa, Michael
Title: Reflections on Monetary Policy at Low Inflation: Summary Panel.
Journal: Journal of Money, Credit and Banking
Pages: 1100-1106
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1100-1106

Template-Type: ReDIF-Article 1.0
Author-Name: Ueda, Kazuo
Title: Japan's Experience with Zero Interest Rates: Summary Panel.
Journal: Journal of Money, Credit and Banking
Pages: 1107-09
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:1107-09

Template-Type: ReDIF-Article 1.0
Author-Name: Altig, David E
Title: Introduction: The Role of Central Banks in Money and Payments Systems.
Journal: Journal of Money, Credit and Banking
Pages: 435-42
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:435-42

Template-Type: ReDIF-Article 1.0
Author-Name: Cavalcanti, Ricardo de O
Author-Name: Wallace, Neil
Title: Inside and Outside Money as Alternative Media of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 443-57
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
We study a random matching model of money in which a subset of people,
called bankers, have known histories and the rest, called nonbankers, have
unknown histories. Earlier, we showed that if there are no outside assets,
then an optimal arrangement has bankers issuing objects, banknotes, that
are used in trades involving nonbankers. Here, the same model is used to
compare such exclusive use of inside money to the exclusive use of outside
money. We show that the set of implementable outcomes using outside money
is a strict subset of the set using inside money.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:443-57

Template-Type: ReDIF-Article 1.0
Author-Name: Craig, Ben
Title: Comment on Inside and Outside Money as Alternative Media of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 458-60
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:458-60

Template-Type: ReDIF-Article 1.0
Author-Name: Wright, Randall
Title: Comment on Inside and Outside Money as Alternative Media of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 461-68
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:461-68

Template-Type: ReDIF-Article 1.0
Author-Name: Williamson, Stephen D
Title: Private Money.
Journal: Journal of Money, Credit and Banking
Pages: 469-91
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
A random matching environment is constructed where banks mitigate a
mismatch between the timing of investment payoffs and when agents wish to
consume. Claims on banks may serve as media of exchange, i.e. private
money. Two problems can emerge with private money. First, there may exist
welfare-dominated equilibria where banks hold low-return assets. Second,
private media of exchange may be subject to lemons problems. In spite of
these problems, the introduction of fiat money can decrease welfare, as
this displaces private money and results in a crowding out of productive
intermediation.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:469-91

Template-Type: ReDIF-Article 1.0
Author-Name: Chang, Roberto
Title: Comment on Private Money.
Journal: Journal of Money, Credit and Banking
Pages: 492-98
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:492-98

Template-Type: ReDIF-Article 1.0
Author-Name: Chari, V V
Title: Comment on Private Money.
Journal: Journal of Money, Credit and Banking
Pages: 498-99
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:498-99

Template-Type: ReDIF-Article 1.0
Author-Name: Kahn, Charles M
Author-Name: Roberds, William
Title: Demandable Debts as a Means of Payment: Banknotes versus Checks.
Journal: Journal of Money, Credit and Banking
Pages: 500-525
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
We examine whether transactable forms of privately issued, demandable
debt are better used as "banknotes" or "checks." The distinction between
the two is that a check must be redeemed by the issuing bank with each use
whereas a banknote can circulate. We find that the answer to the question
depends on the cost of early redemption. If this cost is small, banknotes
will not circulate so the question is moot. If this cost is large,
incentive problems may prevent the circulation of banknotes. For
intermediate values of the early redemption cost, banknotes will be
preferred over checks.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:500-525

Template-Type: ReDIF-Article 1.0
Author-Name: McAndrews, James
Title: Comment on Demandable Debt as a Means of Payment: Banknotes versus Checks.
Journal: Journal of Money, Credit and Banking
Pages: 526-28
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:526-28

Template-Type: ReDIF-Article 1.0
Author-Name: Huybens, Elisabeth
Title: Comment on Demandable Debt as a Means of Payment: Banknotes versus Checks.
Journal: Journal of Money, Credit and Banking
Pages: 528-30
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:528-30

Template-Type: ReDIF-Article 1.0
Author-Name: Lagunoff, Roger
Author-Name: Schreft, Stacey L
Title: Financial Fragility with Rational And Irrational Exuberance.
Journal: Journal of Money, Credit and Banking
Pages: 531-60
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
This article formalizes investor rationality and irrationality,
exuberance and apprehension, to consider the implications of belief
formation for the fragility of an economy's financial structure. The model
presented generates a financial structure with portfolio linkages that
make it susceptible to contagious financial crises, despite the absence of
coordination failures. Investors forecast the likelihood of loss from
contagion and may shift preemptively to safer portfolios, breaking
portfolio linkages in the process. The entire financial structure
collapses when the last group of investors reallocates their portfolios.
If some investors are irrationally exuberant, the financial structure
remains intact longer. In fact, financial collapse occurs sooner when
almost all investors are rationally exuberant than when they are
irrationally exuberant. Additionally, a financial crisis initiated by real
shocks is indistinguishable from one caused solely by the presence of
rationally apprehensive investors in a fundamentally sound economy.
Policies that make portfolio linkages more resilient can improve welfare.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:531-60

Template-Type: ReDIF-Article 1.0
Author-Name: Kocherlakota, Narayana
Title: Comment on Financial Fragility with Rational and Irrational Exuberance.
Journal: Journal of Money, Credit and Banking
Pages: 561-63
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:561-63

Template-Type: ReDIF-Article 1.0
Author-Name: Weinberg, John
Title: Comment on Financial Fragility with Rational and Irrational Exuberance.
Journal: Journal of Money, Credit and Banking
Pages: 563-67
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:563-67

Template-Type: ReDIF-Article 1.0
Author-Name: Champ, Bruce
Author-Name: Freeman, Scott
Author-Name: Weber, Warren E
Title: Redemption Costs and Interest Rates under the U.S. National Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 568-89
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
Interest rates under the U.S. National Banking System (1863-1914) appear
to imply that banks failed to exploit an arbitrage opportunity for two
reasons: yields on government bonds exceeded the tax rate on note issue by
approximately 150 basis points, and short-term interest rates varied
seasonally. This paper examines whether note redemption costs can explain
observed interest rates. We present a model in which redemption costs
create a spread between the tax rate on note issue and bond yields and in
which temporary seasonal fluctuations in currency demand generate seasonal
movements in short-term interest rates. Calibration of the model to actual
data lends support to the model's implications. Further, interest rates
are shown not to vary seasonally when banks do not incur the costs of note
redemption.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:568-89

Template-Type: ReDIF-Article 1.0
Author-Name: Lacker, Jeffrey M
Title: Comment on Redemption Costs and Interest Rates under the U.S. National Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 590-93
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:590-93

Template-Type: ReDIF-Article 1.0
Author-Name: Redish, Angela
Title: Comment on Redemption Costs and Interest Rates under the U.S. National Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 593-95
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:593-95

Template-Type: ReDIF-Article 1.0
Author-Name: Kroszner, Randall S
Title: Can the Financial Markets Privately Regulate Risk? The Development of Derivatives Clearinghouses and Recent Over-the-Counter Innovations.
Journal: Journal of Money, Credit and Banking
Pages: 596-618
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
This paper explores how organization and contract design has evolved to
address regulatory challenges in risk management. In the early part of the
century, futures exchanges responded to credit risks by developing
clearinghouses that act as guarantors. The liability structure of the
clearinghouse involves mutualization of risks through "partial permanent"
integration of the exchange members. Bank clearinghouses historically
involved "contingent" integration and risk mutualization during panics.
Recent organizational innovations have allowed the risk-control benefits
of the clearinghouse to be replicated in the decentralized
over-the-counter derivatives markets. Credit rating agencies and advances
in risk modeling are key to permitting the recent "dis-integration," which
has implications for the scope of public versus private regulation in
banking and financial markets.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:596-618

Template-Type: ReDIF-Article 1.0
Author-Name: Bordo, Michael D
Title: Comment on Can the Financial Markets Privately Regulate Risk?
Journal: Journal of Money, Credit and Banking
Pages: 619-22
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:619-22

Template-Type: ReDIF-Article 1.0
Author-Name: Boyd, John H
Title: Comment on Can the Financial Markets Privately Regulate Risk?
Journal: Journal of Money, Credit and Banking
Pages: 622-23
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:622-23

Template-Type: ReDIF-Article 1.0
Author-Name: Smith, Bruce D
Author-Name: Weber, Warren E
Title: Private Money Creation and the Suffolk Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 624-59
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
Many have argued that private provision of close currency substitutes may
lead to large scale indeterminacies and excessive economic fluctuations.
Others argue that money creation can be "left to the market." Adherents of
this viewpoint often point to the Suffolk Banking System as an example of
a well-functioning system of private money creation. We provide a
framework for analyzing these notions, and for modeling the monetary
consequences of the Suffolk System. This system resolves some, but not all
indeterminacies. It also can raise steady state welfare, but may
substantially enhance volatility. The model's predictions are consistent
with historical evidence.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:624-59

Template-Type: ReDIF-Article 1.0
Author-Name: Azariadis, Costas
Title: Comment on Private Money Creation and the Suffolk Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 660-62
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:660-62

Template-Type: ReDIF-Article 1.0
Author-Name: Gorton, Gary
Title: Comment on Private Money Creation and the Suffolk Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 663-67
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:663-67

Template-Type: ReDIF-Article 1.0
Author-Name: Green, Edward J
Title: Panel: Thoughts on the Future of Payments and Central Banking: We Need to Think Straight about Electronic Payments.
Journal: Journal of Money, Credit and Banking
Pages: 668-70
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:668-70

Template-Type: ReDIF-Article 1.0
Author-Name: McAndrews, James J
Title: Panel: Thoughts on the Future of Payments and Central Banking: Arrangements for Access to Payment Credit.
Journal: Journal of Money, Credit and Banking
Pages: 671-73
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:671-73

Template-Type: ReDIF-Article 1.0
Author-Name: Rolnick, Arthur J
Title: Panel: Thoughts on the Future of Payments and Central Banking: Maintaining a Uniform (Electronic) Currency.
Journal: Journal of Money, Credit and Banking
Pages: 674-76
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:674-76

Template-Type: ReDIF-Article 1.0
Author-Name: Thomson, James B
Title: Panel: Thoughts on the Future of Payments and Central Banking: The Role of Central Banks in Money and Payments Systems.
Journal: Journal of Money, Credit and Banking
Pages: 677-81
Issue: 3
Volume: 31
Year: 1999
Month: August
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:677-81

Template-Type: ReDIF-Article 1.0
Author-Name: Wilson, Berry
Author-Name: Saunders, Anthony
Author-Name: Caprio, Gerard, Jr
Title: Financial Fragility and Mexico's 1994 Peso Crisis: An Event-Window Analysis of Market-Valuation Effects.
Journal: Journal of Money, Credit and Banking
Pages: 450-68
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Persistent cycles of devaluation, debt repudiation, and financial crisis
have been recurrent themes in Latin America and elsewhere. This study
focuses on one such event, namely, the Mexican peso devaluation, debt, and
financial-sector crisis of 1994-95. This paper utilizes an event-study
framework, with daily stock market data, to document financial market
responses to the unfolding crisis. In particular, we find that the
devaluation itself was viewed as relatively benign by market participants.
The results also show little evidence that investors anticipated the peso
devaluation, the declining reserve levels of Mexico's central bank, and
the increasing sovereign default risk of Mexico. However, the results
suggest that the equity markets did respond positively to remedial actions
taken by governmental authorities, such as the Clinton bailout plan.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:450-68

Template-Type: ReDIF-Article 1.0
Author-Name: Peria, Maria Soledad Martinez
Title: Comment on Financial Fragility and Mexico's 1994 Peso Crisis: An Event-Window Analysis of Market-Valuation Effects.
Journal: Journal of Money, Credit and Banking
Pages: 469-73
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:469-73

Template-Type: ReDIF-Article 1.0
Author-Name: Corbett, Jenny
Author-Name: Mitchell, Janet
Title: Banking Crises and Bank Rescues: The Effect of Reputation.
Journal: Journal of Money, Credit and Banking
Pages: 474-512
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper focuses on bank rescue packages and on the behaviour of
troubled banks in light of rescue offers. A puzzling feature of experience
with banking crises is that in many cases policy authorities make offers
of bank rescue, and banks are reluctant to accept these offers. We study
situations in which regulators have decided to offer bank rescue plans,
and we show that a combination of factors, including bankers' reputational
concerns can explain banks' potential reluctance to accept offers of
recapitalisation.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:474-512

Template-Type: ReDIF-Article 1.0
Author-Name: Winton, Andrew
Title: Comment on Banking Crises and Banking Rescues: The Effect of Reputation.
Journal: Journal of Money, Credit and Banking
Pages: 513-17
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:513-17

Template-Type: ReDIF-Article 1.0
Author-Name: Sleet, Christopher
Author-Name: Smith, Bruce D
Title: Deposit Insurance and Lender-of-Last-Resort Functions.
Journal: Journal of Money, Credit and Banking
Pages: 518-75
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
We consider issues concerning the design of a banking system "safety net"
when both a deposit insurer and a lender of last resort are present. In
our model both entities have a role to play. Moreover, issues related to
deposit insurance pricing are relatively unimportant in this context,
whereas issues related to discount window access and pricing are not. We
discuss when and why (or why not) a lender of last resort should lend
liberally but charge high rates of interest. And, we raise the possibility
that discount window policy may enhance or reduce the scope for
multiplicity of equilibria.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:518-75

Template-Type: ReDIF-Article 1.0
Author-Name: Stevens, Ed
Title: Comment on Deposit Insurance and Lender-of-Last-Resort Functions.
Journal: Journal of Money, Credit and Banking
Pages: 576-79
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:576-79

Template-Type: ReDIF-Article 1.0
Author-Name: Repullo, Rafael
Title: Who Should Act as Lender of Last Resort? An Incomplete Contracts Model.
Journal: Journal of Money, Credit and Banking
Pages: 580-605
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper presents a model of a bank subject to liquidity shocks that
require borrowing from a lender of last resort. Two government agencies
may perform this function: a central bank and a deposit insurance
corporation. The agencies share supervisory information, which provides a
nonverifiable signal of the bank's financial condition, and use it to
decide whether to support it. It is shown that the optimal institutional
design involves the two agencies: the central bank dealing with small
liquidity shocks, and the deposit insurance corporation with large shocks.
Furthermore, except for very small shocks, they should lend at penalty
rates.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:580-605

Template-Type: ReDIF-Article 1.0
Author-Name: Bolton, Patrick
Title: Comment on Who Should Act as Lender of Last Resort? An Incomplete Contracts Model.
Journal: Journal of Money, Credit and Banking
Pages: 606-10
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:606-10

Template-Type: ReDIF-Article 1.0
Author-Name: Freixas, Xavier
Author-Name: Parigi, Bruno M
Author-Name: Rochet, Jean-Charles
Title: Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank.
Journal: Journal of Money, Credit and Banking
Pages: 611-38
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
We model systemic risk in an interbank market. Banks face liquidity needs
as consumers are uncertain about where they need to consume. Interbank
credit lines allow to cope with these liquidity shocks while reducing the
cost of maintaining reserves. However, the interbank market exposes the
system to a coordination failure (gridlock equilibrium) even if all banks
are solvent. When one bank is insolvent, the stability of the banking
system is affected in various ways depending on the patterns of payments
across locations. We investigate the ability of the banking system to
withstand the insolvency of one bank and whether the closure of one bank
generates a chain reaction on the rest of the system. We analyze the
coordinating role of the central bank in preventing payments systemic
repercussions and we examine the justification of the too-big-to-fail
policy.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:611-38

Template-Type: ReDIF-Article 1.0
Author-Name: Krishnamurthy, Arvind
Title: Comment on Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank.
Journal: Journal of Money, Credit and Banking
Pages: 639-40
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:639-40

Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Author-Name: Davies, Sally M
Author-Name: Flannery, Mark J
Title: Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?
Journal: Journal of Money, Credit and Banking
Pages: 641-67
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper compares the timeliness and accuracy of (confidential)
government assessments of bank condition against market evaluations of
large U.S. bank holding companies. We find that supervisors and bond
rating agencies both acquire some information that would help the other
group forecast changes in bank condition. In contrast, supervisory
assessments and equity market indicators are not strongly interrelated.
Furthermore, supervisory assessments are generally less accurate than
either stock or bond market indicators in predicting future changes in
performance, except when those assessments derive from a recent on-site
inspection visit. To some extent, these findings seem consistent with the
various parties' differing incentives.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:641-67

Template-Type: ReDIF-Article 1.0
Author-Name: Boyd, John
Title: Comment on Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What, When?
Journal: Journal of Money, Credit and Banking
Pages: 668-70
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:668-70

Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Incentives for Banking Megamergers: What Motives Might Regulators Infer from Event-Study Evidence?
Journal: Journal of Money, Credit and Banking
Pages: 671-701
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Methodologically, this paper frames the opportunity cost of any merger as
the value of the alternative deals it precludes or defers. This challenges
the standard event-study hypothesis that stock markets benchmark the value
of a merger deal by the profits the partners would have earned in
stand-alone activity. Substantively, the paper finds that megamergers in
banking show two size-related exceptions to the prototypical result that
acquirer stock value tends to be unaffected or to fall when a merger is
announced. Giant U.S. banking organizations gain value from becoming more
gigantic and gain additional value when they absorb an in-state
competitor.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:671-701

Template-Type: ReDIF-Article 1.0
Author-Name: Pennacchi, George
Title: Comment on Incentives for Banking Megamergers: What Motives Might Regulators Infer from Event-Study Evidence?
Journal: Journal of Money, Credit and Banking
Pages: 702-05
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:702-05

Template-Type: ReDIF-Article 1.0
Author-Name: Haubrich, Joseph G
Author-Name: Thomson, James B
Title: Comparative Financial Systems: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 421-25
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:421-25

Template-Type: ReDIF-Article 1.0
Author-Name: Boyd, John H
Author-Name: Chang, Chun
Author-Name: Smith, Bruce D
Title: Moral Hazard under Commercial and Universal Banking.
Journal: Journal of Money, Credit and Banking
Pages: 426-68
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Many claims have been made about the potential benefits, and the
potential costs, of adopting a system of universal banking in the United
States. The authors evaluate these claims using a model where there is a
moral hazard problem between banks and 'borrowers,' a moral hazard problem
between banks and a deposit insurer, and a costly state verification
problem. Under conditions the authors describe, allowing banks to take
equity positions in firms strengthens their ability to extract surplus,
and exacerbates problems of moral hazard. The incentives of universal
banks to take equity positions will often be strongest when these problems
are most severe.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:426-68

Template-Type: ReDIF-Article 1.0
Author-Name: Diamond, Douglas W
Title: Comment on "Moral Hazard under Commercial and Universal Banking."
Journal: Journal of Money, Credit and Banking
Pages: 469-71
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:469-71

Template-Type: ReDIF-Article 1.0
Author-Name: Dewenter, Kathryn L
Author-Name: Hess, Alan C
Title: An International Comparison of Banks' Equity Returns.
Journal: Journal of Money, Credit and Banking
Pages: 472-92
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
This paper tests implications of banking theory and legal theory for
cross-country differences in banks' equity betas and returns. Banking
theory predicts different risk exposures between transactional banks,
found in the United States, the United Kingdom, Australia and Canada, and
relationship banks, found in Japan, Germany, Switzerland, and the
Netherlands. The authors find strong empirical support for banking
theory's prediction of different risks and returns between transactional
and relationship banks. Legal theory predicts that differences in banks'
equity risks depend on the nature of the legal system for protecting the
interests of outside investors. The authors find mixed evidence that
banks' returns may vary by the type of legal system.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:472-92

Template-Type: ReDIF-Article 1.0
Author-Name: Strahan, Philip E
Title: Comment on "An International Comparison of Banks' Equity Returns."
Journal: Journal of Money, Credit and Banking
Pages: 493-99
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:493-99

Template-Type: ReDIF-Article 1.0
Author-Name: Berlin, Mitchell
Author-Name: Mester, Loretta J
Title: Intermediation and Vertical Integration.
Journal: Journal of Money, Credit and Banking
Pages: 500-519
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Competition in retail and wholesale funding markets affect the incentive
for originators (like investment bankers) and fund managers (like mutual
funds) to form integrated intermediaries (banks). Independent firms
integrate both to produce higher yielding, illiquid assets and to suppress
competition in retail markets. In addition to the higher return on
illiquid assets, three factors increase the incentive to integrate. First,
homogeneous savers lower the costs of producing illiquid assets and
increase competition in retail markets. Second, fund managers' market
power in wholesale markets increases competition in retail markets.
Finally, more certain aggregate savings reduces the costs of producing
illiquid assets.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:500-519

Template-Type: ReDIF-Article 1.0
Author-Name: Pennacchi, George
Title: Comment on "Intermediation and Vertical Integration."
Journal: Journal of Money, Credit and Banking
Pages: 520-23
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:520-23

Template-Type: ReDIF-Article 1.0
Author-Name: Rajan, Raghuram G
Title: The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens.
Journal: Journal of Money, Credit and Banking
Pages: 524-50
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Commercial banks emerged at a time when contracts were very incomplete
and property rights insecure. They typically offered demand deposits, made
loans on demand, and were regulated. Each of these aspects of the
institutional structure were essential in helping the bank provide the
twin functions of liquidity and safety. The author argue that recent
theories of banking, which he collectively refer to as 'Incomplete
Contract' theories of banking, explain well the origins of banking. The
authors also claim that they can explain recent changes in banking; as the
informational, legal, and property rights environment has improved, there
appear to be fewer synergies between various aspects of the traditional
institutional structure of the bank. In developed countries, it is now
time to think whether there is anything special about the institutional
form of the bank, or whether all that is special is that it is regulated.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:524-50

Template-Type: ReDIF-Article 1.0
Author-Name: Williamson, Stephen D
Title: Payments Systems with Random Matching and Private Information.
Journal: Journal of Money, Credit and Banking
Pages: 551-69
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
A model of dynamic risk-sharing is constructed where agents meet pairwise
and at random, and there is private information about endowments. Risk
sharing is accomplished through dynamic contracts involving credit
transactions and through monetary exchange. A Friedman rule is optimal,
and solutions are computed. The welfare costs of inflation and the effects
of inflation on the distribution of consumption and wealth are small for
an economy calibrated to U.S. data. However, these effects are large when
the credit system is relatively unsophisticated.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:551-69

Template-Type: ReDIF-Article 1.0
Author-Name: Green, Edward J
Title: Comment on "Payments Systems with Random Matching and Private Information."
Journal: Journal of Money, Credit and Banking
Pages: 570-72
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:570-72

Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Author-Name: Wilson, Berry K
Title: A Contracting-Theory Interpretation of the Origins of Federal Deposit Insurance.
Journal: Journal of Money, Credit and Banking
Pages: 573-95
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Conventional wisdom holds that the enactment of federal deposit insurance
helped small rural banks at the expense of large urban institutions. This
paper uses asymmetric-information, agency-cost paradigms from
corporate-finance theory and data on bank stock prices to show how deposit
insurance could and did help stockholders of large banks. The broadening
stockholder distribution of large banks during the stock-market bubble of
the late 1920s undermined the efficiency of double liability provisions in
controlling incentive conflict among large-bank stakeholders. Federal
deposit insurance restored depositor confidence by asking government
officials to take over and bond the task of monitoring managerial
performance and solvency at U.S. banks.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:573-95

Template-Type: ReDIF-Article 1.0
Author-Name: Levine, Ross
Title: The Legal Environment, Banks, and Long-Run Economic Growth.
Journal: Journal of Money, Credit and Banking
Pages: 596-613
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
This paper examines the relationship between the legal system and banking
development and traces this connection through to long-run rates of per
capita GDP growth, capital stock growth, and productivity growth. The data
indicate that countries where the legal system (1) emphasizes creditor
rights and (2) rigorously enforces contracts have better developed banks
than countries where laws do not give a high priority to creditors and
where enforcement is lax. Furthermore, the exogenous component of banking
development--the component defined by the legal environment--is positively
and robustly associated with per capita growth, physical capital
accumulation, and productivity growth.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:596-613

Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed, Shaghil
Title: Comment on "The Legal Environment, Banks, and Long-Run Economic Growth."
Journal: Journal of Money, Credit and Banking
Pages: 614-20
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:614-20

Template-Type: ReDIF-Article 1.0
Author-Name: Gorton, Gary
Author-Name: Winton, Andrew
Title: Banking in Transition Economies: Does Efficiency Require Instability?
Journal: Journal of Money, Credit and Banking
Pages: 621-50
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:621-50

Template-Type: ReDIF-Article 1.0
Author-Name: Claessens, Stijn
Title: Comment on "Banking in Transition Economies."
Journal: Journal of Money, Credit and Banking
Pages: 651-55
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:651-55

Template-Type: ReDIF-Article 1.0
Author-Name: Duca, John V
Title: Financial Technology Shocks and the Case of the Missing M2.
Journal: Journal of Money, Credit and Banking
Pages: 820-39
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
M2 growth was unusually weak in the early-1990s when its velocity soared.
Although M2 growth subsequently recovered, its velocity plateaued at a
high level, giving rise to a case of missing money. These swings in M2
growth have accompanied opposite swings in bond mutual fund inflows. M2
growth is better tracked and the "missing M2" problem is resolved when
money models are modified to account for shifts in bond mutual fund costs.
This approach avoids the capital gains and portfolio substitution problems
posed by adding bond or equity funds to M2, while capturing the
substitution effects relevant to money demand.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:820-39

Template-Type: ReDIF-Article 1.0
Author-Name: Brumm, Harold J
Title: Inflation and Central Bank Independence: Conventional Wisdom Redux.
Journal: Journal of Money, Credit and Banking
Pages: 807-19
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
Until recently there existed a broad consensus that an important
institution for combating inflation is a central bank insulated from
political influence. This conventional wisdom has been challenged by,
among others, Campillo and Miron (1997), who present evidence purporting
to show that if an inflation regression equation is expanded to include
not only their proxy for central bank independence (CBI) but other
regressors as well, then the negative correlation between inflation and
CBI vanishes. The present paper argues that allegations of the demise of
this nexus should not be accepted uncritically. This paper, which reports
the results of an analysis of covariance structures, finds a strong
negative relationship between inflation and CBI.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:807-19

Template-Type: ReDIF-Article 1.0
Author-Name: Petrovic, Pavle
Author-Name: Mladenovic, Zorica
Title: Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia.
Journal: Journal of Money, Credit and Banking
Pages: 785-806
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
A modified monetary model of exchange rate determination is advanced and
tested for the Yugoslav hyperinflation of 1992-94, stating that the
exchange rate is determined directly in the money market thus implying
that private agents, due to "dollarization", denominate their real money
holdings in foreign currency. Empirical evidence supports the advanced
model. Apart from the last seven months of the Yugoslav hyperinflation,
the exact RE present value model of the exchange rate is accepted, while
that of the price level is rejected. For the whole period of
hyperinflation the modified money demand schedule, with money holdings
denominated in foreign currency, is nonlinear with decreasing
semielasticity of money demand.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:785-806

Template-Type: ReDIF-Article 1.0
Author-Name: Haubrich, Joseph G
Author-Name: Ritter, Joseph A
Title: Dynamic Commitment and Incomplete Policy Rules.
Journal: Journal of Money, Credit and Banking
Pages: 766-84
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
Considering the dynamics of commitment highlights some neglected features
of time inconsistency problems. We modify the standard
rules-versus-discretion question in three ways: (1) a government that does
not commit today retains the option to do so tomorrow, (2) the
government's commitment capability is restricted to a class of simple
rules, and (3) the government's ability to make irrevocable commitments is
restricted. Three results stand out. First, the option to wait makes the
incumbent regime (rules or discretion) relatively more attractive. Second,
the option to wait means that increased uncertainty makes the incumbent
regime more attractive. Third, because the commitment decision takes place
in "real time," policy choice displays hysteresis.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:766-84

Template-Type: ReDIF-Article 1.0
Author-Name: Faig, Miquel
Title: The Optimal Structure of Liquidity Provided by a Self-Financed Central Bank.
Journal: Journal of Money, Credit and Banking
Pages: 746-65
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
Self-financed central banks, without capital and taxes, cannot pay the
return on capital to both money and national debt. The gaps between the
returns on capital and public securities are implicit taxes, which are
shifted forward to commodities that people finance with these securities.
Because taxes on investment are less efficient than taxes on consumption,
the national debt should earn interest if people use it to finance
expenditures that are investment intensive. Also, because money provides
short-term liquidity, raising the return on national debt delays
expenditure to the future. Hence, paying interest on national debt brings
a resource windfall during transitions.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:746-65

Template-Type: ReDIF-Article 1.0
Author-Name: Betts, Caroline
Author-Name: Devereux, Michael B
Title: International Monetary Policy Coordination and Competitive Depreciation: A Reevaluation.
Journal: Journal of Money, Credit and Banking
Pages: 722-45
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
Is there a need for international coordination of monetary policies
within the current system of floating exchange rates? In a recent paper,
Obstfeld and Rogoff (1995) argue that in an environment of sticky prices,
under floating exchange rates monetary policy shocks will generate
positive welfare spillovers across countries. This leads to the conclusion
that international monetary policy coordination is unnecessary, and may in
fact be undesirable, since it nurtures a bias towards high inflation. Our
paper shows that these conclusions are dependent on the manner in which
prices are set. When firms engage in "pricing-to-market" (PTM), setting
prices in the currency of the buyer, monetary policy tends to have
negative welfare spillovers. This gives an incentive to engage in
"competitive depreciation". In a noncooperative equilibrium, world
inflation will be higher, the greater the importance of PTM. With a high
degree of PTM, it follows that the case for international monetary policy
coordination is restored. If PTM is at an intermediate range, however,
international monetary coordination may have no consequences at all.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:722-45

Template-Type: ReDIF-Article 1.0
Author-Name: Bomfim, Antulio N
Author-Name: Rudebusch, Glenn D
Title: Opportunistic and Deliberate Disinflation under Imperfect Credibility.
Journal: Journal of Money, Credit and Banking
Pages: 707-21
Issue: 4
Volume: 32
Year: 2000
Month: Nov.
Abstract:
One strategy for disinflation prescribes a deliberate path towards low
inflation. A contrasting opportunistic approach eschews deliberate action
and instead waits for unforeseen shocks to reduce inflation. This paper
compares the ability of these two approaches to achieve disinflation--and
at what cost. We analyze these issues using the Federal Reserves FRB/US
model, which allows alternative assumptions to be made about expectations
held by agents in the economy; hence, the credibility of the central bank
can be considered in assessing the cost of deliberate and opportunistic
disinflations.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:707-21

Template-Type: ReDIF-Article 1.0
Author-Name: Svensson, Lars E O
Title: Price-Level Targeting versus Inflation Targeting: A Free Lunch?
Journal: Journal of Money, Credit and Banking
Pages: 277-95
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
Price level targeting (without base drift) and inflation targeting (with
base drift) are compared with persistence in output (generated by sticky
prices, for instance). Counter to conventional wisdom, price level
targeting results in lower short-run inflation variability than inflation
targeting (if output is at least moderately persistent). Price level
targeting also eliminates any average inflation bias. Even if the
preferences of society correspond to inflation targeting, it may
nevertheless prefer to assign price level targeting to the central bank.
Price level targeting thus appears to have more advantages than what is
commonly acknowledged.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:277-95

Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Author-Name: Nelson, Edward
Title: An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 296-316
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
We ask whether relations of the IS-LM type can sensibly be used for the
aggregate demand portion of a dynamic optimizing general equilibrium model
intended for analysis of issues regarding monetary policy and cyclical
fluctuations. The main result is that only one change--the addition of a
term regarding expected future income--is needed to make the IS function
match a fully optimizing model, whereas no changes are needed for the LM
function. This modification leads to a dynamic, forward-looking model of
aggregate demand that is tractable and usable with a wide variety of
aggregate supply specifications. Theoretical applications concerning price
level determinacy and gradual price adjustment are included.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:296-316

Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Chang-Jin
Author-Name: Nelson, Charles R
Title: Friedman's Plucking Model of Business Fluctuations: Tests and Estimates of Permanent and Transitory Components.
Journal: Journal of Money, Credit and Banking
Pages: 317-34
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
In Milton Friedman's model, output cannot exceed a ceiling level but
occasionally is "plucked" downward by recession, implying fluctuations are
asymmetric, recessions transitory, and recessions duration dependent
though expansions are not. The empirical literature lends support, but
formal modeling has been absent. The econometric model presented here
encompasses both plucking and symmetric fluctuations around a stochastic
trend. We find GDP is well characterized by the plucking model, implied
recessions correspond to NBER reference cycles, and no role for symmetric
cycles. Decomposition of the unemployment rate reveals a corresponding
asymmetry and timing. Paths of ceiling output and trend unemployment are
presented.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:317-34

Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles
Author-Name: Kim, Chang-Jin
Title: The Long-Run U.S./U.K. Real Exchange Rate.
Journal: Journal of Money, Credit and Banking
Pages: 335-56
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
The paper estimates a model for the real U.S/U.K. exchange rate. The
Kalman filter is used to identify a permanent and transitory component. We
find the variance of the transitory component shifts among three states
according to a Markov-switching process. The model is estimated by Gibbs
sampling. The transitory component appears to be driven by temporary
monetary phenomenon. The shifts of variance occur at times of historically
significant monetary events. We find the permanent component is
cointegrated with relative per capita income levels, as in the
Balassa-Samuelson hypothesis. The data support a model that contains a
transitory component driven by monetary phenomena and a permanent
component driven by relative income levels.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:335-56

Template-Type: ReDIF-Article 1.0
Author-Name: Neiss, Katharine S
Title: Discretionary Inflation in a General Equilibrium Model.
Journal: Journal of Money, Credit and Banking
Pages: 357-74
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
This paper extends the Barro and Gordon (1983) model to a general
equilibrium framework in which the costs and benefits to surprise
inflation reflect the preferences, technology, and market structure of the
economy. The benefit of such an approach is that we can relate the
underlying features of the economy to the size of the inflation bias. In
particular, it can be shown that an increase in the source of the monetary
authority's incentive to inflate does not necessarily result in a worsened
inflation bias due to offsetting changes in the cost of inflation.
Furthermore, changes in the real interest rate affect the monetary
authority's incentives and hence the discretionary level of inflation.
Lastly, we can show that an increase in the labor share of national income
worsens the inflation bias. The model also indicates the importance of a
nominal rigidity, lack of policy precommitment, and a distortion for
optimal monetary policy to be characterized by a level of discretionary
inflation that exceeds the Friedman (1969) rule.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:357-74

Template-Type: ReDIF-Article 1.0
Author-Name: Jaramillo, Carlos Felipe
Title: Inflation and Relative Price Variability: Reinstating Parks' Results.
Journal: Journal of Money, Credit and Banking
Pages: 375-85
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
This paper revisits Parks' seminal work on the time series relationship
between inflation and relative price variability. The results reported
show that a significant positive association is obtained allowing for an
asymmetrical response of relative prices to episodes of positive and
negative inflation. This finding is maintained after excluding oil shock
years, extending Park's original sample to 1996, using an alternative data
set and allowing for a higher degree of disaggregation.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:375-85

Template-Type: ReDIF-Article 1.0
Author-Name: Choi, Woon Gyu
Title: Asymmetric Monetary Effects on Interest Rates across Monetary Policy Stances.
Journal: Journal of Money, Credit and Banking
Pages: 386-416
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
This paper provides new evidence that the interest rates response to a
money supply shock varies across the state of the monetary policy stance.
The state is assigned to one of the tight, neutral, and loose regimes
based on an estimated policy stance index. The results of threshold vector
autoregression analysis imply that pure liquidity and expected inflation
effects vary across regimes with agents' reactions to policy. The results
exhibit a persistent, dominating liquidity effect under the neutral and
loose regimes but a reversed liquidity effect after a short lag under the
tight regime.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:386-416

Template-Type: ReDIF-Article 1.0
Author-Name: Ghali, Khalifa H
Title: Wage Growth and the Inflation Process: A Multivariate Cointegration Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 417-31
Issue: 3
Volume: 31
Year: 1999
Month: August
Abstract:
Past empirical analysis of the relationship between wages and prices
within the expectations-augmented Phillips curve model have raised doubts
about the effects of labor costs on inflation. Analysis of the same data
used previously reveals the existence of a deterministic linear time
component in the wage and price series which past research failed to take
into account. Using the Johansen (1988, 1992, 1994) multivariate
cointegration technique, the paper provides robust evidence on the
consistency of the markup view of the inflation process with the data and
concludes that monetary policy should profit from labor costs data in
predicting future rates of inflation.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:417-31

Template-Type: ReDIF-Article 1.0
Author-Name: Angelini, Paolo
Title: Erratum [Are Banks Risk Averse? Intraday Timing of Operations in the Interbank Market].
Journal: Journal of Money, Credit and Banking
Pages: 442
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:442

Template-Type: ReDIF-Article 1.0
Author-Name: Lapp, John S
Author-Name: Pearce, Douglas K
Title: Does a Bias in FOMC Policy Directives Help Predict Intermeeting Policy Changes?
Journal: Journal of Money, Credit and Banking
Pages: 435-41
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Since 1984 the FOMC has issued directives indicating a bias toward easing
or tightening. This paper investigates the information content of these
asymmetric directives for the likelihood of inter-meeting changes in
policy during the Greenspan chairmanship. If policy is measured by the
change in the average daily federal funds rate after a directive is
issued, the results indicate that a bias predicts a significant change in
the average funds rate. If policy is measured qualitatively by whether the
target for the federal funds rate changed, a bias significantly affects
the probability that the target will be changed.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:435-41

Template-Type: ReDIF-Article 1.0
Author-Name: Ireland, Peter N
Title: Interest Rates, Inflation, and Federal Reserve Policy since 1980.
Journal: Journal of Money, Credit and Banking
Pages: 417-34
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper characterizes Federal Reserve policy since 1980 as one that
actively manages short-term nominal interest rates in order to control
inflation and evaluates this policy using a dynamic, stochastic,
sticky-price model of the United States economy. The results show that the
Fed's policy insulates aggregate output from the effects of exogenous
demand-side disturbances and, by calling for a modest but persistent
reduction in short-term interest rates following a positive technology
shock, helps the economy to respond to supply-side disturbances as it
would in the absence of nominal rigidities.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:417-34

Template-Type: ReDIF-Article 1.0
Author-Name: Finn, Mary G
Title: Perfect Competition and the Effects of Energy Price Increases on Economic Activity.
Journal: Journal of Money, Credit and Banking
Pages: 400-416
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Rotemberg and Woodford (1996) present new striking facts concerning the
effects of energy price increases on economic activity. They advance a
theory of imperfect competition to successfully address these
facts--suggesting that imperfect competition is a necessary ingredient for
success. The present study shows that a theory of perfect competition
rises to the challenge of explaining the Rotemberg-Woodford evidence.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:400-416

Template-Type: ReDIF-Article 1.0
Author-Name: Pakko, Michael R
Title: The Cyclical Relationship between Output and Prices: An Analysis in the Frequency Domain.
Journal: Journal of Money, Credit and Banking
Pages: 382-99
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Research showing a negative correlation between output and prices has
brought into question the conventional wisdom that prices are procyclical.
However, this finding has been shown to be sensitive to the sample period
considered. This paper examines the relationship in the frequency domain:
the covariance of output and prices is decomposed into spectral components
to investigate whether differences in the price-output relationship across
sample periods reflect changes in the importance of various frequencies
embedded within the correlations, or whether they reflect more fundamental
changes in the entire spectral relationship. Some implications for model
evaluation are also considered.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:382-99

Template-Type: ReDIF-Article 1.0
Author-Name: Barron, John M
Author-Name: Valev, Neven T
Title: International Lending by U.S. Banks.
Journal: Journal of Money, Credit and Banking
Pages: 357-81
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper develops a portfolio choice theory in which the sequential
order of decision makers is endogenously determined. We examine investors'
choices of either purchasing current information concerning the return on
an investment or waiting and later basing their investment on information
inferred from the investment decisions of others. Because the quality of
that inference increases in the number of investors who purchase
information, those with the least to gain from such information--the less
wealthy in our context--may find it advantageous to wait and invest later.
Thus investors endogenously separate into leaders and followers. Further,
the extent of such separation is shown to be related to the persistence in
states of the world across time. Some implications of the model are tested
using data on international lending by US banks for the 1982-1994 period.
The empirical results support the main predictions of the model.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:357-81

Template-Type: ReDIF-Article 1.0
Author-Name: Li, Victor E
Title: Household Credit and the Monetary Transmission Mechanism.
Journal: Journal of Money, Credit and Banking
Pages: 335-56
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
This paper evaluates the importance of household credit in the
transmission of monetary policy and explaining the positive correlation
between money and credit services over the business cycle. It does so in
the context of a general equilibrium framework with an explicit financial
sector. Within this sector, there are firms which specialize in the
production of household credit services and financial intermediaries who
provide interest bearing accounts for households and loanable funds to
credit producers. It is shown that monetary injections which occur through
the financial sector can generate a liquidity effect that positively
influences the availability of household credit services and overall real
activity. Furthermore, the model predicts that liquidity effects working
through this channel lowers the real costs associated with consumption and
can quantitatively dominate the anticipated inflation effect, thus
resolving a difficulty with recent liquidity effects models which
emphasize only the business lending channel.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:335-56

Template-Type: ReDIF-Article 1.0
Author-Name: Caporale, Tony
Author-Name: Grier, Kevin B
Title: Political Regime Change and the Real Interest Rate.
Journal: Journal of Money, Credit and Banking
Pages: 320-34
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
The effect of changes in policy regimes on real interest rates has
important implications for financial and economic theory. There is little
current evidence that policy regime changes have any impact on the level
of real interest rates. We use large political changes as our measure of
policy regime changes. Changes in presidential administration are more
significantly correlated with real rate changes than are changes in the
Federal Reserve Chair or the mean shift points identified by Garcia and
Perron (1996) using time series methods. We also show that change of party
control of congress is a significant factor explaining real rates. We
argue that theoretical models built on the assumptions of constant or
policy invariant real interest rates are at variance with the empirical
evidence.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:320-34

Template-Type: ReDIF-Article 1.0
Author-Name: Holmstrom, Bengt
Author-Name: Tirole, Jean
Title: Liquidity and Risk Management.
Journal: Journal of Money, Credit and Banking
Pages: 295-319
Issue: 3
Volume: 32
Year: 2000
Month: Aug.
Abstract:
Firms and financial institutions are best viewed as ongoing entities,
whose project completion may require renewed injections of liquidity. This
paper proposes a contract-theoretic framework integrating three dimensions
of corporate financing and prudential regulation: (a) liquidity
management, (b) risk management, and (c) capital structure. It concludes
with a preliminary assessment of recent regulatory approaches to the
treatment of market risk.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:3:p:295-319

Template-Type: ReDIF-Article 1.0
Author-Name: Rich, Robert W
Author-Name: Butler, J S
Title: Disagreement as a Measure of Uncertainty: A Comment on Bomberger.
Journal: Journal of Money, Credit and Banking
Pages: 411-19
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:411-19

Template-Type: ReDIF-Article 1.0
Author-Name: Schulze, Henrik D
Title: Can Tighter Money Now Mean Higher Inflation Now?
Journal: Journal of Money, Credit and Banking
Pages: 404-10
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Thomas J. Sargent and Neil Wallace (1981) presented, using a 'spectacular
example,' the surprising result that a decrease in the growth rate of
money may actually increase the current rate of inflation. The author
shows that their result ceases to hold when an alternative solution with
lower inflation is considered. On the other hand, their point was just to
show the existence of a spectacular example. By changing the parameters in
a suitable way, it is indeed possible to construct an example which proves
their point.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:404-10

Template-Type: ReDIF-Article 1.0
Author-Name: Beetsma, Roel M W J
Author-Name: Jensen, Henrik
Title: Inflation Targets and Contracts with Uncertain Central Banker Preferences.
Journal: Journal of Money, Credit and Banking
Pages: 384-403
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
Within a standard model of monetary delegation the authors show that the
optimal linear inflation contract performs strictly better than the
optimal inflation target when there is uncertainty about the central
banker's preferences. The optimal combination of a contract and a target
performs best and eliminates the inflation bias and any variability not
associated with supply shocks. However, variability due to shocks is
enhanced by uncertain central banker preferences. Quadratic contracts are
shown to overcome this problem partly, but the advantages of delegation
may still be dominated by the 'excess variability' due to shocks. Hence,
the credibility-stabilization tradeoff is restored.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:384-403

Template-Type: ReDIF-Article 1.0
Author-Name: Ludvigson, Sydney
Title: The Channel of Monetary Transmission to Demand: Evidence from the Market for Automobile Credit.
Journal: Journal of Money, Credit and Banking
Pages: 365-83
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
In response to tight money, both consumer loans and consumption fall. The
author asks whether there is any causality running from loans to
consumption by focusing on how the composition of automobile finance
between bank and nonbank sources of credit changes in response to
unanticipated innovations in monetary policy. The results indicate that
contractionary monetary policy produces a statistically significant
reduction in the relative supply of bank consumer loans, which in turn
produces a decline in real consumption. The evidence therefore supports
the existence of a credit channel of monetary transmission to aggregate
consumption. Moreover, the nature of automobile finance is uniquely suited
to identifying which of two possible sub-channels of the broader credit
channel is relatively more important, and suggests the results are more
likely consistent with a bank lending channel than with a pure balance
sheet channel. However, the findings also indicate that the quantitative
effects of the lending channel on the aggregate economy, though precisely
estimated, may be quite small.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:365-83

Template-Type: ReDIF-Article 1.0
Author-Name: Park, Sangkyun
Author-Name: Peristiani, Stavros
Title: Market Discipline by Thrift Depositors.
Journal: Journal of Money, Credit and Banking
Pages: 347-64
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
This paper tests for the presence of depositor discipline by examining
the effect of depository institutions' risk on the pricing and growth of
uninsured deposits. The study analyzes a large panel of thrifts that
includes detailed information on interest rate schedules. This information
allows the authors to develop a time-consistent risk profile for thrifts.
Their empirical findings support the presence of market discipline.
Riskier banks are found to pay higher interest rates but attract smaller
amounts of uninsured deposits. The authors also find that qualitative
results are similar for fully insured deposits, although statistical
significance is substantially lower.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:347-64

Template-Type: ReDIF-Article 1.0
Author-Name: Carpenter, Robert E
Author-Name: Levy, Daniel
Title: Seasonal Cycles, Business Cycles, and the Comovement of Inventory Investment and Output.
Journal: Journal of Money, Credit and Banking
Pages: 331-46
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
The importance of inventory investment in the business cycle is
well-known. Its role in the seasonal cycle is less well known. The authors
examine the variation of inventory investment and its comovement with
output over the seasonal and business cycles. They measure the
deterministic and stochastic seasonal components of monthly inventory data
and find seasonality contributes about 75 percent of the total variance,
similar to the proportion found in GDP. The authors find that inventory
investment and output exhibit high correlation, with similar magnitudes,
at seasonal and business cycle frequencies. These findings are consistent
with the idea that seasonal cycles and business cycles are propagated
through similar mechanisms and suggest that inventory investment may play
as important a role in the seasonal cycle as it does in the business
cycle.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:331-46

Template-Type: ReDIF-Article 1.0
Author-Name: Braun, R Anton
Author-Name: Evans, Charles L
Title: Seasonal Solow Residuals and Christmas: A Case for Labor Hoarding and Increasing Returns.
Journal: Journal of Money, Credit and Banking
Pages: 306-30
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
In aggregate unadjusted data, measured Solow residuals exhibit large
seasonal variations. Total Factor Productivity grows rapidly in the fourth
quarter at an annual rate of 16 percent and regresses sharply in the first
quarter at an annual rate of -24 percent. This paper considers two
potential explanations for the measured seasonal variation in the Solow
residual: labor hoarding and increasing returns to scale. Using a
specification that allows for no exogenous seasonal variation in
technology and a single seasonal demand shift in the fourth quarter, we
ask the following question: how much of the total seasonal variation in
the measured Solow residual can be explained by Christmas? The answer to
this question is surprising. With increasing returns and time varying
labor effort, Christmas is sufficient to explain the seasonal variation in
the Solow residual, consumption, average productivity, and output in all
four quarters. The authors' analysis of seasonally unadjusted data
uncovers important roles for labor hoarding and increasing returns which
are difficult to identify in adjusted data.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:306-30

Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Title: Using Market Information in Prudential Bank Supervision: A Review of the U.S. Empirical Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 273-305
Issue: 3
Volume: 30
Year: 1998
Month: Aug.
Abstract:
In principle, market and government supervision provide alternative
devices for controlling (governing) any type of corporation. Most national
governments have instituted nonmarket regulatory mechanisms for banking
firms, on the grounds that market-based mechanisms do not adequately
discipline banks. But what evidence supports this assessment? Why must
governments assure bank solvency, but not the solvency of other firms?
Government oversight naturally displaces private efforts to evaluate and
control financial firms. Moreover, if the banking business changes over
time--as it assuredly has in the past decade or two--the best combination
of government and private supervision may change concurrently. This paper
reviews and evaluates the growing empirical literature on private
investors' abilities to assess the financial condition of banking firms.
The evidence supports the proposition that market investors and analysts
could reasonably provide a greater proportion of corporate governance
services for large, traded U.S. financial firms.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:3:p:273-305

Template-Type: ReDIF-Article 1.0
Author-Name: Dutta, Shantanu, et al
Title: Menu Costs, Posted Prices, and Multiproduct Retailers.
Journal: Journal of Money, Credit and Banking
Pages: 683-703
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
We use a unique store-level data set to directly measure menu costs and
to study the price change process at a large U.S. drugstore chain. We
compare and contrast the magnitude of these measures with similar measures
from four large U.S. supermarket chains. We find that (1) the actual
magnitude of menu costs as a share of revenues, (2) menu costs per price
change, (3) the frequent use of promotional pricing, and (4) the use of
weekly pricing rules are similar across both retail formats. Given that
the main common features of these two types of retail formats are that (i)
they both use posted prices and (ii) both are multiproduct retailers
selling a large number of products, our findings suggest that the
magnitude of the menu cost components we measure, and the price change
practices we document, may be generalizable across retail formats with
these two features.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:683-703

Template-Type: ReDIF-Article 1.0
Author-Name: Chia, Ngee-Choon
Author-Name: Whalley, John
Title: The Tax Treatment of Financial Intermediation.
Journal: Journal of Money, Credit and Banking
Pages: 704-19
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
Whether and how to tax financial intermediation services is unclear
because individual preferences are not defined directly over financial
services, but only over the goods that are consumed. Intermediation
services facilitate consumption but do not directly provide utility. In
this paper, we show how taxing goods alone (but not financial services)
can be welfare preferred to taxing both goods and financial services on an
equal-yield basis and at a lower rate in a general equilibrium model with
transactions costs. This is consistent with Foley's (1970) and Hahn's
(1971) well-known treatments of general equilibrium with transactions
costs which suggest that the two fundamental theorems of welfare economics
may not hold in such circumstances. Use of more intermediation services
yields gains from trade, but reduces resources available for provision of
other (consumption) goods. We explore the net effect first using a
numerical example, and then using U.S. data, drawing out implications for
policy.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:704-19

Template-Type: ReDIF-Article 1.0
Author-Name: Chang, Fwu-Ranq
Title: Homogeneity and the Transactions Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 720-30
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
The paper presents the properties of money demand implied by the
Frenkel-Jovanovic (1980) inventory model. Without approximation, the money
demand function is implicitly defined by the first-order condition of the
model. From the implicit function, we show that the elasticities of money
demand satisfy a set of homogeneity conditions. We also show that
increasing transactions cost increases the cash flow elasticity, the
interest elasticity (in absolute value) and the uncertainty elasticity,
but decreases the transactions cost elasticity. If the ratio of cash-flow
uncertainty to the transactions variable is small, then the interest
elasticity is greater than 1/2. In contrast, it lies between $71 and 1/2
when the approximation method is applied.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:720-30

Template-Type: ReDIF-Article 1.0
Author-Name: Humpage, Owen F
Title: U.S. Intervention: Assessing the Probability of Success.
Journal: Journal of Money, Credit and Banking
Pages: 731-47
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
The martingale nature of exchange-rate changes insures that intervention
often will appear successful in terms of altering or moderating
exchange-rate movements, even if intervention were ineffective and
undertaken randomly. I provide evidence that intervention generally lacks
forecast value, except under a weak leaning-against-the-wind criterion.
When I condition the probability of success by various aspects or
techniques of intervention, however, I find that central-bank coordination
and, to a lesser extent, large interventions increases the probability of
success.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:731-47

Template-Type: ReDIF-Article 1.0
Author-Name: Chu, Kam Hon
Title: Free Banking and Information Asymmetry.
Journal: Journal of Money, Credit and Banking
Pages: 748-62
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
A traditional argument against free banking is that it will collapse
because of information externalities: it is impossible for depositors to
tell whether a high deposit rate offered by a bank is due to its high
efficiency or risky lending strategy. This paper shows that in a
separating equilibrium a higher-quality bank offers a lower deposit rate
and holds a smaller proportion of risky loans than a lower-quality bank to
signal its underlying quality. Hence, free banking is not inherently
unstable. The empirical results for the Hong Kong banking system during
1964-65 are consistent with the hypothesis of a separating equilibrium.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:748-62

Template-Type: ReDIF-Article 1.0
Author-Name: Cover, James Peery
Title: The Role of Seasonal Interest Rate Fluctuations in a Classical Model.
Journal: Journal of Money, Credit and Banking
Pages: 763-84
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
This paper examines the role of seasonal interest-rate changes within a
classical model. It shows that the rate of interest is relatively high
during seasons in which resources have a relatively high value. Hence
seasonal interest-rate variations cause economic actors to reallocate
resources from seasons during which they have a relatively low value to
seasons during which they have a relatively high value. If interest rate
smoothing prevents this difference in the value of resources across
seasons from being reflected in the rate of interest, then it is reflected
in the seasonal variation of other prices.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:763-84

Template-Type: ReDIF-Article 1.0
Author-Name: Buffie, Edward F
Title: Public Sector Wage Cycles and the Co-movement of the Fiscal Deficit and Inflation in Less-Developed Countries.
Journal: Journal of Money, Credit and Banking
Pages: 785-810
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
In this paper I analyze the co-variation of the fiscal deficit and
inflation in a simple perfect foresight model that incorporates low- and
high-wage cycles of equal depth and duration. When money and consumption
are not extremely strong complements and the wage-cycle not extremely
short-lived, inflation rises above its pre-stabilization level while the
deficit is lower. The results thus argue that public sector wage cycles
may underlie the weak empirical correlation of the deficit and inflation.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:785-810

Template-Type: ReDIF-Article 1.0
Author-Name: Dutkowsky, Donald H
Title: Taxation and Monetary Aggregation.
Journal: Journal of Money, Credit and Banking
Pages: 811-17
Issue: 4
Volume: 31
Year: 1999
Month: November
Abstract:
This study examines the correspondence of the Divisia and Currency
Equivalent (CE) measures of money to the optimal aggregate under
contemporaneous taxation of interest income. We show that although this
behavior can violate a condition regarding monetary aggregation under
uncertainty and risk aversion, several important results continue to hold.
The conventional Divisia index exactly tracks the theoretically determined
aggregate. With strong separability of currency in the aggregator
function, the Currency Equivalent measure emerges from this framework.
Even under contemporaneous taxation of interest income, the theoretically
correct Divisia and CE measures are based upon pre-tax interest rates.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:4:p:811-17

Template-Type: ReDIF-Article 1.0
Author-Name: Rousseau, Peter L
Author-Name: Wachtel, Paul
Title: Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries.
Journal: Journal of Money, Credit and Banking
Pages: 657-78
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
This paper examines the nature of links between the intensity of
financial intermediation and economic performance that operated in the
United States, the United Kingdom, Canada, Norway, and Sweden over the
1870-1929 period. After describing the coevolution of the financial and
real sectors in these countries, vector error correction models (VECMs)
establish the quantitative importance of long-run relationships among
measures of financial intensity and real per capita levels of output and
the monetary base. Granger causality tests then suggest a leading role for
the intermediation variables in real sector activity, while feedback
effects are largely insignificant. The results suggest an important role
for intermediation in the rapid industrial transformations of all five
counries.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:657-78

Template-Type: ReDIF-Article 1.0
Author-Name: Holman, Jill A
Title: GMM Estimation of a Money-in-the-Utility-Function Model: The Implications of Functional Forms.
Journal: Journal of Money, Credit and Banking
Pages: 679-98
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
This paper studies consumer demand for real balances by allowing money to
enter directly into an aggregate utility function as an asset that
provides liquidity services. The essay extends existing literature by
investigating a money-in-the-utility-function model under a variety of
specifications of the representative agent's objective function. The
empirical analysis employs the generalized-method-of-moments technique to
estimate the coefficients of the Euler equations derived from the
structural model. The parameter estimates are compared across
specifications of the utility function and across data sets. The results
provide some support for the view that the liquidity services provided by
real balances contribute to utility.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:679-98

Template-Type: ReDIF-Article 1.0
Author-Name: Ball, Laurence
Author-Name: Elmendorf, Douglas W
Author-Name: Mankiw, N Gregory
Title: The Deficit Gamble.
Journal: Journal of Money, Credit and Banking
Pages: 699-720
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
The historical behavior of interest rates and growth rates in U.S. data
suggests that the government can, with a high probability, run temporary
budget deficits and then roll over the resulting government debt forever.
The purpose of this paper is to document this finding and to examine its
implications. Using a standard overlapping-generations model of capital
accumulation, the authors show that whenever a perpetual rollover of debt
succeeds, policy can make every generation better off. This conclusion
does not imply that deficits are good policy, for an attempt to roll over
debt forever might fail. But the adverse effects of deficits, rather than
being inevitable, occur with only a small probability.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:699-720

Template-Type: ReDIF-Article 1.0
Author-Name: Bhattacharya, Sudipto
Author-Name: Boot, Arnoud W A
Author-Name: Thakor, Anjan V
Title: The Economics of Bank Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 745-70
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
The authors review the economics of bank regulation as developed in the
contemporary literature. They begin with an examination of the central
aspects of modern banking theories in explaining the asset transformation
function of intermediaries, optimal bank liability contracts, coordination
problems leading to bank failures and their empirical significance, and
the regulatory interventions suggested by these considerations. In
particular, the authors focus on regulations aimed primarily at
ameliorating deposit-insurance-related moral hazards, such as: cash-asset
reserve requirements, risk-sensitive capital requirements and deposit
insurance premia, and bank closure policy. Moreover, they examine the
impact of the competitive environment (bank charter value) and industry
structure (scope of banks) on these moral hazards. They also examine the
implications of banking theory for alternatives to deposit insurance.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:745-70

Template-Type: ReDIF-Article 1.0
Author-Name: Cavalluzzo, Ken S
Author-Name: Cavalluzzo, Linda C
Title: Market Structure and Discrimination: The Case of Small Businesses.
Journal: Journal of Money, Credit and Banking
Pages: 771-92
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
This paper examines bank market structure to draw inferences concerning
the role of discrimination in credit markets for small businesses. The
authors analyze credit application and denial rates, loans outstanding,
and interest rates across demographic groups. This set of variables, in
combination with information on local bank market structure, helps them
distinguish among borrower preferences, lender tastes, and inadequate
lender information as likely causes of differences in credit market
experiences of small business operators from distinct demographic groups.
The authors find that white men and women can expect similar treatment in
credit markets, with some benefits to female-owned firms located in
concentrated banking markets. Minorities, by contrast, fare worse than
whites. Moreover, by appealing to Becker's (1957) classic theories, we
find some clear evidence to support the view that prejudicial
discrimination is at least partly to blame.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:771-92

Template-Type: ReDIF-Article 1.0
Author-Name: Smith, R Todd
Title: Banking Competition and Macroeconomic Performance.
Journal: Journal of Money, Credit and Banking
Pages: 793-815
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
This paper uses an equilibrium model to study the costs, in terms of
macroeconomic performance, of imperfect competition in banking. The social
welfare effects of increased bank competition are complicated and
ambiguous in general, but measuring the consequences of increased bank
competition with standard gauges of macroeconomic performance provides a
clear conclusion: increased bank competition raises the level of income
and reduces the severity of business cycles. The quantitative effect on
macroeconomic performance of less competition in banking can be large; for
instance, an imperfectly competitive banking system can produce a worse
macroeconomic outcome than if the economy had no banks.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:793-815

Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David E W
Author-Name: Stadler, George W
Title: Monetary Explanations of the Weimar Republic's Hyperinflation: Some Neglected Contributions in Contemporary German Literature.
Journal: Journal of Money, Credit and Banking
Pages: 816-31
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
Contemporary analyses of the Weimar Hyperinflation by L. Albert Hahn,
Ladislaus von Bortkiewicz, and Ludwig von Mises have been inadequately
appreciated by earlier commentators. They used the quantity theory,
supplemented by analysis of inflation expectations, to explain
hyperinflation's stylized facts. The latter two treated expectations as
forward looking, related to the fiscal situation, in the spirit of
Sargent's later analysis. They also argued that the effects of
expectations on price-setting behavior could create a shortfall of money
currently in circulation from the demand for it, thus sketching a
disequilibrium analysis of hyperinflation that has no exact parallel in
modern treatments of the topic.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:816-31

Template-Type: ReDIF-Article 1.0
Author-Name: Furfine, Craig H
Author-Name: Stehm, Jeff
Title: Analyzing Alternative Intraday Credit Policies in Real-Time Gross Settlement Systems.
Journal: Journal of Money, Credit and Banking
Pages: 832-48
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
This paper examines a central bank's choice of intraday credit policy for
real-time gross settlement systems. Formal analysis of central bank
objectives and commercial bank payment activity provides insight into both
the choice and effects of several possible intraday credit policies.
Observed intraday credit policies are interpreted within the context of
the model. Among G-10 central banks, different combinations of prices,
collateral, and quantity limits have been chosen to manage the supply of
intraday credit. Conditions that rationalize these choices are shown to
rely on central bank preferences regarding credit risk and systemic risk,
liquidity management technologies, and the cost of collateral.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:832-48

Template-Type: ReDIF-Article 1.0
Author-Name: Milesi-Ferretti, Gian Maria
Author-Name: Roubini, Nouriel
Title: Growth Effects of Income and Consumption Taxes.
Journal: Journal of Money, Credit and Banking
Pages: 721-44
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
The effects of income and consumption taxation are examined in the
context of models in which the growth process is driven by the
accumulation of human and physical capital. The different channels through
which these taxes affect economic growth are discussed. It is shown that
the effects of taxation on growth depend crucially on whether the sector
producing human capital is a market sector, on the technology for human
capital accumulation, and on the specification of the leisure activity. In
general, the taxation of factor incomes (human and physical capital) is
growth-reducing, while the effects of a consumption tax depend on the
specification of leisure. The paper also derives implications for the
growth-maximizing choice of tax instruments.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:721-44

Template-Type: ReDIF-Article 1.0
Author-Name: Shaffer, Sherrill
Title: Capital Requirements and Rational Discount-Window Borrowing.
Journal: Journal of Money, Credit and Banking
Pages: 849-63
Issue: 4
Volume: 30
Year: 1998
Month: November
Abstract:
When banks face capital regulations and stochastic deposit supply, their
decisions to borrow at the discount window will be affected by a broader
range of variables than previous theoretical and empirical studies have
recognized. Moreover, those decisions can respond discontinuously to
changes in market parameters and to the form of rationing rule by which
the discount window is administered. Risk aversion can complicate these
linkages considerably, even causing some banks to prefer a positive
discount rate that may exceed the actual level.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:849-63

Template-Type: ReDIF-Article 1.0
Author-Name: Farmer, Roger E A
Title: Analyzing Indeterminacies in a Real Business Cycle Model with Money: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 292-93
Issue: 2
Volume: 32
Year: 2000
Month: May
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:292-93

Template-Type: ReDIF-Article 1.0
Author-Name: Sossounov, Kirill A
Title: Analyzing Indeterminacies in a Real Business Cycle Model with Money: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 280-91
Issue: 2
Volume: 32
Year: 2000
Month: May
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:280-91

Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Allan D
Title: On the Derivation of Monetary Policy Shocks: Should We Throw the VAR Out with the Bath Water?
Journal: Journal of Money, Credit and Banking
Pages: 254-79
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
This paper considers an alternative econometric approach to the standard
VAR methodology for identifying and estimating the effects of monetary
policy shocks. The alternative approach makes more reasonable assumptions
about economic agents' information set by: 1) restructuring the VAR
variables according to what data are actually observable in each point in
time, and 2) augmenting the VAR model with available measures of market
participants' expectations of various economic variables, thus increasing
the assumed information set. Should we throw the VAR out with the bath
water? Unfortunately, the results of this paper are somewhat inconclusive.
The expectations measures prove to be quite valuable--the variances of all
innovations are reduced by at least one-half compared to the standard VAR
innovations. Nevertheless, the innovations, monetary policy shocks, and
impulse responses for both methods are fairly similar. Indeed, they are
similar enough that the standard VAR approach cannot be rejected out of
hand, but dissimilar enough that the standard approach cannot be
validated.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:254-79

Template-Type: ReDIF-Article 1.0
Author-Name: Crosby, Mark
Author-Name: Otto, Glenn
Title: Inflation and the Capital Stock.
Journal: Journal of Money, Credit and Banking
Pages: 236-53
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
There is a long literature examining the theoretical relationship between
the rate of inflation and the size of the capital stock in an economy.
This literature has produced varied predictions about the effects of
inflation on the capital stock. In this paper we present some time series
evidence on this issue. We estimate a structural VAR model for thirty-four
countries and discover that for the majority of these countries there is
no statistically significant long run effect of inflation on the capital
stock. Moreover, for countries where a significant effect is found, the
long run coefficient estimate is typically positive. Overall, our
empirical results support the view that the long run level of the capital
stock is invariant to permanent changes in the inflation rate.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:236-53

Template-Type: ReDIF-Article 1.0
Author-Name: Eijffinger, Sylvester C W
Author-Name: Hoeberichts, Marco
Author-Name: Schaling, Eric
Title: Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique.
Journal: Journal of Money, Credit and Banking
Pages: 218-35
Issue: 2
Volume: 32
Year: 2000
Month: May
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:218-35

Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Tommy, et al
Title: The Capitalization of Interest Subsidies: Evidence from Sweden.
Journal: Journal of Money, Credit and Banking
Pages: 199-217
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
We analyze by far the most extensive data base yet employed in estimating
capitalization of below-market interest rates into asset prices: nearly
300,000 sales of owner-occupied homes in Sweden from 1981 to 1993 with
27,000 including government subsidized interest rates. Our estimates
indicate very clearly that interest subsidies are capitalized into house
prices. The below-market financing parameter is consistently significant
in all model specifications, irrespective of assumptions about the degree
of foresight, representation of the age structure and interest rate
measure for all ten regions that we have studied. In our favored model
specification the estimated capitalization coefficients center on unity,
indicating full capitalization.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:199-217

Template-Type: ReDIF-Article 1.0
Author-Name: Wong, Ka-fu
Title: Variability in the Effects of Monetary Policy on Economic Activity.
Journal: Journal of Money, Credit and Banking
Pages: 179-98
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
This paper documents and interprets the variability in the effects of
monetary policy on economic activity using the method of rolling vector
autoregression and United States data from 1959:01 to 1994:12. While I
find robust support for short-run price stickiness and long-run output
neutrality, I also find that the responses of output and price levels to
monetary shocks are otherwise quite variable. Seven episodes of differing
responses are identified. The effects of monetary policy are found to be
stronger when monetary shocks are negative, and are related to some
gradual changes in the economy.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:179-98

Template-Type: ReDIF-Article 1.0
Author-Name: Berentsen, Aleksander
Title: Money Inventories in Search Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 168-78
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
The paper relaxes the one unit storage capacity imposed in the basic
search-theoretic model of fiat money with indivisible real commodities and
indivisible money. Agents can accumulate as much money as they want. It
characterizes the stationary distributions of money and shows that for
reasonable parameter values (e.g. production cost, discounting, degree of
specialization) a monetary equilibrium exists. There are multiple
stationary distributions of a given amount of money, which differ in their
welfare levels. Thus, a redistribution of money affects real economic
variables in this model. The monetary equilibrium reveals two essential
features of money. First, the marginal expected utility of money
decreases. Second, there exists an endogenous upper bound on the money
holdings: agents willingly produce and sell for money up to this bound and
refuse to do so if their money holdings exceed this bound.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:168-78

Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, Daniel L
Title: Lifting the Veil of Secrecy from Monetary Policy: Evidence from the Fed's Early Discount Rate Policy.
Journal: Journal of Money, Credit and Banking
Pages: 155-67
Issue: 2
Volume: 32
Year: 2000
Month: May
Abstract:
Traditionally, monetary policy has been conducted under a veil of
secrecy. In its landmark Freedom of Information Act case, the Federal
Reserve argued that it needed to delay the disclosure of its policy
decisions, claiming that immediate disclosure would cause the market to
react in a way that was inconsistent with the Fed's intentions. Based on
this argument and others, the Fed was permitted to delay the release of
FOMC policy decisions. Most economists, however, believe that market
forces would work to keep equilibrium outcomes more in line with policy
maker's intentions if policy makers would announce their intentions and
establish a reputation for behaving in a manner consistent with them. This
paper tests the hypothesis that the market responds more closely to the
Fed's intentions when the Fed makes its intentions known by investigating
the market's reaction to a change in discount rate policy in the early
1960s. We find that the market responded in a manner inconsistent with the
Fed's intentions when they were unknown, and responds in a manner
consistent with them when the Fed made its intentions known.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:2:p:155-67

Template-Type: ReDIF-Article 1.0
Author-Name: Bomberger, William A
Title: Disagreement and Uncertainty: A Reply to Richa and Butler.
Journal: Journal of Money, Credit and Banking
Pages: 273-76
Issue: 2
Volume: 31
Year: 1999
Month: May
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:273-76

Template-Type: ReDIF-Article 1.0
Author-Name: Bates, David
Author-Name: Craine, Roger
Title: Valuing the Futures Market Clearinghouse's Default Exposure during the 1987 Crash.
Journal: Journal of Money, Credit and Banking
Pages: 248-72
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
Futures market clearinghouses are intermediaries that make large volume
trading between anonymous parties feasible. During the market crash in
October 1987, rumors spread that a clearinghouse might fail. This paper
presents estimates of three measures of the default exposure. The authors
estimate the traditional summary statistic for risk exposure: the tail
probabilities. They also estimate two economic measures: the expected
value of the payoffs in the tails and expected value of the payoffs in the
tails conditional on landing in the tail. The authors' estimates indicate
the market thought another crash was unlikely but that if one occurred it
would be large.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:248-72

Template-Type: ReDIF-Article 1.0
Author-Name: Burdekin, Richard C K
Author-Name: Siklos, Pierre L
Title: Exchange Rate Regimes and Shifts in Inflation Persistence: Does Nothing Else Matter?
Journal: Journal of Money, Credit and Banking
Pages: 235-47
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
This paper reexamines the findings of George S. Alogoskoufis and Ron
Smith (1991), who argue that sharp increases in inflation persistence can
be attributed to changes in the exchange rate regime. Using long time
series data from the United Kingdom, the United States, Canada, and
Sweden, the authors suggest that these authors' emphasis on a post-1967
shift in inflation persistence is misplaced and that there are other
equally good candidates to account for changes in inflation persistence,
such as wars, oil price shocks, and central bank reforms. This conclusion
is supported by recently developed tests that allow for multiple
structural shifts at unknown dates.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:235-47

Template-Type: ReDIF-Article 1.0
Author-Name: Wheelock, David C
Author-Name: Wilson, Paul W
Title: Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993.
Journal: Journal of Money, Credit and Banking
Pages: 212-34
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
Studies often find that, on average, U.S. commercial banks are quite
inefficient, and the authors find that banks became more technically
inefficient between 1984 and 1993. From a new decomposition of the
Malmquist productivity index into changes in pure-technical and scale
efficiency, as well as both pure technical changes and changes in scale of
technology, they find that much of the inefficiency increase can be
attributed to the general failure of banks to adopt technological
improvements made by a few banks that advanced the efficient frontier.
Small banks experienced especially large decreases in both efficiency and
productivity.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:212-34

Template-Type: ReDIF-Article 1.0
Author-Name: Fisher, Jonas D M
Title: Credit Market Imperfections and the Heterogeneous Response of Firms to Monetary Shocks.
Journal: Journal of Money, Credit and Banking
Pages: 187-211
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
This paper assesses the bank-lending channel interpretation of evidence
on the heterogeneous response of firms to monetary shocks. To do so, the
author develops a quantitative general equilibrium model of the
bank-lending channel with imperfect credit markets. The calibrated model's
steady state supports a common identification strategy adopted in the
literature: small firms are credit constrained and large firms are not.
For some parameter values, the model reproduces the cyclical observations
viewed as supporting the lending view of the monetary transmission
mechanism and for others it does not. The parameter values consistent with
the lending view appear to be implausible.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:187-211

Template-Type: ReDIF-Article 1.0
Author-Name: Bruce, Neil
Author-Name: Turnovsky, Stephen J
Title: Budget Balance, Welfare, and the Growth Rate: "Dynamic Scoring" of the Long-Run Government Budget.
Journal: Journal of Money, Credit and Banking
Pages: 162-86
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
This paper determines conditions under which a reduction in the role of
government, either through a tax cut alone, or together with accompanying
expenditure cuts, will improve long-run government fiscal balance. For a
ceteris paribus cut in the income tax rate to improve long-run government
balance, the intertemporal elasticity of substitution must exceed unity. A
tax cut balanced by an expenditure cut is likely to improve the long-run
balance even if it does not improve the short-run balance. The
relationship between improving the long-run fiscal balance and economic
welfare is also analyzed.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:162-86

Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Author-Name: Velde, Francois R
Title: The Big Problem of Small Change.
Journal: Journal of Money, Credit and Banking
Pages: 137-61
Issue: 2
Volume: 31
Year: 1999
Month: May
Abstract:
The medieval money supply mechanism implemented a commodity standard
throughout the denomination structure by imposing mint and melt points for
each coin. Mints stood ready to sell (but not to buy) coins for metal.
Seigniorage and brassage fees determined the spreads between mint points
and melt points for each coin. Because it was cheaper to make a large coin
than a smaller one, there were difficulties in aligning the mint-melt
points for various coins, and these exposed the system to recurrent
shortages, especially of small coins. The authors build a model of the
medieval money supply system and modify a cash-in-advance model of demand
to capture a preference for small change. They use the model to study the
behavior of exchange rates between large and small denomination coins
across periods of shortages. The authors also use the model to study how a
standard formula of the nineteenth century could be used to supply small
change without shortages. The standard formula displaced the medieval
supply mechanism with a token currency for all coins but one.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:2:p:137-61

Template-Type: ReDIF-Article 1.0
Author-Name: Iscan, Talan
Author-Name: Osberg, Lars
Title: The Link between Inflation and Output Variability in Canada: Note.
Journal: Journal of Money, Credit and Banking
Pages: 261-72
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
One of the costs of high levels of inflation may be misperceptions of
relative prices and excessive volatility in sectoral output. This paper
therefore examines the relationship between the level of inflation and
sectoral output growth variability in Canada from 1961:1 to 1995:4.
Despite the substantial variation in inflation over this period, the
authors find little evidence of an impact of the level of inflation on
variability of sectoral output growth. Their results indicate that the oil
price and the real exchange rate are significantly correlated with the
variability of output growth across sectors.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:261-72

Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence H
Author-Name: Boudreaux, Donald J
Title: Is Nonprice Competition in Currency Inefficient?
Journal: Journal of Money, Credit and Banking
Pages: 252-60
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
Some economists believe that the competitive survival of
noninterest-bearing currency--the absence of price competition from
markets for stored-value cards, banknotes, and token coins--implies a
waste of resources on nonprice competition. The authors argue to the
contrary that market forces drive issuers toward an efficient mix of price
and nonprice competition. Where economic costs (rather than legal
restrictions) rule out the delivery of interest on currency, competition
exclusively along nonprice dimensions is consistent with efficiency. The
authors graphically illustrate such a case.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:252-60

Template-Type: ReDIF-Article 1.0
Author-Name: Keating, John W
Author-Name: Nye, John V
Title: Permanent and Transitory Shocks in Real Output: Estimates from Nineteenth-Century and Postwar Economies.
Journal: Journal of Money, Credit and Banking
Pages: 231-51
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
This paper reexamines Olivier J. Blanchard and Danny Quah's (1989)
aggregate supply/demand model interpretation of output shocks using data
from ten countries. Although postwar data support their interpretation,
the model is not supported by nineteenth=century data. In the postwar
period, permanent output shocks cause the price level to move in the
opposite direction (like supply shocks) and temporary output shocks cause
the price level to move in the same direction (like demand shocks). But
with pre-World War I data, permanent output shocks typically cause price
level movements in the same direction. The results are systematic and
cannot be explained by data problems.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:231-51

Template-Type: ReDIF-Article 1.0
Author-Name: Davis, George
Author-Name: Kanago, Bryce
Title: High and Uncertain Inflation: Results from a New Data Set.
Journal: Journal of Money, Credit and Banking
Pages: 218-30
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
The authors use a data set of inflation expectations that covers twenty
years and forty-four countries to investigate the relationship between the
level and uncertainty of inflation. While there is strong and robust
evidence of a relationship between average inflation and average
uncertainty across countries, there is little evidence in their data for a
within country relationship. In particular, very few of the countries in
the sample exhibit a relationship between lagged inflation and future
uncertainty. This result holds even when the authors use a bootstrapping
technique that is robust to small sample size and heteroscedasticity.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:218-30

Template-Type: ReDIF-Article 1.0
Author-Name: Hartley, Peter R
Title: Inside Money as a Source of Investment Finance.
Journal: Journal of Money, Credit and Banking
Pages: 193-217
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
Households demand bank deposits for the liquidity services such assets
provide. Higher yielding assets usually are available to finance future
consumption. Nevertheless, the demand for bank liabilities enables banks
to finance investment. One might therefore expect more capital in an
economy utilizing banks. The author shows that, when low wealth households
cannot borrow, bank lending increases the capital stock and reduces
equilibrium interest rates, while making the real equilibrium more
sensitive to shifts in the demand for inside money. When households can
borrow, however, bank lending is absorbed by low wealth households and
banks have few effects on the real equilibrium.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:193-217

Template-Type: ReDIF-Article 1.0
Author-Name: Athanassopoulos, Antreas D
Title: Nonparametric Frontier Models for Assessing the Market and Cost Efficiency of Large-Scale Bank Branch Networks.
Journal: Journal of Money, Credit and Banking
Pages: 172-92
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
In this paper the author proposes models for assessing the efficiency in
large networks of bank branches. He distinguishes bank branch efficiency
into market and cost components suitably modified to capture different
tiers of bank-management. The paper proposes a methodology which includes
the use of multivariate analysis in order to ensure the homogeneity of the
branches assessed and then data envelopment analysis for assessing
efficiency. The methodology is applied on a sample of 580 branches of a
commercial bank in the United Kingdom. The results obtained reinforced
previous claims regarding the presence of high technical inefficiencies
and economies/diseconomies of scale at the branch level from a production
and cost point of view. Furthermore, the decision to precluster the
network of branches into homogenous groups has had profound implications
on the magnitude of the assessed efficiencies.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:172-92

Template-Type: ReDIF-Article 1.0
Author-Name: Click, Reid W
Title: Seigniorage in a Cross-Section of Countries.
Journal: Journal of Money, Credit and Banking
Pages: 154-71
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
Empirical investigation of the average level of seigniorage in a
cross-section of (up to) ninety countries for the period 1971-90 suggests
that optimum tax theory explains up to 40 percent of the cross-country
variation in seigniorage, since seigniorage is higher where its deadweight
losses are probably lower and where deadweight losses from conventional
taxation are probably higher, but that average government spending is not
a determinant of seigniorage. Practical concerns about financing
transitory government spending explain some of the remaining variation in
seigniorage, and central bank independence and political instability are
useful as well. In contrast, 90 percent of the cross-country variation in
conventional taxation appears to be determined by the level of government
spending and deadweight losses, and additional variables do not add to the
results.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:154-71

Template-Type: ReDIF-Article 1.0
Author-Name: Berg, Sigbjorn Atle
Author-Name: Kim, Moshe
Title: Banks as Multioutput Oligopolies: An Empirical Evaluation of the Retail and Corporate Banking Markets.
Journal: Journal of Money, Credit and Banking
Pages: 135-53
Issue: 2
Volume: 30
Year: 1998
Month: May
Abstract:
The distinction between retail and corporate banking markets is of much
importance in real life banking organizations. The two markets differ with
respect to concentration, the importance of informational asymmetries, and
the extent of customer mobility. Within a standard conjectural variation
model estimated on cost efficient banks as well as on the full sample of
banks, the authors empirically characterize the strategic behavior in each
of these markets and also focus on cross market interactions to see
whether initial moves in one market affect the equilibrium in the other
market. They compare their findings to the predictions that would follow
from merely considering concentration ratios, such as the Herfindahl
index.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:2:p:135-53

Template-Type: ReDIF-Article 1.0
Author-Name: Choi, Woon Gyu
Title: Erratum: Asymmetric Monetary Effects on Interest Rates across Monetary Policy Stances.
Journal: Journal of Money, Credit and Banking
Pages: 154
Issue: 1
Volume: 32
Year: 2000
Month: February
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:154

Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence H
Author-Name: Boudreaux, Donald J
Title: Is Nonprice Competition in Currency Inefficient?
Journal: Journal of Money, Credit and Banking
Pages: 150-53
Issue: 1
Volume: 32
Year: 2000
Month: February
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:150-53

Template-Type: ReDIF-Article 1.0
Author-Name: Sumner, Scott
Title: Is Nonprice Competition in Currency Inefficient?
Journal: Journal of Money, Credit and Banking
Pages: 146-49
Issue: 1
Volume: 32
Year: 2000
Month: February
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:146-49

Template-Type: ReDIF-Article 1.0
Author-Name: Dowd, Kevin
Title: Using Futures Prices to Control Inflation: Reply to Garrison and White.
Journal: Journal of Money, Credit and Banking
Pages: 142-45
Issue: 1
Volume: 32
Year: 2000
Month: February
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:142-45

Template-Type: ReDIF-Article 1.0
Author-Name: Kishan, Ruby P
Author-Name: Opiela, Timothy P
Title: Bank Size, Bank Capital, and the Bank Lending Channel.
Journal: Journal of Money, Credit and Banking
Pages: 121-41
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
This paper provides evidence of a credit channel and a bank ending
channel of monetary policy in the United States from 1980 to 1995. We test
for bank loan supply shifts by segregating banks according to asset size
and capital leverage ratio. The loan growth of small (under $300M)
undercapitalized (capital-asset ratio
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:121-41

Template-Type: ReDIF-Article 1.0
Author-Name: Aggarwal, Rajesh K
Author-Name: Yousef, Tarik
Title: Islamic Banks and Investment Financing.
Journal: Journal of Money, Credit and Banking
Pages: 93-120
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
Islamic Law prohibits charging interest. We study financial instruments
used by Islamic banks and find that most are not based on profit-and-loss
sharing (equity) but, instead, are very debt-like in nature. We see some
bias against providing financing for agriculture and industry. Long-term
financing is rarely offered to entrepreneurs. Our model shows that
debt-like instruments are a rational response by Islamic banks to their
contracting environments. As agency problems become more severe, debt
becomes the dominant instrument of finance. We give conditions under which
banning debt increases social welfare as well as conditions under which
banning debt decreases social welfare.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:93-120

Template-Type: ReDIF-Article 1.0
Author-Name: Jayaratne, Jith
Author-Name: Morgan, Donald P
Title: Capital Market Frictions and Deposit Constraints at Banks.
Journal: Journal of Money, Credit and Banking
Pages: 74-92
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
Following the investment-cash flow literature, we test whether bank
lending is constrained by the availability of insured deposits--a
necessary condition for the existence of a bank lending channel of
monetary policy. We treat insured deposits as a type of "internal fund,"
similar to cash flows. We use a simple model to sort out the possible
identification issues in interpreting the correlation between lending and
deposit growth, including reverse causality and omitted-variable bias. To
minimize the latter, we control for loan demand; we use Tobin's Q and
other proxies. We also split the sample by capital ratios under the
assumption that the frictions facing banks in capital markets should be
most severe for poorly capitalized banks. The results are consistent with
the existence of frictions in capital markets facing banks, and show that
such frictions forge a link between the supply of bank loans and the
supply of insured deposits. The frictions seem to matter only at small
banks, suggesting that the potential for a bank lending channel is
limited.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:74-92

Template-Type: ReDIF-Article 1.0
Author-Name: Angelini, Paolo
Title: Are Banks Risk Averse? Intraday Timing of Operations in the Interbank Market.
Journal: Journal of Money, Credit and Banking
Pages: 54-73
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
The paper presents a simple theory of intraday behavior in the interbank
market. The timing of borrowing and lending operations depends on the
information available on two key variables: the end-of-day balance from
the clearing system--the algebraic sum of incoming (+) and outgoing (-)
daily payments--and the short-term interest rate. When the former is the
relevant source of uncertainty, risk-averse banks should tend to operate
close to the end of the business day, when the balance becomes observable.
Conversely, when the interbank rate is relatively more volatile,
operations should be shifted to the early morning, when the balance is not
observable but the rate is. The theory is found to be consistent with
banks' behavior in the Italian interbank market.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:54-73

Template-Type: ReDIF-Article 1.0
Author-Name: Kiley, Michael T
Title: Endogenous Price Stickiness and Business Cycle Persistence.
Journal: Journal of Money, Credit and Banking
Pages: 28-53
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
Sticky prices help generate persistent output fluctuations in response to
aggregate demand shocks. This paper develops a model in which price
stickiness is endogenous and generates persistent output fluctuations.
Since the degree of price stickiness should be lower in high-inflation
economies, output persistence should also be lower in high-inflation
economies. Estimation of the model, as well as simple autocorrelations of
detrended real output, suggest that, indeed, output fluctuations about
trend are less persistent in high-inflation economies.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:28-53

Template-Type: ReDIF-Article 1.0
Author-Name: Fernandez-Ruiz, Jorge
Title: Debt Buybacks, Debt Reduction, and Debt Rescheduling under Asymmetric Information.
Journal: Journal of Money, Credit and Banking
Pages: 13-27
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
In the early nineties there was a significant recovery of many
debt-ridden economies after the shift in debt policy implicit in the
so-called Brady Plan. Yet, the use of scarce resources from debtor
countries to buy back part of their debts remains a controversial feature
of this Plan. We use a multiperiod model of debt overhang to show that,
under asymmetric information, this transfer of resources emerges naturally
as part of the shift from a strategy of debt rescheduling, to one of debt
reduction.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:13-27

Template-Type: ReDIF-Article 1.0
Author-Name: Zhang, Junxi
Title: Inflation and Growth: Pecuniary Transactions Costs and Qualitative Equivalence.
Journal: Journal of Money, Credit and Banking
Pages: 1-12
Issue: 1
Volume: 32
Year: 2000
Month: February
Abstract:
This paper develops a pecuniary transactions costs (TC) approach to
reexamine the principal relationships and results concerning inflation and
growth. In a model with a general TC function and an endogenous
labor-leisure choice, we consider four special cases by distinguishing
among money as (1) a consumption good, (2) a production good, (3) an
investment good, and (4) a consumption good as well as an investment good.
Under some weaker conditions as in related studies, a reversed Tobin
effect obtains for all cases: a high monetary growth rate leads to lower
steady-state capital, labor. consumption, and real money balances. These
findings suggest that a pecuniary TC model is qualitatively equivalent to
alternative models in the literature.
Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:1-12

Template-Type: ReDIF-Article 1.0
Author-Name: Kryzanowski, Lawrence
Author-Name: Roberts, Gordon S
Title: Perspectives on Canadian Bank Insolvency during the 1930s: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 130-36
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
Jack Carr, Frank Mathewson and Neil Quigley (1995) (CMQ) introduce new
archival evidence to challenge the hypothesis that Canadian banks enjoyed
considerable capital forbearance during the 1930s (Lawrence Kryzanowski
and Gordon S. Roberts, 1993) (KR). This note examines what the CMQ
evidence has to tell us once opportunity-cost valuation and agency costs
in government and the accounting profession are stirred vigorously into
the inferential stew. The authors show that none of the CMQ findings is
inconsistent with the original KR argument on capital forbearance. More
broadly, they demonstrate how serious economic error can result from
taking accounting and contractual formalisms at their face value.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:130-36

Template-Type: ReDIF-Article 1.0
Author-Name: Makinen, Gail E
Author-Name: Woodward, G Thomas
Title: Use of Interest-Bearing Currency in the Civil War: The Experience below the Mason-Dixon Line.
Journal: Journal of Money, Credit and Banking
Pages: 121-29
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
This paper examines the case of interest-bearing notes in the Confederate
States of America which were not legal tender but which were said to
circulate. Like other known episodes, the Confederate experiment does not
support the legal restrictions theory of the demand for money. There is no
evidence that these instruments circulated readily and some evidence that
their limited circulation fell short of that of competing
noninterest-bearing notes--characteristics inconsistent with legal
restrictions theory. The episode displays other characteristics
inconsistent with or not encompassed by the major competing explanations
of why interest-bearing notes do not circulate.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:121-29

Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence H
Title: Hayek's Monetary Theory and Policy: A Critical Reconstruction.
Journal: Journal of Money, Credit and Banking
Pages: 109-20
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
Friedrich A. Hayek's critique of price level stabilization was based on
the theoretical claim that only a constant money stock (M), or constant
volume of nominal spending (MV), allows intertemporal price equilibrium.
The claim is not generally correct. Hayek's case (in principle) for
constant MV, and his critique of the automatic gold standard for not
delivering it, are thus uncompelling. The injection effects of his
business cycle theory provided a sounder basis for his prescription. In
the 1970s, Hayek switched to endorsing price-level stabilization. In doing
so he was logically compelled to repudiate his business cycle theory.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:109-20

Template-Type: ReDIF-Article 1.0
Author-Name: Weise, Charles L
Title: The Asymmetric Effects of Monetary Policy: A Nonlinear Vector Autoregression Approach.
Journal: Journal of Money, Credit and Banking
Pages: 85-108
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
This paper tests for nonlinearity in a standard vector autoregression
including output, prices, and money supply using an estimation strategy
that is consistent with a wide range of structural macroeconomic models.
Shocks to the money supply are found to have stronger output effects and
weaker price effects when output growth is initially low. Positive and
negative monetary shocks are found to have nearly symmetric effects. In
addition, there is some evidence that shocks of different magnitudes have
asymmetric effects. These results are consistent with the view that the
aggregate supply curve is convex.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:85-108

Template-Type: ReDIF-Article 1.0
Author-Name: Agenor, Pierre-Richard
Author-Name: Masson, Paul R
Title: Credibility, Reputation, and the Mexican Peso Crisis.
Journal: Journal of Money, Credit and Banking
Pages: 70-84
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
A model emphasizing the tradeoff between the costs of changes of domestic
interest rates and exchange rate stability is used to assess the role of
credibility and reputational factors in the lead-up to the December 1994
crisis of the Mexican peso. Devaluation expectations are decomposed into
the probability that the authorities do not truly put a high weight on
exchange rate stability and the probability that an exogenous shock will
make a devaluation the preferred policy. Estimates indicate that prior to
the peso collapse there was no significant increase in devaluation fears
and no perceived shift in the authorities' policy preferences. But the
increase in the differential that occurred after the devaluation may have
resulted from such a shift.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:70-84

Template-Type: ReDIF-Article 1.0
Author-Name: Fatum, Rasmus
Author-Name: Hutchison, Michael
Title: Is Intervention a Signal of Future Monetary Policy? Evidece from the Federal Funds Futures Market.
Journal: Journal of Money, Credit and Banking
Pages: 54-69
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
Sterilized foreign exchange market intervention may affect the exchange
rate if it signals future monetary policy actions. Signaling will be
effective if the central bank backs up intervention with predictable
changes in the stance of monetary policy and, in turn, affects current
expectations. The authors investigate whether intervention operations in
the United States are related to changes in expectations over the stance
of future monetary policy. Expected changes in policy are inferred from
changes in second- and third-nearby Federal funds futures rates. They also
test the signaling hypothesis using survey-based measures of expected
short-term interest rate changes. Estimates obtained from a GARCH
time-series model over the 1989-93 period do not support the signaling
hypothesis: dollar-support intervention is not related to a rise in
expected future short-term interest rates (monetary tightening). However,
intervention significantly increases the conditional variance of Federal
funds future rates, suggesting that it adds considerable noise to the
market.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:54-69

Template-Type: ReDIF-Article 1.0
Author-Name: Hanes, Christopher
Title: Degrees of Processing and Changes in the Cyclical Behavior of Prices in the Untied States, 1869-1990.
Journal: Journal of Money, Credit and Banking
Pages: 35-53
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
Price indices for periods before the Second World War place more weight
on less-processed products than do their postwar counterparts to an extent
that exaggerates the change over time in the composition of aggregate
output. Prices of less-processed products are especially procyclical in
levels and inflation rates. Thus, comparisons between historical and
postwar series can give biased measures of changes in the cyclical
behavior of the aggregate price level. Also, changes in the behavior of
the aggregate price level must be distinguished from changes in the
behavior of prices of given products, subject to a given degree of
processing.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:35-53

Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Author-Name: Houston, Joel F
Title: The Value of a Government Monitor for U.S. Banking Firms.
Journal: Journal of Money, Credit and Banking
Pages: 14-34
Issue: 1
Volume: 31
Year: 1999
Month: February
Abstract:
Do federal bank examinations add value to the market's supervisory
process? To address this question, the author investigates whether Federal
Reserve inspections of bank holding companies affect the association
between banks' reported book values and the market value of their equity.
Using data from the fourth quarters of 1988 and 1990, he finds that the
market is aware of bank examinations and takes them into account when
valuing bank stocks. Apart from the obvious value they provide to
regulators, examinations affect market values in several ways. In some
instances, they provide useful certifying information which reduces risk
and increases market value. In other instances, examinations induce
additional regulatory risk which may reduce market value. The net effect
of these results appears to vary over time, and across different types of
banks.
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:14-34

Template-Type: ReDIF-Article 1.0
Author-Name: Bohn, Henning
Title: Fiscal Policy and the Mehra-Prescott Puzzle: On the Welfare Implications of Budget Deficits When Real Interest Rates Are Low.
Journal: Journal of Money, Credit and Banking
Pages: 1-13
Issue: 1
Volume: 31
Year: 1999
Month: February
Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:1-13

Template-Type: ReDIF-Article 1.0
Author-Name: Kanatas, George
Author-Name: Qi, Jianping
Title: Underwriting by Commercial Banks: Incentive Conflicts, Scope Economies, and Project Quality.
Journal: Journal of Money, Credit and Banking
Pages: 119-33
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
The authors study the issue of commercial bank underwriting of
securities. Their analysis examines the incentive conflict faced by
intermediaries that both lend and underwrite securities, thereby imposing
a cost on their customers seeking to raise capital. Despite this cost,
firms may choose to use such an intermediary if there are sufficiently
large scope economies in combined lending and underwriting. The authors
demonstrate that the regulatory separation of such combined intermediation
may be optimal if firms recognize the intermediary's subsequent incentive
conflict when choosing projects to be funded and if there is a social cost
to bank funding of poor quality projects. They also examine the conditions
for intermediaries' reputation building to mitigate the incentive
conflict, without the need for regulation.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:119-33

Template-Type: ReDIF-Article 1.0
Author-Name: Morgan, Donald P
Title: The Credit Effects of Monetary Policy: Evidence Using Loan Commitments.
Journal: Journal of Money, Credit and Banking
Pages: 102-18
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
In addition to the usual channels, monetary policy may affect spending by
changing the supply of bank loans and the creditworthiness of borrowers.
This paper tests for these credit effects using a contractual difference
across commercial bank loans. The author finds that bank loans not made
under a commitment slow after tight policy, while loans under commitment
accelerate or are unchanged. This divergence coincides with reports of
tighter credit by lenders and by small firms, suggesting the divergence
reflects a reduction in the supply of credit to the firms without
commitments, rather than a reduction in their demand for loans.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:102-18

Template-Type: ReDIF-Article 1.0
Author-Name: Collins, Sean
Author-Name: Anderson, Richard
Title: Modeling U.S. Households' Demands for Liquid Wealth in an Era of Financial Change.
Journal: Journal of Money, Credit and Banking
Pages: 83-101
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
Money demand models overpredicted M2 growth in the United States from
1990 to 1993. The authors examine this overprediction using a model of
households' demands for liquid wealth. The model is a dynamic
generalization of the AIDS model of Angus Deaton and John Muellbauer
(1980). The authors find that the own-price elasticity of money rose
substantially after 1990. They also find important cross-price
elasticities of money with respect to other liquid financial assets,
notably with respect to mutual funds. Incorporating these and other
features helps explain nearly 50 percent of the shortfall in M2 growth
over the period in question.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:83-101

Template-Type: ReDIF-Article 1.0
Author-Name: Elwood, S Kirk
Title: Testing for Excess Sensitivity in Consumption: A State-Space/Unobserved Components Approach.
Journal: Journal of Money, Credit and Banking
Pages: 64-82
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
This paper tests the joint rational expectations/permanent income
hypothesis using a state-space/unobserved components model to specify
anticipated and unanticipated elements of permanent, transitory, and
seasonal components of the income path and measure their relationships
with consumption. The results do not find significant excess sensitivity.
However, a similar test that accounts for seasonality using X-11 adjusted
data does, thus indicating that seasonal filtering may be responsible for
previous empirical rejections of the theory. Since the model includes
consumption information in estimating the different components of income,
it also improves upon univariate investigations of the relative magnitudes
of permanent and transitory disturbances to the income path.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:64-82

Template-Type: ReDIF-Article 1.0
Author-Name: Jun, Sangjoon
Title: Procyclical Multifactor Productivity: Tests of the Current Theories.
Journal: Journal of Money, Credit and Banking
Pages: 51-63
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
This paper conducts various tests of four hypotheses to account for
procycical multifactor productivity. The hypotheses include imperfect
competition, increasing returns to scale, labor hoarding, and thick market
externalities. The test results provide strong evidence for imperfect
competition and increasing returns, and weak evidence for labor hoarding
and thick market externalities. However, the markup and returns to scale
parameter estimates are much smaller than those noted in previous
research. This difference results from the use here of gross output and
intermediate inputs as opposed to the use in previous research of value
added and primary inputs.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:51-63

Template-Type: ReDIF-Article 1.0
Author-Name: Balduzzi, Pierluigi, et al
Title: Interest Rate Targeting and the Dynamics of Short-Term Rates.
Journal: Journal of Money, Credit and Banking
Pages: 26-50
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
A feature of U.S. monetary policy has been active targeting of overnight
fed funds rates. The authors show that, during a period of tight targeting
(1989-96), term fed funds spreads from the target displayed pronounced
volatility and persistence, which increase with the maturity of the loan.
They show that the increase in persistence is consistent with a model of
infrequent, but predictable, revisions of the target. In the authors'
model, the (autoco-)variance of the spreads of term fed funds rates from
the target increases with the maturity because longer-term rates reflect
persistent expectations of the next target change. Coauthors are Giuseppe
Bertola, Silverio Foresi, and Leora Klapper.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:26-50

Template-Type: ReDIF-Article 1.0
Author-Name: Serletis, Apostolos
Author-Name: Koustas, Zisimos
Title: International Evidence on the Neutrality of Money.
Journal: Journal of Money, Credit and Banking
Pages: 1-25
Issue: 1
Volume: 30
Year: 1998
Month: February
Abstract:
The authors use the Backus and Kehoe (1992) long, low frequency data on
real GNP/GDP and money for Australia, Canada, Denmark, Germany, Italy,
Japan, Norway, Sweden, the United Kingdom, and the United States to
examine the long-run neutrality and superneutrality of money propositions.
In doing so, they applied the King and Watson (1992) methodology, paying
particular attention to the integration and cointegration properties of
the variables, since meaningful neutrality tests critically depend on such
properties.
Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:1-25

Template-Type: ReDIF-Article 1.0
Author-Name: Schwartz, Anna J
Title: From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund.
Journal: Journal of Money, Credit and Banking
Pages: 135-53
Issue: 2
Volume: 29
Year: 1997
Month: May
Abstract:
The U.S. Treasury's $20 billion loan to Mexico in January 1995 from the
Exchange Stabilization Fund (ESF) brought to public notice the fund that
had functioned in obscurity since its authorization by the Gold Reserve
Act of January 31, 1934. The design of the ESF, as set forth in the
statute, contributed to its obscurity. Its stated mission was to stabilize
the exchange value of the dollar, but it has also assumed a role that had
no mandate, that of lender to favored countries. ESF's intervention
activities and the Federal Reserve's warehousing of ESF foreign currency
assets are questionable. A statistical profile of the ESF accounts for the
growth of its working balance from $200 million in 1934 to $42.6 billion
in assets in 1995. Copyright 1997 by Ohio State University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:135-53

Template-Type: ReDIF-Article 1.0
Author-Name: Garcia, Rene
Author-Name: Lusardi, Annamaria
Author-Name: Ng, Serena
Title: Excess Sensitivity and Asymmetries in Consumption: An Empirical Investigation.
Journal: Journal of Money, Credit and Banking
Pages: 154-76
Issue: 2
Volume: 29
Year: 1997
Month: May
Abstract:
Most empirical studies on liquidity constraints classify a consumer as
being constrained on the basis of a single indicator such as the asset to
income ratio. In this analysis, the authors model the probability that a
consumer faces liquidity constraints as a function of multiple social and
economic factors. This probability function is estimated simultaneously
with the degree of excess sensitivity of consumption to income in a
switching regressions framework. The switching regressions apply optimal
weights to the densities for the Euler equations in the two states and are
less susceptible to sample misclassification. Our results based on data
from the CEX confirm that liquidity constrained consumers are excessively
sensitive to variables already known to economic agents. However, there is
also evidence that the unconstrained consumers exhibit behavior that is
inconsistent with the theoretical predictions. Further analysis suggests
that such behavior could be explained by time non-separable preferences. Copyright 1997 by Ohio State University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:154-76

Template-Type: ReDIF-Article 1.0
Author-Name: Fleissig, Adrian R
Title: The Consumer Consumption Conundrum: An Explanation.
Journal: Journal of Money, Credit and Banking
Pages: 177-92
Issue: 2
Volume: 29
Year: 1997
Month: May
Abstract:
This paper uses the Fourier flexible form to jointly approximate utility
and service flows from durable and nondurable goods. In contrast,
parametric functions are usually not flexible enough to accurately
approximate nonseparability and often give inconsistent results. This
paper calls these inconsistent results the consumer consumption conundrum.
The author calculates Morishima elasticities of substitution because
Charles Blackorby and Robert R. Russell (1989) show that the Allen-Uzawa
measure of substitution is incorrect. Results show that substitution
between commodities are variable over time. Therefore, policy intended to
affect consumption should take the variability of substitution into
account because constant elasticity of substitution functions may give
misleading conclusions. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:177-92

Template-Type: ReDIF-Article 1.0
Author-Name: Raymond, Jennie E
Author-Name: Rich, Robert W
Title: Oil and the Macroeconomy: A Markov State-Switching Approach.
Journal: Journal of Money, Credit and Banking
Pages: 193-213
Issue: 2
Volume: 29
Year: 1997
Month: May
Abstract:
This paper analyzes the relationship between oil price shocks and postwar
U.S. business cycle fluctuations. The authors develop a generalized Markov
switching model of output that includes a measure of net real oil price
increases and examine the capabilities of this variable to generate shifts
in the mean of GDP growth and to predict transitions between dichotomous
growth phases. The results indicate that, while the behavior of oil prices
has been a contributing factor to the mean of low growth phases of output,
movements in oil prices generally have not been a principal determinant in
the historical evidence of these phases. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:193-213

Template-Type: ReDIF-Article 1.0
Author-Name: Fuhrer, Jeffrey C
Title: Inflation/Output Variance Trade-Offs and Optimal Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 214-34
Issue: 2
Volume: 29
Year: 1997
Month: May
Abstract:
The author estimates the inflation/output-gap variance trade-off faced by
monetary policymakers in the United States. For policymakers who care
about deviations of inflation around target and output around potential,
the estimated trade-off represents the 'optimal policy frontier.' Given
the structure of the economy, policymakers can do no better than to attain
weighted variances of inflation and output that lie on the frontier. The
author finds that the variance trade-off becomes quite severe when the
standard deviation of inflation or output drops much below 2 percent. This
suggests that approximately balanced responses to policy goals are
consistent with reasonable preferences over inflation and output
variability. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:214-34

Template-Type: ReDIF-Article 1.0
Author-Name: Kocherlakota, Narayana R
Author-Name: Yi, Kei-Mu
Title: Is There Endogenous Long-Run Growth? Evidence from the United States and the United Kingdom.
Journal: Journal of Money, Credit and Banking
Pages: 235-62
Issue: 2
Volume: 29
Year: 1997
Month: May
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:235-62

Template-Type: ReDIF-Article 1.0
Author-Name: Ratti, Ronald A
Title: The Stabilizing Properties of a Nominal GNP Rule: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 263-69
Issue: 2
Volume: 29
Year: 1997
Month: May
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:263-69

Template-Type: ReDIF-Article 1.0
Author-Name: Selgin, George
Author-Name: White, Lawrence H
Title: The Option Clause in Scottish Banking: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 270-73
Issue: 2
Volume: 29
Year: 1997
Month: May
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:2:p:270-73

Template-Type: ReDIF-Article 1.0
Author-Name: Cowen, Tyler
Title: Should Central Banks Target CPI Futures?
Journal: Journal of Money, Credit and Banking
Pages: 275-85
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
The author considers recent proposals that the government should attempt
to stabilize the nominal value of a CPI futures contract. Under a variety
of conditions, arbitrageurs will break the peg and bankrupt the central
bank, the central bank ends up in a gaming problem with private traders,
or the regime collapses into discretion. Copyright 1997 by Ohio State University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:275-85

Template-Type: ReDIF-Article 1.0
Author-Name: Lockwood, Ben
Title: State-Contingent Inflation Contracts and Unemployment Persistence.
Journal: Journal of Money, Credit and Banking
Pages: 286-99
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
This paper shows that, if unemployment (or some other real variable)
follows a dynamic autoregressive process, the government can still achieve
its precommitment outcome in monetary policy by offering the central
banker a linear inflation contract, where the penalty for incremental
inflation depends positively on lagged unemployment. This note, therefore,
offers an extension of recent results of C. Walsh (1995) to the case of
persistence in real economic variables such as output or unemployment. Copyright 1997 by Ohio State University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:286-99

Template-Type: ReDIF-Article 1.0
Author-Name: Demsetz, Rebecca S
Author-Name: Strahan, Philip E
Title: Diversification, Size, and Risk at Bank Holding Companies.
Journal: Journal of Money, Credit and Banking
Pages: 300-313
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
This paper shows that large bank holding companies (BHCs) are better
diversified than small BHCs based on market measures of diversification.
The authors find, however, that better diversification does not translate
into reductions in risk. The risk-reducing potential of diversification at
large BHCs is offset by their lower capital ratios and larger commercial
and industrial loan portfolios. The authors' results suggest that
diversification may provide an important motive for consolidation by
allowing BHCs to pursue riskier lending while operating with greater
leverage. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:300-313

Template-Type: ReDIF-Article 1.0
Author-Name: Ambrose, Brent W
Author-Name: Buttimer, Richard J, Jr
Author-Name: Capone, Charles A
Title: Pricing Mortgage Default and Foreclosure Delay.
Journal: Journal of Money, Credit and Banking
Pages: 314-25
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
This paper extends current mortgage pricing models to recognize the
impact that delays between default and foreclosure have on the value of
default to the borrower and the resulting value of the mortgage to
investors. The model explicitly captures potential costs (through
postforeclosure deficiency judgments) and benefits (in the elimination of
negative equity and 'free' rent) that must be weighed at the time of
default in determining whether the ultimate put option (via allowing
foreclosure) is in-the-money. The results provide policy implications
concerning the operation of the FHA insurance program. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:314-25

Template-Type: ReDIF-Article 1.0
Author-Name: Peristiani, Stavros
Title: Do Mergers Improve the X-Efficiency and Scale Efficiency of U.S. Banks? Evidence from the 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 326-37
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
A central issue currently debated among bank analysts and economists is
whether mergers enhance the efficiency of surviving banks. This paper
investigates the postmerger performance of acquiring banks that
participated in a merger during the period 1980-90. The evidence suggests
that acquirers failed to improve X-efficiency after the merger. Acquiring
banks, however, experienced moderate gains in scale efficiency relative to
a control sample. The second part of the paper uses regression analysis to
identify factors influencing the performance of merging banks. The
regression results suggest that improvements in postmerger performance
depend on the ability of the bank to strengthen asset quality. The author
finds no evidence to support the theory that in-market mergers lead to
significant improvements in efficiency. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:326-37

Template-Type: ReDIF-Article 1.0
Author-Name: Fuhrer, Jeffrey C
Title: The (Un)Importance of Forward-Looking Behavior in Price Specifications.
Journal: Journal of Money, Credit and Banking
Pages: 338-50
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
The seminal work of Edmund S. Phelps (1978), John B. Taylor (1980), and
Guillermo A. Calvo (1983) developed forward-looking models of price
determination that imparted inertia to the price level. These models
incorporate expectations of future prices and excess demand by imposing
constraints (typically lag-lead symmetry constraints) that force future
variables to enter the specification. In this paper, the author tests the
empirical significance of future prices in specifications like those of
Taylor. He finds that expectations of future prices are empirically
unimportant in explaining price and inflation behavior. However, the
dynamics of a model that includes a purely backward-looking inflation
specification differ substantially--and not altogether pleasingly--from
those with a forward-looking specification. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:338-50

Template-Type: ReDIF-Article 1.0
Author-Name: Kelly, Morgan
Title: Do Noise Traders Influence Stock Prices?
Journal: Journal of Money, Credit and Banking
Pages: 351-63
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
This paper tests a smart money-noise trader model directly by comparing
its predictions with the behavior of actual investors. It assumes that
individual probability of being a noise trader is diminishing in income:
high income households are smart money, lower income households are noise
traders, with passive investors in between. Market data behave as
predicted: high participation by the general population is a negative
predictor of one year returns and is associated with low participation by
very high income groups. The implications for the equity premium puzzle of
the low returns earned by noise traders are discussed. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:351-63

Template-Type: ReDIF-Article 1.0
Author-Name: Tzavalis, Elias
Author-Name: Wickens, Michael R
Title: Explaining the Failures of the Term Spread Models of the Rational Expectations Hypothesis of the Term Structure.
Journal: Journal of Money, Credit and Banking
Pages: 364-80
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
Contrary to the predictions of the rational expectations hypothesis of
the term structure of interest rates, empirical evidence suggests that the
term spread between long and short rates fails to forecast future
movements of long-term rates although its forecasts of future short-term
rates are in the correct direction. In this paper, the authors show that
this puzzling behavior of the term spread alone can be explained by a
time-varying term premium that is correlated with the term spread. Once
this is accounted for, neither expression of the expectations hypothesis
is against the predictions of the theory. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:364-80

Template-Type: ReDIF-Article 1.0
Author-Name: Loungani, Prakash
Author-Name: Sheets, Nathan
Title: Central Bank Independence, Inflation, and Growth in Transition Economies.
Journal: Journal of Money, Credit and Banking
Pages: 381-99
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
This paper documents two empirical relationships that have emerged as the
former communist countries have taken steps to transform their economies.
First, data from a sample of twelve transition economies suggest that
increased central bank independence (CBI) is correlated with lower
inflation rates. This CBI-inflation correlation is not well explained by
initial economic conditions and persists after controlling for fiscal
performance and the overall quality of economic reforms. Second, across a
larger set of twenty-five transition economies, there is a strong and
robust negative relationship between inflation and subsequent real GDP
growth. Inflation's adverse effect on investment appears to be one
significant channel through which the relationship between inflation and
growth arises. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:381-99

Template-Type: ReDIF-Article 1.0
Author-Name: Hooker, Mark A
Author-Name: Knetter, Michael M
Title: The Effects of Military Spending on Economic Activity: Evidence from State Procurement Spending.
Journal: Journal of Money, Credit and Banking
Pages: 400-421
Issue: 3
Volume: 29
Year: 1997
Month: August
Abstract:
The authors use state data from the period 1963-94 to estimate the
response of employment growth to military procurement spending. The
state-year panel provides greater variation in both variables than
aggregate data. There are two main findings. First, military procurement
spending does explain a statistically significant degree of the variation
in employment growth across states, even in the presence of fixed effects
for time and state and other controls. Second, the authors find evidence
in support of a nonlinear relationship between procurement spending and
employment growth. In particular, large adverse state procurement shocks
have proportionately larger effects on state employment growth rates. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:400-421

Template-Type: ReDIF-Article 1.0
Author-Name: Bose, Niloy
Author-Name: Cothren, Richard
Title: Asymmetric Information and Loan Contracts in a Neoclassical Growth Model.
Journal: Journal of Money, Credit and Banking
Pages: 423-39
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
The authors consider a neoclassical growth model with risky investment
projects in which a borrower's (an investor's) risk type is private
information. Their innovation is to determine jointly the equilibrium loan
contract and the economy's growth path and the steady state capital stock.
The authors show that as capital accumulates, credit rationing may fall as
an increasing number of lenders choose to acquire costly information to
separate borrowers as to type. This transition from credit rationing to
screening in turn results in a higher capital accumulation path and a
higher steady state capital stock. They also investigate the effects of a
decrease in the cost of information on the economy's capital accumulation
path and steady state capital stock. The authors show that the cost of
information must fall below a threshold level before the economy moves
from a credit rationing equilibrium to a screening one. Thus a threshold
must be crossed before the steady state capital stock is increased with a
decrease in the cost of information. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:423-39

Template-Type: ReDIF-Article 1.0
Author-Name: Gandal, Neil
Author-Name: Sussman, Nathan
Title: Asymmetric Information and Commodity Money: Tickling the Tolerance in Medieval France.
Journal: Journal of Money, Credit and Banking
Pages: 440-57
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
An important development in Europe was the emergence of nationally
circulating commodity money. Asymmetric information between coin producers
and users provided rulers with an opportunity to supply a public good:
standard universally accepted coins. The authors describe the development
of a sophisticated monetary system (bureaucracy) in medieval France. In
the monitoring, scheme employed by the crown, fines were levied against
private mint masters when coins did not meet the standards. Yet, fineness
or quality of the coin was measured in a way favorable to the mint master.
The show that this method implicitly encouraged the mint masters to
produce low quality coins in such a way that the crown earned rents and we
measure these rents. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:440-57

Template-Type: ReDIF-Article 1.0
Author-Name: Fisher, Douglas
Author-Name: Fleissig, Adrian R
Title: Monetary Aggregation and the Demand for Assets.
Journal: Journal of Money, Credit and Banking
Pages: 458-75
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
In this paper we consider and illustrate a solution to the inter-related
problems of monetary aggregation and estimation of money demand. The
problem with the definition of money is that the relative prices of the
monetary components fluctuate over time, rendering simple-sum aggregates
inefficient. The authors apply Revealed Preference tests to the U.S.
monthly data to determine admissible and separable components. These
components are then aggregated using the Divisia technique. To deal with
the problem of money demand, the dynamic Fourier expenditure system is
used to provide estimates of the elasticities of substitution. These,
while showing general substitution among the liquid assets studied, are
quite variable over time. This finding underscores the inefficiency of
both simple-sum aggregation and single-equation, log-linear money-demand
estimation. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:458-75

Template-Type: ReDIF-Article 1.0
Author-Name: Herrendorf, Berthold
Author-Name: Lockwood, Ben
Title: Rogoff's "Conservative" Central Banker Restored.
Journal: Journal of Money, Credit and Banking
Pages: 476-95
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
The authors show that delegation of monetary policy to a
weight-conservative central banker can be desirable, although the
government can also use an inflation contract, an employment target, an
inflation target, or any combination of these to control the central
banker. The key feature of the authors' model is a stochastic inflation
bias, arising when wage setters receive some information about a supply
shock prior to signing nominal wage contracts. Weight-conservatism is
found to be desirable if fully state-contingent delegation is not possible
and the stochastic inflation bias cannot be eliminated by optimal choice
of the delegation parameters. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:476-95

Template-Type: ReDIF-Article 1.0
Author-Name: Caplin, Andrew
Author-Name: Freeman, Charles
Author-Name: Tracy, Joseph
Title: Collateral Damage: Refinancing Constraints and Regional Recessions.
Journal: Journal of Money, Credit and Banking
Pages: 496-516
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
In the current structure of the U.S. residential mortgage market, a
decrease in property values may make it very difficult for homeowners to
refinance their mortgages to take advantage of declining interest rates.
In this paper, the authors show that this form of collateral constraint
has greatly reduced refinancing in states with depressed property markets.
They outline the interaction between regional recessions and refinancing
constraints. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:496-516

Template-Type: ReDIF-Article 1.0
Author-Name: Shockley, Richard L
Author-Name: Thakor, Anjan V
Title: Bank Loan Commitment Contracts: Data, Theory, and Tests.
Journal: Journal of Money, Credit and Banking
Pages: 517-34
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
Over 80 per cent of all commercial bank lending to corporations in the
U.S. is done via bank loan commitments. Yet the authors have little
empirical knowledge of loan commitment contracts. In this paper they
describe the rich contractual structure of bank loan commitments based on
data pertaining to over 2,500 contracts. The authors then develop a model
which demonstrates that the observed complex structure of bank loan
commitment contracts (which typically include multiple fee structures
borrower-specific contracting variables, and the standard 'material
adverse change clause') is important when the bank faces borrower adverse
selection and moral hazard problems. Finally, the authors verify the
robustness of their model by confronting its additional testable
predictions with the data. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:517-34

Template-Type: ReDIF-Article 1.0
Author-Name: Garrison, Roger W
Author-Name: White, Lawrence H
Title: Can Monetary Stabilization Policy Be Improved by CPI Futures Targeting? A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 535-41
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
Scott Sumner (and similarly Kevin Dowd) proposes to have the central bank
write futures contracts on the Consumer Price Index, and automatically
adjust the money stock in response to the public's net position in such
contracts, as a way of improving the precision and credibility of monetary
policy. The authors identify two serious problems that can be expected to
render Sumner's proposal ineffective: (1) the public has no incentive to
take a speculative position in the contracts until it is too late to
adjust the money stock and (2) the central bank lacks an effective budget
constraint. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:535-41

Template-Type: ReDIF-Article 1.0
Author-Name: Sumner, Scott
Title: Can Monetary Stabilization Policy Be Improved by CPI Futures Targeting? Reply.
Journal: Journal of Money, Credit and Banking
Pages: 542-45
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:542-45

Template-Type: ReDIF-Article 1.0
Author-Name: Tschoegl, Adrian E
Title: The Optimal Denomination of Currency: A Conjecture.
Journal: Journal of Money, Credit and Banking
Pages: 546-54
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
L. G. Telser (1995) and Scott Sumner (1993) argue that the optimal system
of denominations of currency would consist of a sequence of denominations
that differed from each other by a factor of three. The fact is that today
no currency follows the powers-of-three principle. The author argues that
existing currency systems are the result of an evolution over time that is
subject to historical influences and social factors, especially the
counting systems that societies use. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:546-54

Template-Type: ReDIF-Article 1.0
Author-Name: Raymond, Jennie E
Author-Name: Rich, Robert W
Title: Erratum [Oil and the Macroeconomy: A Markov State-Switching Approach].
Journal: Journal of Money, Credit and Banking
Pages: 555
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:555

Template-Type: ReDIF-Article 1.0
Author-Name: Altig, David E
Title: Dynamic Effects of Monetary Policy: A Conference Sponsored by the Federal Reserve Bank of Cleveland November 6-8, 1996: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 561-67
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:561-67

Template-Type: ReDIF-Article 1.0
Author-Name: Farmer, Roger E A
Title: Money in a Real Business Cycle Model.
Journal: Journal of Money, Credit and Banking
Pages: 568-611
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
This paper constructs a real business cycle model in which real money
balances yield utility. The author calibrate the model to fit the first
moments of U.S. data and he simulates a set of impulse response functions
that are generated by the model for GDP, the rate of interest, money
growth, and real balances. These theoretical impulse responses are
compared with actual impulse responses from U.S. data. The model does a
reasonably good job of capturing the dynamic interactions of money and
real variables in U. S. data. It differs from most existing approaches by
choosing a parameterization of utility for which the model admits the
existence of indeterminate equilibria. The author agues that this fact is
critical in explaining the monetary propagation mechanism. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:568-611

Template-Type: ReDIF-Article 1.0
Author-Name: Rebelo, Sergio
Title: Comment on "Money in a Real Business Cycle Model."
Journal: Journal of Money, Credit and Banking
Pages: 612-15
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:612-15

Template-Type: ReDIF-Article 1.0
Author-Name: Devereux, Michael B
Title: Comment on "Money in a Real Business Cycle Model."
Journal: Journal of Money, Credit and Banking
Pages: 616-23
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:616-23

Template-Type: ReDIF-Article 1.0
Author-Name: Cooley, Thomas F
Author-Name: Hansen, Gary D
Title: Unanticipated Money Growth and the Business Cycle Reconsidered.
Journal: Journal of Money, Credit and Banking
Pages: 624-48
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
The role of unanticipated changes in money growth for aggregate
fluctuations is reexamined using the methods of quantitative equilibrium
business cycle theory. A stochastic growth model with money is constructed
in which production and trade take place in spatially separated markets
(islands). Following Robert E. Lucas (1972, 1975), individuals only
observe prices in their own local market, causing them to confuse changes
in the average price level with changes in market specific relative
prices. The authors show that this mechanism can lead to large
fluctuations in real economic activity. Some aspects of the statistical
properties of these fluctuations, however, differ significantly from those
describing U.S. business cycles. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:624-48

Template-Type: ReDIF-Article 1.0
Author-Name: Bernanke, Ben S
Title: Comment on "Unanticipated Money Growth and the Business Cycle Reconsidered."
Journal: Journal of Money, Credit and Banking
Pages: 649-52
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:649-52

Template-Type: ReDIF-Article 1.0
Author-Name: Bernanke, Ben S
Author-Name: Woodford, Michael
Title: Inflation Forecasts and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 653-84
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:653-84

Template-Type: ReDIF-Article 1.0
Author-Name: Chari, V V
Title: Comment on "Inflation Forecasts and Monetary Policy."
Journal: Journal of Money, Credit and Banking
Pages: 685-86
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:685-86

Template-Type: ReDIF-Article 1.0
Author-Name: Mulligan, Casey B
Author-Name: Sala-I-Martin, Xavier X
Title: The Optimum Quantity of Money: Theory and Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 687-715
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
The authors' model for computing the Ramsey optimal inflation tax
includes several models from the previous literature as special cases. The
model highlights the various assumptions in that literature that have led
to such different results, assumptions that relate to the interest and
scale elasticities of money demand and how they vary with the interest
rate, whether money is required to pay taxes, and the nature of
transactions when interest rates are very low. Calibrating the model to a
variety of empirical studies yields an optimal nominal interest rate of
less than 1 percent per year, although that finding is sensitive to the
calibration. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:687-715

Template-Type: ReDIF-Article 1.0
Author-Name: Mishkin, Frederic S
Title: Comment on "The Optimum Quantity of Money."
Journal: Journal of Money, Credit and Banking
Pages: 716-19
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:716-19

Template-Type: ReDIF-Article 1.0
Author-Name: Fisher, Jonas D M
Title: Comment on "The Optimum Quantity of Money."
Journal: Journal of Money, Credit and Banking
Pages: 719-24
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:719-24

Template-Type: ReDIF-Article 1.0
Author-Name: Hodrick, Robert J
Author-Name: Prescott, Edward C
Title: Postwar U.S. Business Cycles: An Empirical Investigation.
Journal: Journal of Money, Credit and Banking
Pages: 1-16
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
The authors propose a procedure for representing a time series of a
smoothly varying trend component and a cyclical component. They document
the nature of the comovements of the cyclical components of a variety of
macroeconomic time series. The authors find that comovements are very
different than the corresponding comovements of the slowly varying trend
components. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:1-16

Template-Type: ReDIF-Article 1.0
Author-Name: Bental, Benjamin
Author-Name: Eckstein, Zvi
Title: On the Fit of a Neoclassical Monetary Model in High Inflation: Israel 1972-1990.
Journal: Journal of Money, Credit and Banking
Pages: 725-52
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:725-52

Template-Type: ReDIF-Article 1.0
Author-Name: Nautz, Dieter
Title: How Auctions Reveal Information: A Case Study on German REPO Rates.
Journal: Journal of Money, Credit and Banking
Pages: 17-25
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
Securities repurchase agreements (REPOs) have become the Bundesbank's
most important tool for its ongoing money market management and the
control of the monetary base. In the fall of 1988, the Bundesbank changed
the applied auction rule in order to prevent banks from submitting
exaggerated bids. Focusing on the information content of a resulting REPO
rate, this paper investigates how German money market rates react to
auction results. Evidence will be found that the response of the money
market to a new REPO rate reflects the applied auction rule. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:17-25

Template-Type: ReDIF-Article 1.0
Author-Name: Watson, Mark W
Title: Comment on "On the Fit of a Neoclassical Monetary Model in Inflation: Israel 1972-1990."
Journal: Journal of Money, Credit and Banking
Pages: 753-55
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:753-55

Template-Type: ReDIF-Article 1.0
Author-Name: Sbordone, Argia M
Title: Interpreting the Procyclical Productivity of Manufacturing Sectors: External Effects or Labor Hoarding?
Journal: Journal of Money, Credit and Banking
Pages: 26-45
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
This paper investigates whether procyclical productivity is due to
cyclical variations in the rate of utilization of labor or to
technological externalities. By looking at the relation between sectoral
productivity and the level of aggregate activity, empirical evidence is
presented to distinguish the two hypotheses. Analysis of two-digit U.S.
manufacturing industries shows that sectoral productivity is more closely
related to the rate of change of aggregate activity than to its level.
This result is consistent with the interpretation that cyclical
productivity is due to cyclical variations in the rate of utilization of
labor, which responds to expected future industry conditions. Aggregate
variables in production-function regressions have therefore the role of
forecasting variables for future industry conditions. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:26-45

Template-Type: ReDIF-Article 1.0
Author-Name: Fuerst, Timothy S
Title: Comment on "On the Fit of a Neoclassical Monetary Model in High Inflation: Israel 1972-1990."
Journal: Journal of Money, Credit and Banking
Pages: 755-58
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:755-58

Template-Type: ReDIF-Article 1.0
Author-Name: Canzoneri, Matthew B
Author-Name: Nolan, Charles
Author-Name: Yates, Anthony
Title: Mechanisms for Achieving Monetary Stability: Inflation Targeting versus the ERM.
Journal: Journal of Money, Credit and Banking
Pages: 46-60
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
First, the authors modify the Barro-Gordon model so that a
credibility-stabilization trade-off will remain, even when a performance
contract of the type envisaged by Carl Walsh (1995) is imposed on the
central bank governor. They do this by modeling a real interest rate bias
along with the inflation bias. Then, the authors discuss how various
inflation penalties might actually be imposed on a central bank and ask
whether 'inflation targeting' (supported by one or another of the
penalties) is likely to bring a better resolution to the
credibility-stabilization trade-off than the ERM. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:46-60

Template-Type: ReDIF-Article 1.0
Author-Name: Ireland, Peter N
Title: Stopping Inflations, Big and Small.
Journal: Journal of Money, Credit and Banking
Pages: 759-75
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
Previous studies of disinflation work with models in which firms use time
dependent strategies, changing nominal prices at intervals of fixed
length. These models may be criticized for failing to allow pricing
behavior to adjust after a large shift in policy regime. Consequently,
this paper develops a model that permits firms to adopt strategies that
are partially state-dependent, changing nominal prices whenever they
depart sufficiently from their target values. The paper uses this model to
examine how the welfare costs and benefits of disinflation vary with the
initial inflation rate and the speed of disinflation. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:759-75

Template-Type: ReDIF-Article 1.0
Author-Name: Li, Victor E
Title: The Efficiency of Monetary Exchange in Search Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 61-72
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
Search theoretic models of money emphasize monetary exchange as the
outcome of economic environments characterized by bilateral trading
frictions. This paper analyzes the efficiency of monetary exchange in a
search model of fiat money where individuals invest costly effort in the
exchange process. Because the optimal effort each individual trader
invests in exchange is based upon the private rather than social gains
from trade, decentralized monetary equilibria are shown to be inefficient
relative to the social optimum. However, for an appropriate division of
the gains from trade given to buyers and sellers, it is possible to attain
social efficiency. The nature of these search externalities for monetary
exchange and their implications for policy are evaluated and discussed. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:61-72

Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Title: Comment on "Stopping Inflation, Big and Small."
Journal: Journal of Money, Credit and Banking
Pages: 776-77
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:776-77

Template-Type: ReDIF-Article 1.0
Author-Name: Humphrey, David B
Author-Name: Pulley, Lawrence B
Title: Banks' Responses to Deregulation: Profits, Technology, and Efficiency.
Journal: Journal of Money, Credit and Banking
Pages: 73-93
Issue: 1
Volume: 29
Year: 1997
Month: February
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:73-93

Template-Type: ReDIF-Article 1.0
Author-Name: Ohanian, Lee E
Author-Name: Stockman, Alan C
Title: Short-Run Independence of Monetary Policy under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 783-806
Issue: 4
Volume: 29
Year: 1997
Month: November
Abstract:
This paper examines the effects of money supply changes on exchange
rates, interest rates, and production in an optimizing two-country model
in which some sectors of the economy have predetermined nominal prices in
the short run and other sectors have flexible prices. Money supply shocks
have liquidity effects both within and across countries and induce a
cross-country real-interest differential. The model predicts that
liquidity effects are highly nonlinear and are not likely to be captured
well empirically by linear models, particularly those involving only a
single country. A striking implication of the model is that countries have
a significant degree of short-run independence of monetary policy even
under pegged exchange rates. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:783-806

Template-Type: ReDIF-Article 1.0
Author-Name: Chappell, David
Author-Name: Dowd, Kevin
Title: A Simple Model of the Gold Standard.
Journal: Journal of Money, Credit and Banking
Pages: 94-105
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
This paper presents a model of the gold standard in which technology and
preferences are modeled explicitly and account is taken of both the
durability of gold and the exhaustibility of gold ore. The authors examine
the steady state and its associated dynamics and show how the steady-state
price level responds to changes in exogenous factors. Provided they have
an interior solution with unmined gold in the steady state, this price
level rises with technological progress in gold mining and falls with
increases in real income and the discount rate. However, the steady-state
price level behaves somewhat differently if the authors have a corner
solution. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:94-105

Template-Type: ReDIF-Article 1.0
Author-Name: Mendoza, Enrique G
Title: Comment on "Short-Run Independence of Monetary Policy under Pegged Exchange Rates."
Journal: Journal of Money, Credit and Banking
Pages: 807-10
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:807-10

Template-Type: ReDIF-Article 1.0
Author-Name: Andrabi, Tahir
Title: Seigniorage, Taxation, and Weak Government.
Journal: Journal of Money, Credit and Banking
Pages: 106-26
Issue: 1
Volume: 29
Year: 1997
Month: February
Abstract:
We examined a setting where decision making about financing a given
amount of government spending is decentralized. Seigniorage is the
residual tax that passively adjusts to meet the budget constraint. We
place this budget making process in a repeated game setting and
characterize the cooperative tax-seigniorage function. Three main results
are (1) Seignioiage and transitory changes in output are positively
correlated. This result holds after controlling for changes in government
spending. (2) A positive (negative) covariation between current period
government spending and transitory output strengthens (weakens) the
positive relationship between seigniorage and transitory output. (3)
Seigniorage is negatively correlated with trend output growth. Time series
empirical tests using annual data for 20 OECD countries support the first
two results. A test using cross-section data on 75 countries confirms the
third hypothesis. Copyright 1997 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:106-26

Template-Type: ReDIF-Article 1.0
Author-Name: Beaudry, Paul
Title: Comment on "Short-Run Independence of Monetary Policy under Pegged Exchange Rates."
Journal: Journal of Money, Credit and Banking
Pages: 811-14
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:811-14

Template-Type: ReDIF-Article 1.0
Author-Name: West, Edwin G
Title: Adam Smith's Support for Money and Banking Regulation: A Case of Inconsistency.
Journal: Journal of Money, Credit and Banking
Pages: 127-34
Issue: 1
Volume: 29
Year: 1997
Month: February
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:1:p:127-34

Template-Type: ReDIF-Article 1.0
Author-Name: Blanchard, Olivier Jean
Title: Comment on "Stopping Inflations, Big and Small."
Journal: Journal of Money, Credit and Banking
Pages: 778-82
Issue: 4
Volume: 29
Year: 1997
Month: November
Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:778-82

Template-Type: ReDIF-Article 1.0
Author-Name: Hunter, William C
Title: Comment on Efficient Banking under Interstate Branching.
Journal: Journal of Money, Credit and Banking
Pages: 1072-75
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C1072%3ACOEBUI%3E2.0.CO%3B2-1&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace, Myles S
Author-Name: Warner, John T
Title: Do Excess Holding-Period Returns Depend on the Composition of Outstanding Federal Debt?
Journal: Journal of Money, Credit and Banking
Pages: 132-39
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
The relationship between the composition of outstanding federal debt and
the term structure of interest rates has been a much studied and debated
subject. This note examines the relationship between the excess holding
period returns and the composition of debt over the post-Accord period.
The evidence fails to support a link between debt composition and excess
holding period returns. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C132%3ADEHRDO%3E2.0.CO%3B2-L&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hughes, Joseph P, et al
Title: Efficient Banking under Interstate Branching.
Journal: Journal of Money, Credit and Banking
Pages: 1045-71
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
Nationally chartered banks will be allowed to branch across state lines
beginning June 1, 1997. Whether they will depends on their assessment of
the profitability of such a delivery system for their services and on
their preferences regarding risk and return. The authors investigate the
probable effect of interstate branching on banks' risk-return trade-off,
accounting for the endogeneity of deposit volatility. If interstate
branching improves the risk-return trade-off banks face, then banks that
branch across state lines may choose a higher level of risk in return for
higher profits. The authors find efficiency gains due to geographic
diversity. Coauthors are William Lang, Loretta J. Mester, and Choon-Geol
Moon. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C1045%3AEBUIB%3E2.0.CO%3B2-H&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:1045-71

Template-Type: ReDIF-Article 1.0
Author-Name: Patinkin, Don
Title: Indirect Convertibility and Irving Fisher's Compensated Dollar: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 130-31
Issue: 1
Volume: 28
Year: 1996
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C130%3AICAIFC%3E2.0.CO%3B2-I&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:1:p:130-31

Template-Type: ReDIF-Article 1.0
Author-Name: DeYoung, Robert
Title: Comment on Scale Economies, Cost Efficiencies, and Technological Change in Federal Reserve Payments Processing.
Journal: Journal of Money, Credit and Banking
Pages: 1040-44
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C1040%3ACOSECE%3E2.0.CO%3B2-J&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:1040-44

Template-Type: ReDIF-Article 1.0
Author-Name: Mansoorian, Arman
Title: On the Macroeconomic Policy Implications of Habit Persistence.
Journal: Journal of Money, Credit and Banking
Pages: 119-29
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
This paper studies some policy implications of the habit persistence
model of Harl E. Ryder and Geoffrey M. Heal (1973) for a small open
economy. It is shown that often the policy implications of the model that
are consistent with the findings in the asset pricing literature are in
conflict with the more widely understood implications that were previously
derived from Hirofumi Uzawa's (1968) utility function. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C119%3AOTMPIO%3E2.0.CO%3B2-Y&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:1:p:119-29

Template-Type: ReDIF-Article 1.0
Author-Name: Bauer, Paul W
Author-Name: Ferrier, Gary D
Title: Scale Economies, Cost Efficiencies, and Technological Change in Federal Reserve Payments Processing.
Journal: Journal of Money, Credit and Banking
Pages: 1004-39
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
This paper uses a stochastic cost frontier to examine the scale
economies, cost efficiencies, and technological change of three payment
instruments (check, ACH, and Fedwire processing) provided by the Federal
Reserve over the period 1990-94. The authors find evidence of substantial
scale economies and cost inefficiencies in the ACH and Fedwire services.
Check processing also exhibits substantial cost inefficiency but constant
returns to scale. Technological progress is found to be sizable for ACH
and Fedwire; check processing is found to have experienced technological
'regress,' a finding that is likely due to a decrease in processing volume
over the sample period. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C1004%3ASECEAT%3E2.0.CO%3B2-E&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:1004-39

Template-Type: ReDIF-Article 1.0
Author-Name: Crowder, William J
Author-Name: Hoffman, Dennis L
Title: The Long-Run Relationship between Nominal Interest Rates and Inflation: The Fisher Equation Revisited.
Journal: Journal of Money, Credit and Banking
Pages: 102-18
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
The empirical literature examining the Fisher equation has produced
results that are generally inconsistent with the simple textbook
representation. Much of this evidence is obtained from statistical
analysis that fails to recognize that the nominal interest rate and
expected inflation may be modeled as distinct nonstationary series that
share a common stochastic trend. Using a fully efficient estimator of the
implied cointegration vector we find evidence of a postwar Fisher relation
that is consistent with the standard textbook representation even when
taxes on interest income are taken into account. Dynamic analysis based on
this long-run relation identifies the common source of the instability
(non-stationarity) in the system of nominal interest rates and inflation
as the accumulation of inflation innovations. The dynamic response of the
system to these shocks is examined by distinguishing the shock that leaves
a permanent imprint on the system from the shock that has only a
transitory effect. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C102%3ATLRBNI%3E2.0.CO%3B2-2&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:1:p:102-18

Template-Type: ReDIF-Article 1.0
Author-Name: Gorton, Gary
Title: Comment on Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market.
Journal: Journal of Money, Credit and Banking
Pages: 1001-03
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Michael W
Title: Timing Is All: Elections and the Duration of United States Business Cycles.
Journal: Journal of Money, Credit and Banking
Pages: 84-101
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
This paper presents a new method for empirically testing predictions of
various political business cycle theories by using duration analysis. The
authors estimate the effect of presidential elections and their outcomes
on the likelihood of the occurrence of business-cycle turning points in
the United States for the period from 1855 to the present as well as for
subperiods representing the post-World War I and post-World War II eras.
They find significant evidence that political events increase the
likelihood of the end of both expansions and contractions holding constant
the effect of duration dependence. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Giddy, Ian
Author-Name: Saunders, Anthony
Author-Name: Walter, Ingo
Title: Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market.
Journal: Journal of Money, Credit and Banking
Pages: 986-1000
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C986%3AAMFCAS%3E2.0.CO%3B2-A&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Leahy, John V
Author-Name: Whited, Toni M
Title: The Effect of Uncertainty on Investment: Some Stylized Facts.
Journal: Journal of Money, Credit and Banking
Pages: 64-83
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
The theoretical relationship between investment and uncertainty is
ambiguous. This paper briefly surveys the insights that theory has to
offer and then runs a series of simple tests aimed at evaluating the
empirical significance of various theoretical effects. The authors'
results from a panel of U.S. manufacturing firms indicate a negative
effect of uncertainty on investment consistent with theories of
irreversible investment. They find no evidence for a positive effect via
the channel of the convexity of the marginal product of capital and find
no evidence for the presence of a CAPM-based effect of risk. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Reducing Taxpayer Exposure to Loss from Innovations in Bank Risk Management.
Journal: Journal of Money, Credit and Banking
Pages: 980-85
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C980%3ARTETLF%3E2.0.CO%3B2-U&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Wu, Yangru
Title: Are Real Exchange Rates Nonstationary? Evidence from a Panel-Data Test.
Journal: Journal of Money, Credit and Banking
Pages: 54-63
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
It is well documented that real exchange rates between the United States
and many industrialized countries in the post-Bretton Woods period are
integrated. This result implies that purchasing power parity (PPP) does
not hold even as a long run relationship. This paper demonstrates that the
failure to reject the unit-root hypothesis may result from the low power
of existing univariate test procedures. I test for unit roots in real
exchange rates by employing a more powerful panel-based procedure. Using
both CPI and WPI real dollar exchange rate data, I strongly reject the
null hypothesis of a unit root. My results provide overwhelming support
for the long-run PPP under the current float. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C54%3AARERNE%3E2.0.CO%3B2-K&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Martin
Title: The Past Is a Lousy Prologue: Payments Systems Innovations and the Fed.
Journal: Journal of Money, Credit and Banking
Pages: 975-79
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C975%3ATPIALP%3E2.0.CO%3B2-O&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberds, William
Author-Name: Runkle, David
Author-Name: Whiteman, Charles H
Title: A Daily View of Yield Spreads and Short-Term Interest Rate Movements.
Journal: Journal of Money, Credit and Banking
Pages: 34-53
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
Daily data on short-term interest rates are used to show how changes in
Federal Reserve operating procedures have affected the term structure.
Yield spreads were helpful in predicting short-term interest-rate
movements during the nonborrowed reserves targeting period (1979-82) but
not during the earlier Federal-funds targeting period. Since the adoption
of contemporaneous-reserves accounting in 1984, yield spreads have been
informative about short-term interest rate movements, principally because
of the interplay between the market determination of the overnight funds
rate on reserve settlement Wednesdays and the Fed's apparent commitment to
stabilizing the funds rate on other days. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199602%2928%3A1%3C34%3AADVOYS%3E2.0.CO%3B2-7&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Horvitz, Paul M
Title: Preserving Competition in Electronic Home Banking.
Journal: Journal of Money, Credit and Banking
Pages: 971-74
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C971%3APCIEHB%3E2.0.CO%3B2-V&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Amihud, Yakov
Title: Unexpected Inflation and Stock Returns Revisited--Evidence from Israel.
Journal: Journal of Money, Credit and Banking
Pages: 22-33
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
This paper examines the effects of unexpected inflation on stock prices
using Israeli data that provide a direct market-based measure of
unexpected inflation: the price reaction of CPI-linked bonds following the
CPI announcement. The results show that stock prices have a strong
negative relationship with unexpected inflation. The Israeli setting rules
out a number of hypotheses advanced in the United States to explain this
relationship, such as nominal contracting, inflationary taxation, wealth
transfer, and money illusion. This suggests that the negative effect of
unexpected inflation is due to its negative association with real activity
and its real economic cost. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Title: Technology and Payments: Deja Vu All Over Again?
Journal: Journal of Money, Credit and Banking
Pages: 965-70
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C965%3ATAPDVA%3E2.0.CO%3B2-H&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramsey, James B
Author-Name: Rothman, Philip
Title: Time Irreversibility and Business Cycle Asymmetry.
Journal: Journal of Money, Credit and Banking
Pages: 1-21
Issue: 1
Volume: 28
Year: 1996
Month: February
Abstract:
The problem of business-cycle symmetry is addressed within the context of
time reversibility. To this effect, the authors introduce a time domain
test of time reversibility, the TR test. In an application, they show that
time irreversibility is the rule rather than the exception for two
well-known representative macroeconomic data sets. This shows that many
components of the business cycle have asymmetric fluctuations. The
characterization of asymmetry provided by the TR test shows that many
series exhibit steepness asymmetry. A few series appear to be either deep
or sharp. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Comment on Alternative Monies and the Demand for Media of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 961-64
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C961%3ACOAMAT%3E2.0.CO%3B2-M&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Milbourne, Ross
Author-Name: Otto, Glenn
Title: Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 272-78
Issue: 2
Volume: 28
Year: 1996
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Santomero, Anthony M
Author-Name: Seater, John J
Title: Alternative Monies and the Demand for Media of Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 942-60
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
A new value transfer system using alternative monies is emerging as a
result of innovations such as prepaid cards, smart cards and the so-called
electronic purse. This paper begins with a review of the changes in the
value transfer system that are occurring in the economy. It then proceeds
to analyze consumer reaction to this trend. It investigates the effect of
variations in the number and type of monies on consumer transactions
demand. We investigate the behavior of a representative agent faced with a
choice of money with which to transact and ask how variations in their
characteristics will affect the consumer's choice of transactions vehicle,
transaction frequency and average balances in various media.
Interestingly, the results are not transparent. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Engelhardt, Gary V
Title: Consumption, Down Payments, and Liquidity Constraints.
Journal: Journal of Money, Credit and Banking
Pages: 255-71
Issue: 2
Volume: 28
Year: 1996
Month: May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199605%2928%3A2%3C255%3ACDPALC%3E2.0.CO%3B2-2&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Avery, Robert B
Title: Comment on Cash, Paper, and Electronic Payments: A Cross-Country Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 940-41
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C940%3ACOCPAE%3E2.0.CO%3B2-Q&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:940-41

Template-Type: ReDIF-Article 1.0
Author-Name: Devereux, Michael B
Author-Name: Head, Allen C
Author-Name: Lapham, Beverly J
Title: Monopolistic Competition, Increasing Returns, and the Effects of Government Spending.
Journal: Journal of Money, Credit and Banking
Pages: 233-54
Issue: 2
Volume: 28
Year: 1996
Month: May
Abstract:
The dynamic effects of government spending are considered in a general
equilibrium model with monopolistic competition and increasing returns. In
the economy, changes in the level of government spending endogenously
raise total factor productivity, even though the spending itself is
entirely wasteful. This leads to several results which contrast with the
effects of government spending policies in environments with constant
returns. A permanent increase in government spending increases the
steady-state wage and may increase steady-state consumption. Also,
regardless of its persistence, a temporary shock to government spending
may simultaneously raise output, investment, the real wage, and
consumption. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Humphrey, David B
Author-Name: Pulley, Lawrence B
Author-Name: Vesala, Jukka M
Title: Cash, Paper, and Electronic Payments: A Cross-Country Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 914-39
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
The social cost of a payment system comprises between 1% to 1.5% of GDP.
This cost can be reduced if non-cash payments shift from paper to
electronics since the cost of an electronic payment is estimated to be
from one-third to one-half that of a paper-based transaction. We examine
the use of cash and five non-cash payment instruments in 14 developed
countries over 1987-1993. Our purpose is (1) to outline the current use of
check, paper giro, electronic giro, credit card, and debit card payments
and (2) to determine why some payment instruments are used more
intensively than others, especially electronic versus paper-based
payments. Standard demand theory influences (own price and incomes,
institutional factors, and simple availability measures across countries
are examined, as is the effect of habit formation. Payment substitution
relationships are also estimated and indicate that checks will decline
with further growth of electronic payments while the instruments that make
up electronic payments will tend to expand together rather than replace
one another. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dutkowsky, Donald H
Author-Name: Dunsky, Robert M
Title: Intertemporal Substitution, Money, and Aggregate Labor Supply.
Journal: Journal of Money, Credit and Banking
Pages: 216-32
Issue: 2
Volume: 28
Year: 1996
Month: May
Abstract:
This study investigates the macroeconometric credibility of the
intertemporal substitution hypothesis. It extends the usual formulation by
considering money within the representative consumer's life cycle
decision. The authors also provide measures of the real wage rate and
asset returns based upon interpretation of the constraint as
consumption-saving behavior. Estimation with quarterly U.S. data generates
plausible and significant estimates of the structural parameters. The
findings indicate elastic labor supply response to the wage rate but mixed
results with respect to nominal returns. The estimates are reasonably
robust to alternative measures of consumption, money, leisure, and rates
of return. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Humphrey, David B
Title: Comment on Intraday Bank Reserve Management: The Effects of Caps and Fees on Daylight Overdrafts.
Journal: Journal of Money, Credit and Banking
Pages: 909-13
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C909%3ACOIBRM%3E2.0.CO%3B2-O&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Grossman, Herschel I
Author-Name: Han, Taejoon
Title: War Debt, Moral Hazard, and the Financing of the Confederacy.
Journal: Journal of Money, Credit and Banking
Pages: 200-215
Issue: 2
Volume: 28
Year: 1996
Month: May
Abstract:
This paper develops a formal model of war spending and external borrowing
and quantifies this model for the case of the American Confederacy. Our
proximate objective is to determine why the Confederacy undertook little
external borrowing. We find that the moral hazard associated with war debt
seems to have had little effect on the amount of external borrowing that
the Confederacy undertook. Rather, because the Confederacy began the war
with large mobilizable resources relative to its expected postwar resource
endowment, it required little external borrowing to accomplish the optimal
amount of consumption smoothing. But, our results also suggest that
unimportance of the moral hazard associated with war debt is not a generic
property of war finance. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hancock, Diana
Author-Name: Wilcox, James A
Title: Intraday Management of Bank Reserves: The Effects of Caps and Fees on Daylight Overdrafts.
Journal: Journal of Money, Credit and Banking
Pages: 870-908
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
The Federal Reserve System imposes caps and charges fees on the negative
intraday balances in banks' reserve accounts. i.e., on daylight
overdrafts. Our empirical results suggest that caps alone did little to
reduce daylight overdrafts in the aggregate. By contrast, the 1994
imposition of fees reduced the average daily maximum overdraft on the
Fedwire system by about $93 billion and the average aggregate overdraft at
any time during the day by about $43 billion. We also found statistical
evidence that higher beginning-of-day reserve balances, lower aggregate
dollar values of securities-related transfers over Fedwire, and lower
shares of banks' assets funded with federal funds and repurchase
agreements reduced daylight overdrafts. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Karlyn
Author-Name: Onvural, Nur M
Title: Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier Flexible Functional Form.
Journal: Journal of Money, Credit and Banking
Pages: 178-99
Issue: 2
Volume: 28
Year: 1996
Month: May
Abstract:
This study contributes new evidence on bank cost efficiency by computing
efficiency measures from estimated cost functions. It overcomes
deficiencies of previous studies by restricting the sample to homogeneous
banks and by estimating Fourier flexible cost functions. A Fourier
flexible cost function, which has the translog nested within it, can
potentially approximate an arbitrary cost function well over the
function's entire range. Functions consistent with both the
'intermediation' and 'production' approaches are estimated using 1986 and
1990 Call Report data for large banks. The computed efficiency measures
show little evidence of scale and scope economies. In addition, tests
reveal translog cost functions to be biased. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Summers, Bruce J
Title: Comment on Controlling Risk in Payment Systems.
Journal: Journal of Money, Credit and Banking
Pages: 863-69
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C863%3ACOCRIP%3E2.0.CO%3B2-8&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hess, Gregory D
Author-Name: Orphanides, Athanasios
Title: Taxation and Intergenerational Transfers with Family-Size Heterogeneity: Do Parents with More Children Prefer Higher Taxes?
Journal: Journal of Money, Credit and Banking
Pages: 162-77
Issue: 2
Volume: 28
Year: 1996
Month: May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199605%2928%3A2%3C162%3ATAITWF%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Rochet, Jean-Charles
Author-Name: Tirole, Jean
Title: Controlling Risk in Payment Systems.
Journal: Journal of Money, Credit and Banking
Pages: 832-62
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C832%3ACRIPS%3E2.0.CO%3B2-I&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: De Jure Interstate Banking: Why Only Now?
Journal: Journal of Money, Credit and Banking
Pages: 141-61
Issue: 2
Volume: 28
Year: 1996
Month: May
Abstract:
This paper tackles three tasks. It reviews the history of restrictions on
interstate banking. It summarizes the provisions of the Interstate Banking
and Branching Efficiency Act of 1994, underscoring the opt-in and opt-out
lobbying pressure this act assigns to state legislatures. Finally, the
paper develops a lobbying-pressure model designed to explain statutory
changes in the framework of financial regulation. The model implies that
de facto liberalization of a regulatory regime precedes its de jure
liberalization. Once adopted, statutory restrictions on banks remain in
place until technology and competitive regulatory enforcement have
fashioned loopholes wide enough to reverse the statute-sponsoring balance
of lobbying pressure. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199605%2928%3A2%3C141%3ADJIBWO%3E2.0.CO%3B2-M&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Title: Comment on Financial Crises, Payment System Problems, and Discount Window Lending.
Journal: Journal of Money, Credit and Banking
Pages: 825-31
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C825%3ACOFCPS%3E2.0.CO%3B2-7&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Minton, Bernadette A
Title: Comment on The Economic Effects of Client Losses on OTC Bank Derivative Dealers.
Journal: Journal of Money, Credit and Banking
Pages: 546-47
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C546%3ACOTEEO%3E2.0.CO%3B2-O&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Title: Financial Crises, Payment System Problems, and Discount Window Lending.
Journal: Journal of Money, Credit and Banking
Pages: 804-24
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
In a developed economy, financial crises are rapidly conveyed to the
payment system, which tends to rely on private credit extensions in most
countries. While many authors recommend that the central bank do no more
than provide adequate aggregate liquidity during a crisis, this policy
requires well-functioning private credit markets to channel liquidity to
solvent, but illiquid, firms. This paper presents a model of private
lending which defines a crisis as a time when lenders become uncertain
about how to assess financial risks and, therefore, rationally withdraw
from making new loans. In such an environment, a government lender of last
resort can improve social welfare. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C804%3AFCPSPA%3E2.0.CO%3B2-6&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Jeffrey A
Author-Name: Perfect, Steven B
Title: The Economic Effects of Client Losses on OTC Bank Derivative Dealers: Evidence from the Capital Market.
Journal: Journal of Money, Credit and Banking
Pages: 527-45
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper investigates the economic impact of client derivatives losses
on OTC derivatives dealers. Its focus is on the capital marketers reaction
to losses suffered by four end-users of OTC derivatives products arranged
with Bankers Trust New York. Evidence is provided on the impact of these
end-user losses on Bankers Trust itself as well as whether these losses
produced any systemic or contagion effects extending to other major bank
OTC derivatives dealers. Finally, the paper investigates whether possible
systemic effects may be associated with bank specific characteristics,
such as the level of derivatives exposure, counterparty risk, and reliance
on trading income. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C527%3ATEEOCL%3E2.0.CO%3B2-1&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Kroszner, Randall S
Title: Comment on the Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System.
Journal: Journal of Money, Credit and Banking
Pages: 798-803
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C798%3ACOTEOS%3E2.0.CO%3B2-2&origin=bc
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:798-803

Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Title: Comment on Diffusion of Financial Innovations: The Case of Junk Bonds and Note Issuance Facilities.
Journal: Journal of Money, Credit and Banking
Pages: 523-26
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C523%3ACODOFI%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Calomiris, Charles W
Author-Name: Kahn, Charles M
Title: The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System.
Journal: Journal of Money, Credit and Banking
Pages: 766-97
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C766%3ATEOSPS%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Molyneux, Phil
Author-Name: Shamroukh, Nidal
Title: Diffusion of Financial Innovations: The Case of Junk Bonds and Note Issuance Facilities.
Journal: Journal of Money, Credit and Banking
Pages: 502-22
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C502%3ADOFITC%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajan, Raghuram G
Title: Comment on Interbank Lending and System Risk.
Journal: Journal of Money, Credit and Banking
Pages: 763-65
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C763%3ACOILAS%3E2.0.CO%3B2-K&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Saunders, Anthony
Title: Comment on Alligators in the Swamp: The Impact of Derivatives on the Financial Performance of Depository Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 498-501
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C498%3ACOAITS%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Rochet, Jean-Charles
Author-Name: Tirole, Jean
Title: Interbank Lending and Systemic Risk.
Journal: Journal of Money, Credit and Banking
Pages: 733-62
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
Systemic risk refers to the propagation of a bank's economic distress to
other economic agents linked to that bank through financial transactions.
Banking authorities often prevent systemic risk through an implicit
insurance of interbank claims, or by reducing interbank transactions and
centralizing banks' liquidity management. This paper investigates whether
the flexability afforded by decentralized bank interactions can be
preserved while protecting the central banks from the necessity of
conducting undesired rescue operations. It develops a model in which
decentralized interbank leading is motivated by peer monitoring. In this
context, the paper derives the optimal prudential rules, and, in
particular, looks at the impact of interbank monitoring on the solvency
and liquidity ratios of borrowing and lending banks. Last, it provides
conditions which a Too Big To Fail policy is or is not justified and
studies the possibility of propagation of a bank's liquidity shock
throughout the financial system. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C733%3AILASR%3E2.0.CO%3B2-U&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Brewer, Elijah, III
Author-Name: Jackson, William E, III
Author-Name: Moser, James T
Title: Alligators in the Swamp: The Impact of Derivatives on the Financial Performance of Depository Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 482-97
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
It has been argued that underpriced federal deposit insurance provides
incentive for insured institutions to increase the value of shareholder
equity by expanding into activities that shift risk onto the deposit
insurer. Derivative instruments have been used by firms to change their
risk exposure. Permitting firms with substantial moral hazard incentives
to utilize interest-rate derivative instruments could lead to higher
rather than lower exposure to risk. This article, using a sample of
savings and loan associations (S&Ls), examines the proposition that
involvement with interest-rate derivatives instruments increases
depository institutions' risk. We find that there is a negative
correlation between risk and derivatives usage. In addition, S&Ls that
used derivatives experienced relatively greater growth in their fixed-rate
mortgage portfolios. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C482%3AAITSTI%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Author-Name: Hancock, Diana
Author-Name: Marquardt, Jeffrey C
Title: A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System.
Journal: Journal of Money, Credit and Banking
Pages: 696-732
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C696%3AAFFAER%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronn, Ehud I
Title: Comment on Empirical Tests of Two State-Variable Heath-Jarrow-Morton Models.
Journal: Journal of Money, Credit and Banking
Pages: 477-81
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C477%3ACOETOT%3E2.0.CO%3B2-Y&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Greenspan, Alan
Title: Remarks on Evolving Payment System Issues.
Journal: Journal of Money, Credit and Banking
Pages: 689-95
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C689%3AROEPSI%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Bliss, Robert R
Author-Name: Ritchken, Peter
Title: Empirical Tests of Two State-Variable Heath-Jarrow-Morton Models.
Journal: Journal of Money, Credit and Banking
Pages: 452-76
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
Models for pricing interest rate claims, developed under the
Heath-Jarrow-Morton paradigm, differ according to the volatility structure
imposed on forward rates. For most general HJM structures the resultant
path dependence creates implementation problems. Ritchken and
Sankarasubramanian have recently identified necessary and sufficient
conditions on the class of volatility structures of forward rates that
enable the term structure dynamics to be captured by a finite set of state
variables. The class is quite rich. The instantaneous spot rate volatility
may be quite general, but the model curtails the structure of forward rate
volatilities relative to this spot rate volatility. This article provides
empirical tests for this class of volatility structures. Unlike other
studies, the volatility structure is examined over a broad section of
maturities in the yield curve. Using Treasury data over the period
1982-94, we find support for this class. Furthermore, unlike other
studies, no evidence of a 'volatility' hump is identified. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho, Dongchul
Title: An Alternative Interpretation of Conditional Convergence Results.
Journal: Journal of Money, Credit and Banking
Pages: 669-81
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
This paper focuses on the endogeneity of the investment-to-GDP ratio and
the population growth rate, two of the most frequently used control
variables in cross-country growth regressions for the convergence test.
The Summers-Heston data (1988) show that the former rises and the latter
declines with income growth. When the indirect, yet endogenous, effects
through these control variables are taken into account and simultaneity
bias is corrected, relatively high income countries appear to grow faster
than low income countries. This interpretation sharply contrasts with the
conditional convergence interpretation based on the assumption of
exogenous control variables. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C669%3AAAIOCC%3E2.0.CO%3B2-M&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Estrella, Arturo
Title: Comment on The Behavior of Interest Rates Implied by the Term Structure of Eurodollar Futures.
Journal: Journal of Money, Credit and Banking
Pages: 447-51
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C447%3ACOTBOI%3E2.0.CO%3B2-4&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Ghosal, Vivek
Author-Name: Loungani, Prakash
Title: Evidence on Nominal Wage Rigidity from a Panel of U.S. Manufacturing Industries.
Journal: Journal of Money, Credit and Banking
Pages: 650-68
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
We provide a set of stylized facts on the response of industry nominal
wage growth to aggregate and industry-specific influences using annual
data for 450 U.S. manufacturing industries over the period 1958 to 1989.
We find support for the canonical wage contracts model the response of
nominal wage growth to expected inflation is estimated to be between 0.6
and 0.8. This estimate holds for several sectors within manufacturing. The
response of nominal wage growth to unexpected inflation is around 0.1,
indicating a striking departure from the 'classical' assumption of full
indexation. We also find support for the multisector wage indexation
models. The estimated profit-sharing elasticity is positive as
hypothesized in these models. The instrumental variable estimates of the
profit-sharing elasticity are typically between 0.1 and 0.2. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Jegadeesh, Narasimhan
Author-Name: Pennacchi, George G
Title: The Behavior of Interest Rates Implied by the Term Structure of Eurodollar Futures.
Journal: Journal of Money, Credit and Banking
Pages: 426-46
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper considers an equilibrium model of the term structure that is
determined by two stochastic factors: a short-term interest rate and a
target level to which the short rate is expected to revert. A Kalman
filter technique that uses a time series, cross-section of Eurodollar
futures prices is developed to estimate the parameters of the model. The
term structures of spot LIBOR and Eurodollar futures volatility are
compared to that predicted by the model. The empirical results indicate
that the two-factor specification represents a significant improvement
over its one-factor version. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C426%3ATBOIRI%3E2.0.CO%3B2-E&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Selgin, George
Title: Salvaging Gresham's Law: The Good, the Bad, and the Illegal.
Journal: Journal of Money, Credit and Banking
Pages: 637-49
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
Contrary to the claims of Arthur Rolnick and Warren Weber, Gresham's Law
is not a 'fallacy.' Nor does it rest on the unrealistic assumption of an
operational fixed (disequilibrium) exchange rate between two economically
distinct monies. Here I interpret Gresham's Law as a result of coercive
legal tender laws aimed at discouraging agents from discriminating among
alternative monies. Such laws can systematically drive 'good' money out of
circulation by placing buyers and sellers in a Prisoner's Dilemma in which
the use of 'bad' money represents a unique noncooperative equilibrium. I
offer some historical examples, which are not readily explainable using
Rolnick and Weber's proposed alternative to Gresham's Law. Copyright 1996 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C637%3ASGLTGT%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Aschheim, Joseph
Author-Name: Tavlas, George S
Title: Monetary Economics in Doctrinal Perspective: Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 406-17
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C406%3AMEIDP%3E2.0.CO%3B2-O&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: DeYoung, Robert
Author-Name: Nolle, Daniel E
Title: Foreign-Owned Banks in the United States: Earning Market Share or Buying It?
Journal: Journal of Money, Credit and Banking
Pages: 622-36
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
Foreign-owned U.S. banks have been chronically unprofitable for more than
a decade. The authors employ a profit efficiency model introduced by Allen
N. Berger, Diana Hancock, and David B. Humphrey (1993), modified to be
less sensitive to variations in asset size, to estimate the relative
profit efficiency of 62 foreign-owned and 240 U.S.-owned banks between
1985 and 1990. Their results indicate that foreign-owned banks were
significantly less profit efficient than were U.S.-owned banks primarily
due to foreign banks reliance on expensive purchased funds. For
foreign-owned banks, the results are consistent with a strategy of
sacrificing profits in exchange for fast growth and increased market share
during the 1980s. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rogers, John H
Title: Convertibility Risk, Default Risk, and the Mexdollar Anomaly: A Reply to Gruben and Welch.
Journal: Journal of Money, Credit and Banking
Pages: 402-05
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C402%3ACRDRAT%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Wu, Yangru
Author-Name: Zhang, Hua
Title: Mean Reversion in Interest Rates: New Evidence from a Panel of OECD Countries.
Journal: Journal of Money, Credit and Banking
Pages: 604-21
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
Previous studies show that the standard univariate unit root tests cannot
reject the hypothesis that interest rates follow integrated processes. In
this paper, the authors pool interest rate data of twelve OECD countries
and implement a multivariate test. It is found that the unit root
hypothesis can be decisively rejected. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gruben, William C
Author-Name: Welch, John H
Title: Default Risk and Dollarization in Mexico.
Journal: Journal of Money, Credit and Banking
Pages: 393-401
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
Most empirical evidence of dollarization in Latin America accords with
the theoretical claim that increases in expected devaluation increase
dollarization. But John H. Rogers (1992) finds that, between 1978 and
1982, relative holdings of Mexdollars were negatively related to expected
devaluation. Expected returns on Mexdollar deposits, however, depended on
the solvency of the banking system. The authors investigate these links.
They find that banking system insolvency decreases Mexdollar deposit
demand and increases peso deposit demand. Once these effects are
controlled for, Mexdollar demand increases with expected devaluation, even
between 1978 and 1982. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho, Wai-Ming
Title: Imperfect Information, Money, and Economic Growth.
Journal: Journal of Money, Credit and Banking
Pages: 578-603
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
This paper develops an endogenous growth model with financial market
imperfections to study the effects of money on economic growth and to
examine the role of informational imperfections in the determination of
the equilibrium growth path. The findings are summarized as follows:
economic growth is slower when there is imperfect information; changes in
money growth have qualitatively similar effects on economies with and
without private information; and, contrary to the popular view that
informational imperfections in credit markets or borrowing constraints
tend to amplify the impact of policy interventions, economies with private
information are less responsive to changes in monetary policy. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bomberger, William A
Title: Disagreement as a Measure of Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 381-92
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper presents evidence from the Livingston survey of inflation
forecasts that forecaster disagreement provides a useful measure of
forecast uncertainty. The evidence is analogous to the evidence for ARCH
effects. Disagreement at the time of the forecast has as large positive
effect on the conditional variance of the subsequent forecast error. As a
conditioning variable, forecaster disagreement dominates ARCH for both
survey errors and the error terms in Robert Engle's quarterly model of
inflation. As measured by the resulting conditional variances,
disagreement indicates larger and more variable levels of uncertainty for
the 1946-94 period. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rotemberg, Julio J
Author-Name: Woodford, Michael
Title: Imperfect Competition and the Effects of Energy Price Increases on Economic Activity.
Journal: Journal of Money, Credit and Banking
Pages: 550-77
Issue: 4
Volume: 28
Year: 1996
Month: Nov.
Abstract:
The authors show that modifying the standard neoclassical growth model by
assuming that competition is imperfect makes it easier to explain the size
of the declines in output and real wages that follow increases in the
price of oil. Plausibly parameterized models of this type are able to
mimic the response of output and real wages in the United States. The
responses are particularly consistent with a model of implicit collusion
where markups depend positively on the ratio of the expected present value
of future profits to the current level of output. Copyright 1996 by Ohio State
University Press.
Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:550-77

Template-Type: ReDIF-Article 1.0
Author-Name: Miyao, Ryuzo
Title: Does a Cointegrating M2 Demand Relation Really Exist in the United States?
Journal: Journal of Money, Credit and Banking
Pages: 365-80
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper reexamines evidence on M2 demand cointegration in the postwar
United States. Equilibrium relations between M2 and various sets of its
determinants are analyzed using quarterly observations from 1959:1 to
1988:4, 1990:4, and 1993:4 based on three different testing methods. For
earlier subsamples, mixed results are obtained suggesting both
cointegration and no cointegration. For the full sample, however,
virtually no evidence supports cointegration. Accordingly, a M2
error-correction model is no longer appropriate to investigate short-run
dynamics of business fluctuations in the 1990s. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Jeffrey A
Title: Economic Cost, Scale Efficiency, and Competitive Viability in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 342-64
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper addresses the issue of the competitive viability of banks of
different scales and scopes of operation and the implications that this
may have for the evolving structure of the banking and financial services
industry. Unlike previous papers, this paper is the first to include both
production and opportunity costs in an empirical evaluation of bank
efficiency. No consistent evidence is reported to suggest that banking
organizations can achieve further gains in either production or economic
efficiency by expanding beyond $2 billion dollars of total assets. Thus it
is likely that smaller, less diversified banking organizations will remain
competitively viable. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Parsley, David C
Title: Inflation and Relative Price Variability in the Short and Long Run: New Evidence from the United States.
Journal: Journal of Money, Credit and Banking
Pages: 323-41
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper presents new evidence that a positive association exists
between inflation and relative prices and relative inflation rates in very
disaggregated data for the United States over the period 1975 through
1992. There is also evidence that the response of relative prices and
relative inflation rates to inflation varies inversely with the
information content of a given shock to inflation. The relationship is
studied from two cross-sectional perspectives using individual price
series collected from forty-eight U.S. cities. Evidence on the persistence
of the effects of inflation on relative prices is also presented. Results
here demonstrate the absence of a long run relationship between inflation
and relative price dispersion, i.e., the two series are not cointegrated.
Finally, results from vector autoregressions further imply the effect is
smaller than indicated by typical estimates. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kennickell, Arthur B
Author-Name: Kwast, Myron L
Author-Name: Starr-McCluer, Martha
Title: Households' Deposit Insurance Coverage: Evidence and Analysis of Potential Reforms.
Journal: Journal of Money, Credit and Banking
Pages: 311-22
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
It is often suggested that reducing deposit insurance would reduce
problems of moral hazard in the banking industry. However, little is known
about likely effects of proposed reforms on household depositors. This
study uses data from the Survey of Consumer Finances to examine the
characteristics of household depositors, particularly those with uninsured
funds. The authors find that large depositors tend to have substantial
shares of their assets in insured depositories, yet often fail to keep
their holdings within insurance limits. Various explanations for these
factors are considered. The authors also simulate the effects of proposed
reforms on the pool of uninsured depositors. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilloff, Steven J
Title: Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 294-310
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper examines the mean and cross-sectional behavior of performance
changes and consolidated abnormal returns among a sample of forty-eight
mergers occurring from 1982 to 1991 involving publicly traded banking
institutions. Although both merger-related performance changes and
consolidated abnormal returns are small or nonexistent, these measures
show a great deal of cross-sectional variation. However, the dispersion in
performance changes and abnormal returns is related to different factors
suggesting that expectations and outcomes are influenced by different
variables. Further strengthening this notion that expectations and
outcomes are unrelated are insignificant correlations of abnormal returns
and performance changes. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Croushore, Dean
Title: Ricardian Equivalence with Wage-Rate Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 279-93
Issue: 3
Volume: 28
Year: 1996
Month: Aug.
Abstract:
This paper examines Ricardian equivalence when the wage rate is uncertain
and people choose their labor supply. The author reviews the model of
Robert B. Barsky, Gregory Mankiw, and Stephen P. Zeldes (1986) and shows
that their finding of a positive marginal propensity to consume out of a
tax cut is due to the insurance aspect of distortionary taxation. Then the
author explores the trade-off between this insurance aspect and
labor-supply distortions in the context of a model similar to that of
Barsky, Mankiw, and Zeldes but incorporating labor supply. Copyright 1996 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Peek, Joe
Author-Name: Rosengren, Eric
Title: The Capital Crunch: Neither a Borrower nor a Lender Be.
Journal: Journal of Money, Credit and Banking
Pages: 625-38
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
The dramatic reduction in the growth rate of bank lending associated with
the 1990-91 recession, particularly in New England, has evoked claims by
many observers of a credit crunch. To overcome the difficulty in
determining whether the observed slow credit growth is a demand or supply
phenomenon, the authors examine a cross-section of banks in New England
that have experienced the same economic downturn, effectively controlling
for changes in demand. They find empirical support for a capital crunch,
whereby poorly capitalized institutions shrink more than their
better-capitalized peers, indicating an independent role for credit
supply. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kawai, Masahiro
Author-Name: Maccini, Louis J
Title: Twin Deficits versus Unpleasant Fiscal Arithmetic in a Small Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 639-58
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper studies fiscal deficits, consumption-saving behavior, current
account imbalances, and exchange rates in a small open economy populated
by households with finite lives. Suppose the government undertakes a
bond-financed tax cut today. The authors find that if tax finance is
anticipated primarily to be used in the future to close the deficit then
'twin deficits' will be observed today, but if money finance is
anticipated primarily to be used in the future then current fiscal
deficits will induce a decline in current consumption, thus creating trade
surpluses, a result they term 'unpleasant fiscal arithmetic.' Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hardouvelis, Gikas A
Author-Name: Kim, Dongcheol
Title: Margin Requirements, Price Fluctuations, and Market Participation in Metal Futures.
Journal: Journal of Money, Credit and Banking
Pages: 659-71
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Margin requirements in metal futures contracts have a negative impact on
market participation that seems causal because it is absent from a
benchmark group of metals that do not undergo similar margin changes. It
is less clear whether margins restrict primarily rational or irrational
investors. The stronger positive relation between margins and future
target metal volatility than benchmark metal volatility can simply be
attributed to the selection rule of the exchanges, as they increase
margins in those metals for which they anticipate a comparatively higher
future volatility. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kiguel, Miguel A
Author-Name: Neumeyer, Pablo Andres
Title: Seigniorage and Inflation: The Case of Argentina.
Journal: Journal of Money, Credit and Banking
Pages: 672-82
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper studies the relation between seigniorage and inflation in
Argentina for the period 1979-1989. We estimate a money demand function
and derive the Laffer curve for several sub-periods with different
monetary/exchange rate regimes. We find that for most of the period the
Argentine economy remained on the 'efficient' side of the Laffer curve.
The long-run revenue maximizing rate of inflation has been around 20
percent per month for the 'tablita' (1979-1981) and post-Austral
(1985-1988) periods and around 30 percent per month for the pre-Austral
period (1982-1985). The long-run maximum level of seigniorage has been
above 6 percent of GDP. Our results imply that the hyperinflation
experienced by Argentina in 1989 can be interpreted as an unstable
phenomenon that resulted from the need to collect a level of seigniorage
that exceeded the maximum warranted by the demand for money. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hubbard, R Glenn
Author-Name: Kashyap, Anil K
Author-Name: Whited, Toni M
Title: International Finance and Firm Investment.
Journal: Journal of Money, Credit and Banking
Pages: 683-701
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
The authors examine the neoclassical investment model using a panel of
U.S. manufacturing firms. The standard model with no financing constraints
cannot be rejected for firms with high (presample) dividend payouts.
However, it is decisively rejected for firms with low (presample) payouts
(firms the authors expect to face financing constraints). Here, investment
is sensitive both to firm cash flow and macroeconomic credit conditions,
holding constant investment opportunities. Sample splits based on firm
size or maturity do not produce such distinctions. The latter comparison
identifies firms where 'free-cash-flow' problems might be expected to
produce correlations between investment and cash flow. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bodenhorn, Howard
Author-Name: Haupert, Michael
Title: Was There a Note Issue Conundrum in the Free Banking Era?
Journal: Journal of Money, Credit and Banking
Pages: 702-12
Issue: 3
Volume: 27
Year: 1995
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Gherity, James A
Title: The Option Clause in Scottish Banking, 1730-65: A Reappraisal.
Journal: Journal of Money, Credit and Banking
Pages: 713-26
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Many writers, from Adam Smith's time on, have held that the option clause
encouraged overissue of notes and was, therefore, a source of instability.
Recently, proponents of the legal-restrictions theory of money and some
proponents of free banking have argued that the clause produced a number
of desirable effects. Neither position is consistent with the historical
facts. These facts indicate that the impact of the clause on the stability
of the banking system was limited to discouraging note wars and providing
a means by which to deal with specie drains caused by external shocks. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: de Gregorio, Jose
Title: Policy Accommodation and Gradual Stabilizations.
Journal: Journal of Money, Credit and Banking
Pages: 727-41
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Gradual stabilizations are usually the result of policy accommodation
that attempts to avoid the recessionary costs of a sharp reduction of
inflation. This paper presents two models that are consistent with the
fact that, despite their dislike of inflation, policymakers nevertheless
most often choose to adopt accommodative policies and implement gradual
stabilization programs. The models presented in this paper emphasize the
role of backward-looking indexation and the existence of fixed costs
associated with the implementation of a stabilization program. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee, Yeonho
Title: The Effects of Fiscal Policy in a Two-Country World Economy: An Intertemporal Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 742-61
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper analyzes the effects of fiscal policy using a two-country
general equilibrium model. A key finding is that a shift in government
spending from productive purchases to consumption purchases causes a
rising trade deficit and an appreciation of the terms of trade, consistent
with the U.S. experiences in the 1980s. Productive public services play a
critical role in these adjustments by driving a wedge between the rates of
return on domestic and foreign capital. A temporary cut in the capital
income tax is also crucial for explaining a persistent trade deficit and
an appreciation of the terms of trade. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Espinosa-Vega, Marco A
Title: Multiple Reserve Requirements.
Journal: Journal of Money, Credit and Banking
Pages: 762-76
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper investigates the consequences of government imposition of
multiple reserve requirements on commercial banks. In particular, it
examines a situation in which banks are required to hold some fraction of
their customer's deposits in the form of domestic currency and another
fraction in the form of interest bearing government bonds. Proponents of
such requirements claim that for a given deficit, a multiple reserve
scheme leads to a lower rate of inflation than would occur under a single
reserve regime. I construct a model which provides a framework for
analyzing this view. The analysis does not focus exclusively on the
inflationary effect of alternative reserve regimes. The model also allows
for welfare analysis. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Author-Name: Hunter, William C
Author-Name: Wall, Larry D
Title: Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification.
Journal: Journal of Money, Credit and Banking
Pages: 777-88
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper examines the prices bid for target banks in the early to
mid-1980s. Two hypotheses are examined: (1) the earnings diversification
hypothesis which holds that banks would bid more for merger partners that
offered risk-reduction opportunities, and (2) the deposit insurance
put-option hypothesis, which holds that acquirers would bid more for
targets that offered opportunities to increase risk and/or become 'too big
to fail.' An empirical analysis of a sample of 302 mergers produces
results that are consistent with the earnings diversification hypothesis
and inconsistent with the deposit insurance put-option hypothesis. Copyright 1995 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199508%2927%3A3%3C777%3AMFBMAA%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Judd, John P
Author-Name: Trehan, Bharat
Title: The Cyclical Behavior of Prices: Interpreting the Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 789-97
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Previous studies of the cyclical behavior of prices have found that the
cross-correlations between output and prices in post-WWII U.S. data are
generally negative. These correlations h have been interpreted as being
more consistent with supply-driven models of business cycle fluctuations
than with models that focus on demand shocks. In this paper, the authors
show that the signs of price-output correlations provide little
information about the underlying shock; for instance, a simple Keynesian
model driven by demand shocks leads to negative correlations between these
variables. The authors' results suggest that price-output correlations may
not be a particularly useful way to characterize the cyclical behavior of
prices. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Shea, John
Title: Myopia, Liquidity Constraints, and Aggregate Consumption: A Simple Test.
Journal: Journal of Money, Credit and Banking
Pages: 798-805
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This note conducts a simple test for myopia and liquidity constraints in
aggregate U.S. consumption. The test exploits the fact that, under myopia,
consumption should be equally sensitive to predictable income declines and
increases, while under liquidity constraints consumption should be more
sensitive to predictable income increases than to declines. Using
quarterly postwar data, the author shows that aggregate consumption is in
fact more sensitive to predictable income declines than increases. This
'perverse asymmetry' is inconsistent with both myopia and liquidity
constraints but is qualitatively consistent with recent theoretical work
incorporating loss aversion into intertemporal preferences. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliner, Stephen
Author-Name: Rudebusch, Glenn
Author-Name: Sichel, Daniel
Title: New and Old Models of Business Investment: A Comparison of Forecasting Performance.
Journal: Journal of Money, Credit and Banking
Pages: 806-26
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Previous empirical evaluations of investment models have focused on the
relative in-sample fit of various nonstructural models. The authors'
evaluation extends this work along two dimensions. First, they augment the
usual set of models with two Euler equations derived explicitly from
dynamic optimization under rational expectations; one Euler equation is
typical of those found in the investment literature, while the other
embeds 'time-to-build' lags that yield a richer dynamic structure. Second,
the authors focus on out-of-sample forecast performance as the primary
criterion of model evaluation. Their results indicate that the traditional
models dominate both Euler equations in forecasting investment. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Holland, A Steven
Title: Inflation and Uncertainty: Tests for Temporal Ordering.
Journal: Journal of Money, Credit and Banking
Pages: 827-37
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
For the postwar United States, increases in the rate of inflation tend to
precede increases in the level of inflation uncertainty. The finding
suggests that higher inflation uncertainty is part of the welfare cost of
inflation. Possible explanations are (1) a high rate of inflation
increases uncertainty about future monetary policy and (2) there is
uncertainty about the persistence of inflation. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Garfinkel, Michelle R
Author-Name: Thornton, Daniel L
Title: The Information Content of the Federal Funds Rate: Is It Unique?
Journal: Journal of Money, Credit and Banking
Pages: 838-47
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper investigates the information content of the federal funds rate
relative to other market interest rates. The empirical results indicate
that the federal funds rate is not informationally superior to the
overnight repurchase rate or the three-month T-bill rate. Unanticipated
changes in monetary policy do not systematically move the funds rate away
from its long-run equilibrium relationship with other short-term interest
rates. These results support the efficient-market view that the federal
funds rate should not contain more information, including that about
monetary policy, than other interest rates. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brinkmann, Emile J
Author-Name: Horvitz, Paul M
Title: Risk-Based Capital Standards and the Credit Crunch.
Journal: Journal of Money, Credit and Banking
Pages: 848-63
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
The failure of the banking system to play its normal role in the
transmission of the monetary stimulus to the economy may have contributed
to the 1990-91 recession and the sluggish recovery from it. This paper
examines the 1988 Basel Agreement on risk-based capital standards as a
possible shock to the credit supply system and finds that banks with
larger capital surpluses resulting from the risk-based requirements had
faster loan growth between 1987 and 1991 than those with smaller surpluses
or which failed the new standards. Newly issued capital in banks with
larger capital surpluses was associated with greater loan growth than were
the same capital additions in banks with smaller capital surpluses. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Do, A Quang
Author-Name: Shilling, James D
Title: The Cost of Home Mortgage Credit during the 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 864-75
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
This paper examines the extent to which failing or failed S&Ls
systematically mispriced the cost of home mortgage credit during the
1980s. Several researchers have argued that the moral hazard problem
associated with deposit insurance caused bankrupt S&Ls during the 1980s to
take on high risk, high return projects and engage in aggressive
underwriting practices. The authors' empirical results suggest that
residential home mortgage borrowers paid a significantly lower rate at
failing or failed S&Ls during the 1980s than they paid at solvent S&Ls. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley, Michael D
Author-Name: Jansen, Dennis W
Title: Unit Roots and Infrequent Large Shocks: New International Evidence on Output Growth.
Journal: Journal of Money, Credit and Banking
Pages: 867-93
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
The authors examine output growth for the G-7 countries. They use Nathan
S. Balke and Thomas Fomby's procedure to identify the date and type of
trend breaks, and note that these occur in clusters. The authors estimate
country-specific intervention models and test the unit root hypothesis.
Their critical values explicitly take account of the prior outliner search
procedure. For Italy, Japan, and the United Kingdom, the unit root null
hypothesis can be rejected. This suggests that the variance of output
growth in these countries is generated by low-frequency, high-magnitude
shocks rather than high-frequency, low-magnitude shocks. Copyright 1995 by Ohio State University Press.
Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:3:p:867-93

Template-Type: ReDIF-Article 1.0
Author-Name: Hein, Scott E
Author-Name: Koch, Timothy W
Author-Name: MacDonald, S Scott
Title: The Changing Role of Commercial Banks in the Municipal Securities Market.
Journal: Journal of Money, Credit and Banking
Pages: 894-906
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
The tax treatment of commercial banks as investors in municipal
securities changed dramatically with the loss of interest expense
deductibility for municipal carrying costs under the Tax Reform Act of
1986. Competing theories of relative yield determination suggest that the
lost deductions and recent reductions in corporate and personal tax rates
should have different effects on the ratio of municipal to taxable yields.
This study examines the empirical implications of these tax changes using
time series for the period 1966-1992. Results suggest that the yield ratio
varied inversely with relative bank purchases of municipals through
mid-year 1986. After 1986, however, increased bank municipal purchases no
longer directly lowered relative municipal yields. The yield ratio also
varied inversely with changes in personal tax rates throughout the sample
period, and increased after 1986 when banks lost 100 percent of their
interest deduction for municipal carrying costs. Changes in corporate tax
rates apparently play little role in shaping relative yields. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bennett, John
Author-Name: Boycko, Maxim
Title: Savings and Stabilization Policy in a Pre-Post-Socialist Economy.
Journal: Journal of Money, Credit and Banking
Pages: 907-19
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
A simple macroeconomic model of a reforming socialist economy is
presented with queuing in period one but market-clearing prices in period
two. If queues grow longer, each household chooses to save more, not
because it is 'forced' but to economize on queuing effort. For the
benchmark case (perfect foresight), immediate price liberalization is the
government's optimal policy. It raises welfare (the more so, the greater
is the monetary overhang) and in terms of full prices it is deflationary,
at least eventually. The model then is modified to allow for indexation, a
resale market, adaptive expectations, and limited credibility. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrance, Emily C
Title: Consumer Default and the Life Cycle Model.
Journal: Journal of Money, Credit and Banking
Pages: 939-54
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper studies the impact of a default option on life-cycle
consumption. Using a two period life-cycle model with uncertain income,
the paper demonstrates that a default option causes a kink in both the
budget set and the indifference curve at the point where the individual
switches from saving to borrowing. This nonconvexity can have a dramatic
impact on optimal consumption. The paper also explores the circumstances
under which liquidity constraints are likely to emerge and the
characteristics of those borrowers who are likely to face constraints. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Clare, Andrew D
Title: Using the Arbitrage Pricing Theory to Calculate the Probability of Financial Institution Failure: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 920-26
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
Where regulation is deemed desirable by authorities and where a risk
based approach is preferred, how do regulators assess the riskiness
inherent in a financial institution's balance sheet? A market measure of
the probability of financial institution failure is developed in this
paper. This measure incorporates the arbitrage pricing theory of Stephen
A. Ross (1976), thus allowing for the inclusion of systematic sources of
risk. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Elyasiani, Elyas
Author-Name: Kopecky, Kenneth J
Author-Name: VanHoose, David
Title: Costs of Adjustment, Portfolio Separation, and the Dynamic Behavior of Bank Loans and Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 955-74
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper develops a model of the banking firm and tests for the
presence of 'portfolio separation.' The theoretical model generalizes
existing intertemporal adjustment-costs models by assuming that these
costs coexist simultaneously on both sides of the bank's balance sheet.
Our analysis predicts that bank loan demand and deposit supply respond to
past, current and expected fixture values of the federal funds rate,
deposit rate, and loan rate. We estimate the model and find that the
restrictions imposed by the portfolio separation assumption are
inconsistent with the estimated behavior of the banking firms in our
sample. We also find some limited empirical support for our extended model
of the adjustment cost process. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Woodward, G Thomas
Title: Interest-Bearing Currency: Evidence from the Civil War Experience: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 927-37
Issue: 3
Volume: 27
Year: 1995
Month: August
Abstract:
James Gherity (1993) reports an experience that falsifies predictions of
the legal restrictions theory of the demand for money. He concludes that
this failure is explained by Lawrence H. White's (1987) rather than Gail
E. Makinen and G. Thomas Woodward's (1986) hypothesis of why interest-free
money is a superior circulating medium. Gherity's conclusion depends on
the erroneous proposition that transactions costs of using post-dated
interest-bearing notes are avoided by tendering them at par. The
experience cannot discriminate between the White explanation and that of
Makinen and Woodward. For some of the note issues concerned, neither the
legal restrictions theory, White, nor Makinen and Woodward explains the
behavior that occurred. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberts, John M
Title: New Keynesian Economics and the Phillips Curve.
Journal: Journal of Money, Credit and Banking
Pages: 975-84
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
Models with sticky prices are an important part of New Keynesian
economics. The author shows that several of the New Keynesian models imply
a formulation that is similar to the expectations-augmented Phillips curve
of Milton Friedman and Edmund Phelps. He then presents new estimates of
the New Keynesian Phillips curve. The author uses two proxies for price
expectations: survey-based measures and an econometric-based measure
originally developed by Bennett McCallum (1976). Overall, the results are
consistent with the model but the survey-based results are more precise,
suggesting that the surveys may be better measures of actual expectations. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakkio, Craig S
Author-Name: Sibert, Anne
Title: The Foreign Exchange Risk Premium: Is It Real?
Journal: Journal of Money, Credit and Banking
Pages: 301-17
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper presents a numerical analysis of an optimizing, equilibrium
model of the risk premium in the forward foreign exchange market. An
overlapping-generations model with incomplete markets is employed. Because
the equilibria are analytically intractable, the model must be solved
numerically. The authors show how changes in the distribution of the
exogenous variables affect the distribution of the risk premium. They find
that the properties of the real risk premium have far more intuitive
appeal than those of the more commonly employed nominal risk premium. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed, Shaghil
Author-Name: Yoo, Byung Sam
Title: Fiscal Trends in Real Economic Aggregates.
Journal: Journal of Money, Credit and Banking
Pages: 985-1001
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
Using cointegration analysis, the authors examine long-term interactions
between fiscal variables and the consumption-output and leisure-labor
ratios. The motivation is to test if fiscal trends are an independent
source of stochastic trends underlying the long-run behavior of real
economic aggregates. The authors' results support the presence of fiscal
trends and can be interpreted quite well in terms of the equilibrium
approach to fiscal policy. They suggest that neoclassical growth models
that embed fiscal trends and distinguish between components of government
purchases are more consistent with the data than simple
real-business-cycle models. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Frankel, Jeffrey
Title: The Stabilizing Properties of a Nominal GNP Rule.
Journal: Journal of Money, Credit and Banking
Pages: 318-34
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
The author examines the ability of a nominal GNP rule for monetary policy
to stabilize output and inflation. Other regimes considered are a money
rule, an exchange rate rule, a price level rule, and discretion. The
rules compare favorably to discretion to the extent that a time-consistent
commitment to a nominal anchor is needed to eliminate an inflationary bias
in the economy. The choice among the four rules depends on the relative
magnitudes of the disturbances considered: supply shocks, velocity shocks,
and exchange rate shocks. The nominal GNP rule dominates the exchange rate
and other rules for plausible parameter values. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Calem, Paul S
Author-Name: Rizzo, John A
Title: Financing Constraints and Investment: New Evidence from Hospital Industry Data.
Journal: Journal of Money, Credit and Banking
Pages: 1002-14
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper tests for evidence of financing constraints in the U.S.
hospital industry. The authors hypothesize that small hospitals and
free-standing hospitals are more likely to face financing constraints
than, respectively, large hospitals and members of hospital chains. They
estimate the relationship between liquidity and investment within each
cohort, controlling for a variety of factors that might affect the
marginal profitability of hospital investment. The results provide strong
evidence that small hospitals and free-standing hospitals face borrowing
constraints due to agency costs. This supports earlier work that found
evidence of financing constraints in other contexts. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Isaac, Alan G
Title: Monetary Policy, Elasticity Dynamics, and Real Exchange Rate Reversal.
Journal: Journal of Money, Credit and Banking
Pages: 335-49
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
Models of hysteresis in trade invoke permanent shifts in competitiveness
to explain the real exchange rate reversal of the 1980s. These models
predict an immediate and permanent response of competitiveness to exchange
rate overshooting. In contrast, an extensive, empirically based 'J-curve'
literature suggests a lagged response of competitiveness to real exchange
rate movements. This paper shows that such trade balance elasticity
dynamics offer an attractive alternative explanation of real exchange rate
reversal. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hess, Alan C
Title: Portfolio Theory, Transaction Costs, and the Demand for Time Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 1015-32
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
Households do not rebalance their deposit portfolios in response to
200-300 basis point changes in relative yields. Is it because the deposits
are poor substitutes or because transaction costs make it nonoptimal to
rebalance? This study uses efficient frontier techniques from portfolio
theory and a transaction-cost model to address these questions. The major
findings are that the transaction-cost model explains deposit shares but
the portfolio model does not and the gains from rebalancing are minuscule
because banks made large changes in relative yields on poor substitutes
while maintaining fairly constant spreads on close substitutes. Copyright 1995 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199511%2927%3A4%3C1015%3APTTCAT%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullio, Giuseppe
Title: Inflation and Currency Depreciation in Germany, 1920-1923: A Dynamic Model of Prices and the Exchange Rate.
Journal: Journal of Money, Credit and Banking
Pages: 350-62
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper presents a dynamic model of the German hyperinflation,
explaining prices, the exchange rate and the money supply. In the model
estimated simultaneously, the nominal exchange rate is allowed to diverge
from Purchasing Power Parity in the short run, the monetary approach to
exchange rate determination and the quantity theory of money are assumed
to be valid in the long run, the dynamic adjustment of prices and the
exchange rate to monetary disturbances is made explicit, and currency
substitution between domestic and foreign currency is introduced
explicitly. The problem of the autocorrelation of the residuals of the
money demand function found in previous studies is resolved, the fit of
inflation and exchange rate changes is very satisfactory, and the speed of
adjustment of the exchange rate to monetary disturbances is found to be
much higher than for prices. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ghosh, Atish R
Title: Intertemporal Tax-Smoothing and the Government Budget Surplus: Canada and the United States.
Journal: Journal of Money, Credit and Banking
Pages: 1033-45
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper shows that, if the government smooths taxes, then the budget
surplus should equal the present discounted value of expected changes in
government expenditure. This implication of the tax-smoothing hypothesis
imposes more stringent restrictions on the data than the more usual method
of testing whether changes in tax rates follow a random walk. The
tax-smoothing model is applied to the federal government budgets of Canada
and the United States and, in each case, receives considerable empirical
support. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Boot, Arnoud W A
Author-Name: Kanatas, George
Title: Rescheduling of Sovereign Debt: Forgiveness, Precommitment, and New Money.
Journal: Journal of Money, Credit and Banking
Pages: 363-77
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
The authors analyze debt renegotiation between a lender and a sovereign
borrower. A sovereign, endowed with tradable and nontradable goods
technologies and debt outstanding, may have the incentive to shift
production to nontradable goods if lenders are able to seize foreign
assets generated by the sale of tradables. The authors study an integrated
rescheduling 'package' involving debt forgiveness, new money, and
sovereign precommitment of production, and show that it Pareto-dominates
pure debt relief. With asymmetric information between lender and
sovereign, precommitment possibly becomes an even more important feature
of the renegotiated agreement. Copyright 1995 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199505%2927%3A2%3C363%3AROSDFP%3E2.0.CO%3B2-M&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Bayoumi, Tamim
Author-Name: Goldstein, Morris
Author-Name: Woglom, Geoffrey
Title: Do Credit Markets Discipline Sovereign Borrowers? Evidence from the U.S. States.
Journal: Journal of Money, Credit and Banking
Pages: 1046-59
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
The degree to which credit markets discipline sovereign borrowers is
investigated by estimating the supply curve for debt faced by U.S. states.
The results generally support an optimistic view of the market discipline
hypothesis, with credit markets providing incentives for sovereign
borrowers to restrain borrowing. While the risk premium on bond yields is
estimated to increase only gradually at low levels of debt, this effect
appears to become much larger as debt rises. There is also some evidence
that credit markets may withhold access to credit at very high levels of
debt. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mansoorian, Arman
Title: Budget Deficits, Corporate Income Taxes, and the Current Account.
Journal: Journal of Money, Credit and Banking
Pages: 378-88
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper studies the effects of budget deficits financed by taxing
corporate incomes. As households are finitely lived, transfers and taxes
on personal incomes are discounted at a higher rate than the interest on
government debt. As corporations are infinitely lived, taxes on
corporations are discounted at the same rate as the interest on government
debt. Thus, unanticipated deficits financed by taxing corporate incomes
are neutral. Anticipated deficits financed by taxing corporations cause a
current account surplus, as transfers are then discounted at a higher rate
than the taxes. Shifting taxes from households to corporations causes a
current account surplus. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fuhrer, Jeffrey C
Author-Name: Moore, George R
Title: Forward-Looking Behavior and the Stability of a Conventional Monetary Policy Rule.
Journal: Journal of Money, Credit and Banking
Pages: 1060-70
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
At the turn of the century, Knut Wicksell proposed a monetary policy rule
that has become conventional wisdom: raise interest rates when inflation
is above target and vice versa. The authors discover some surprising
properties of this rule. When the rule is included in a model in which
inflation is driven by the short real rate, the model is unstable. When
the rule is combined with a Phillips curve driven by a backward-looking
long real rate, the model is unstable. However, when a forward-looking
component is added to inflation or the long real rate, the policy
stabilizes the rate of inflation. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lassila, Jukka
Title: Income Tax Indexation in an Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 389-403
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
Indexation of progressive income taxes provides a way of cushioning
against various shocks. It is both an alternative and a complement to wage
indexation, but as a policy instrument it is much more ambiguous. James M.
Holmes and David J. Smyth (1972) have shown that if money demand depends
on disposable income, tax cuts may be contractionary. The author shows
that this may change the results of Neil Bruce (1981) concerning tax
indexation completely. Progressive taxation also complicates Joshua
Aizenman's (1985) findings concerning wage indexation. An increase in
openness, for instance, does not necessarily increase the optimal degree
of wage indexation. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Economopoulos, Andrew
Author-Name: O'Neill, Heather
Title: Bank Entry during the Antebellum Period.
Journal: Journal of Money, Credit and Banking
Pages: 1071-85
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
A recent study by Kenneth Ng (1988) challenges the view the free banking
laws lowered barriers to entry. The authors' study examines bank entry and
capital formation in free and nonfree banking states during the free
banking period. A competitive model is developed and used to test if
barriers were lowered in free banking states. The evidence indicates that
entry significantly increased after the enactment of the free banking laws
and that entry policy in nonfree banking states appeared to have been
'liberalized' when the free banking laws were enacted in other states. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Title: The Profit-Structure Relationship in Banking--Tests of Market-Power and Efficient-Structure Hypotheses.
Journal: Journal of Money, Credit and Banking
Pages: 404-31
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper enters the debate between market-power and efficient-structure
explanations of the profit-structure relationship in banking by including
direct measures of X-efficiency and scale efficiency in the analysis.
Structural models of two market-power hypotheses and two
efficient-structure hypotheses are expressed in testable reduced form
profit equations. This methodology is applied to thirty cross-sections of
1980s banking data. These data are somewhat consistent with one of the
market-power and one of the efficient-structure hypotheses. However, none
of the hypotheses are overwhelmingly important in explaining bank profits,
suggesting that alternative theories be pursued. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Greenfield, Robin L
Author-Name: Rockoff, Hugh
Title: Gresham's Law in Nineteenth-Century America.
Journal: Journal of Money, Credit and Banking
Pages: 1086-98
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper examines several nineteenth-century American tests of
Gresham's law. These tests include both the conflict between the U.S.
silver dollar and foreign silver dollars in the early national period and
the conflict between the greenback dollar and the gold dollar during the
Civil War and its aftermath. The authors find that Gresham's law worked
well and that a rival view, which considers the natural outcome of such
conflicts to be the concurrent circulation of cheap money at face value
and dear money at a varying premium, did not. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Title: The Relationship between Capital and Earnings in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 432-56
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
Contrary to conventional wisdom, bank capital ratios are positively
related to returns on equity in the 1980s. Higher capital Granger-caused
higher earnings and vice versa for U.S. banks, 1983-89. The surprising
positive Granger-causation from capital to earnings occurred primarily
through lower interest rates paid on uninsured purchased funds. The data
support the hypothesis that expected bankruptcy costs for banks increased
substantially in the 1980s, raising optimal capital ratios. The causation
from capital to earnings became negative in the early 1990s, when
aggregate risk, regulation, and earnings changed, but the findings still
support the expected bankruptcy costs hypothesis. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Davutyan, Nurhan
Author-Name: Parke, William R
Title: The Operations of the Bank of England, 1890-1908: A Dynamic Probit Approach.
Journal: Journal of Money, Credit and Banking
Pages: 1099-1112
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper analyzes the workings of the pre-World War I gold standard
using weekly data and a dynamic probit econometric technique. The authors'
evidence sheds light on three potentially conflicting motivations
underlying bank rate changes: profitability, convertibility, and concern
for home trade. The conflict among these goals manifests itself in the
Bank's asymmetric responses to inflows and outflows of gold and in the
Bank's asymmetric responses to changes in market interest rates. The
authors' results are consistent with the view that central bank
cooperation played an important role in the workings of the gold standard. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Megginson, William L
Author-Name: Poulsen, Annette B
Author-Name: Sinkey, Joseph F, Jr
Title: Syndicated Loan Announcements and the Market Value of the Banking Firm.
Journal: Journal of Money, Credit and Banking
Pages: 457-75
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper examines valuation effects on the stocks of fifteen
participating money-center banks of 774 announcements of syndicated loans,
representing announcements of investment decisions for the lenders. The
authors find that announcements of LDC loans in the 1970s, especially
those to Latin American borrowers, are associated with negative abnormal
returns to the lending banks while announcements of loans to U.S.
corporate borrowers in the 1980s, especially those for takover finance,
are associated with positive abnormal returns. While a number of testable
predictions are consistent with the negative abnormal returns for Latin
American loans, they explain response to takeover loans with a
return-to-liquidity hypothesis. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Christiano, Lawrence J
Author-Name: Eichenbaum, Martin
Title: Liquidity Effects, Monetary Policy, and the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 1113-36
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper presents a flexible-price, quantitative general equilibrium
model with the property that a positive money supply shock drives the
nominal interest rate down, and aggregate employment, output, and the real
wage up. These implications are broadly consistent with postwar U.S. data.
The two key features of the model that are responsible for its properties
are (1) money shocks have a heterogeneous impact on agents and (2) ex post
inflexibilities in production give rise to a very low short-run interest
elasticity of money demand. In our model, the extent of the drop in the
interest rate after a positive money supply shock depends on the degree to
which production is ex post inflexible. Given sufficient ex post
inflexibility, the model conforms well with the view, widely held within
the U.S. Federal System, that the short-run interest rate elasticity for
total reserves is very close to zero. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley, Michael G
Author-Name: Gabriel, Stuart A
Author-Name: Wohar, Mark E
Title: The Thrift Crisis, Mortgage-Credit Intermediation, and Housing Activity.
Journal: Journal of Money, Credit and Banking
Pages: 476-97
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper evaluates the influence of periodic disruptions in the thrift
industry on mortgage credit intermediation and housing activity. Results
of the analysis indicate that disruptions in the thrift industry during
the early 1980s imposed real costs on the economy by reducing the amount
of mortgage credit intermediation. Estimation findings indicate a sizable
mortgage interest rate premium stemming from the loss in thrift
intermediation services during the early 1980s. Those higher mortgage
rates served to dampen housing demand, in turn exacerbating the cyclical
decline. In contrast, empirical findings for the post-recession period of
the 1980s indicates a severing of the link between mortgage interest rates
and thrift provision of mortgage credit. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Carr, Jack
Author-Name: Mathewson, Frank
Author-Name: Quigley, Neil
Title: Stability in the Absence of Deposit Insurance: The Canadian Banking System, 1890-1966.
Journal: Journal of Money, Credit and Banking
Pages: 1137-58
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
The Canadian banking system experienced a prolonged period of stability
prior to the introduction of deposit insurance in 1967. Documenting the
reasons for this stability provides important evidence in the debate over
the impact of mandatory flat-rate deposit insurance. In this paper we use
new archival data to refute recent claims that this stability resulted
from an implicit deposit insurance scheme managed by Canada's largest
banks and guaranteed by the federal government. We argue that the Canadian
banking system was stable for two reasons. First, the absence of deposit
insurance provided incentives for both prudence on the part of management,
and monitoring by depositors and regulators. Second, the absence of unit
banking and other regulatory barriers to competition facilitated efficient
mergers which produced a relatively small number of well-managed banks. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sa-Aadu, J
Author-Name: Sirmans, C F
Title: Differentiated Contracts, Heterogeneous Borrowers, and the Mortgage Choice Decision.
Journal: Journal of Money, Credit and Banking
Pages: 498-510
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
Previous analyses of mortgage choice assume that adjustable rate
mortagages are standard contracts and estimate bivariate models. The
authors estimate a multinomial logit model that explicitly treats
mortgages as differentiated contracts and provides insights on several
important issues: the impact of price variables differs significantly
across alternative mortgage contracts; borrower heterogeneity,
particularly mobility, influences the type of contract chosen; and
borrowers respond to market conditions as expected when choosing between
alternative mortgage contracts. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Palivos, Theodore
Author-Name: Yip, Chong K
Title: Government Expenditure Financing in an Endogenous Growth Model: A Comparison.
Journal: Journal of Money, Credit and Banking
Pages: 1159-78
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper develops a generalized cash-in-advance model of endogenous
growth to assess the relative merits of money and income-tax financing of
a constant share of government expenditure in GNP. The authors find that
money financing (seigniorage) leads to higher growth and inflation rates,
pointing out to a trade-off between growth and inflation. Nevertheless,
they also find that the financing policy that maximizes welfare is, in
general, a mix of the two methods, with the weights depending crucially on
the fraction of investment purchases that are subject to the
cash-in-advance constraint. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Loungani, Prakash
Author-Name: Rush, Mark
Title: The Effect of Changes in Reserve Requirements on Investment and GNP.
Journal: Journal of Money, Credit and Banking
Pages: 511-26
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
The authors investigate the impact of 'credit shocks' on real activity by
using changes in reserve requirements to measure shocks to financial
intermediation. Reserve requirement changes are often made for bank
regulatory reasons and, hence, are far more exogenous with respect to
macroeconomic developments than the credit variables used in earlier
tests. The authors present reduced-form evidence that, even after
controlling for the link between monetary aggregates and real activity, an
increase in reserve requirements lowers aggregate investment, real GNP,
and commercial and industrial lending by banks. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Walsh, Carl E
Title: Is New Zealand's Reserve Bank Act of 1989 an Optimal Central Bank Contract?
Journal: Journal of Money, Credit and Banking
Pages: 1179-91
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper evaluates the Reserve Bank of New Zealand Act of 1989 from a
principal-agent perspective, arguing that the act represents a dismissal
rule. The optimal dismissal rule requires that the central banker be
dismissed whenever inflation exceeds a critical level that depends on
aggregate supply disturbances and measurement error in the inflation
index. This is essentially the structure established by the act. The scope
for renegotiating the target rate, however, creates an incentive for the
government to set the critical rate too high. Consequently, the inflation
bias of discretion is reduced but not completely eliminated. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chirinko, Robert S
Author-Name: Schaller, Huntley
Title: Why Does Liquidity Matter in Investment Equations?
Journal: Journal of Money, Credit and Banking
Pages: 527-48
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
That liquidity variables affect investment spending is widely accepted.
Despite important recent empirical work, questions remain concerning the
interpretation of liquidity variables in investment equations and the
sources and economic importance of finance constraints. These questions
are addressed by estimating a variety of econometric models that exploit
distinctive Canadian institutional features to identify firms that face
relatively severe information problems. The initial econometric evidence
confirms the existence of finance constraints, and identifies their source
as the problems faced by firms in credibly communicating private
information to outsiders. This conclusion is robust to biases from the
capitalization of finance constraints into asset prices, scale economies,
or imperfect competition, which are accounted for directly in the
econometric specifications. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Altig, David
Author-Name: Carlstrom, Charles T
Title: Liquidity, Monetary Policy, and Financial Intermediation: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 1199-1208
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee, Sang-Sub
Title: Macroeconomic
Journal: Journal of Money, Credit and Banking
Pages: 549-69
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This paper investigates the macroeconomic sources of time-varying risk
premia in the term structure of interest rates from 1959 to 1988 based on
an intertemporal cash-in-advance model of the term structure. While the
conditional variance measures of output and monetary uncertainty show
significant explanatory power for the risk premia, the cross-equation
restrictions implied by the model are not supported by the data. The study
also finds evidence of sources of risk premia ignored by the model.
Incorporating possible effects of omitted factors improves the model's
ability to explain the cross-sectional behavior and the variability of the
risk premia significantly. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ohanian, Lee E
Author-Name: Stockman, Alan C
Author-Name: Kilian, Lutz
Title: The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices.
Journal: Journal of Money, Credit and Banking
Pages: 1209-34
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Boyle, Glenn W
Author-Name: Peterson, James D
Title: Monetary Policy, Aggregate Uncertainty, and the Stock Market.
Journal: Journal of Money, Credit and Banking
Pages: 570-82
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
The authors develop and analyze a simple general equilibrium model of
asset pricing in a monetary economy where the growth rate in money is
partially determined by the policy of the monetary authority. Their model
implies that the relationship between stock prices and consumption risk is
systematically dependent on the monetary policy regime, indicates that a
rise in the 'noise' associated with a given future monetary policy
unambiguously increases current stock prices, and formalizes the
Geske-Roll (1983) explanation for the observed negative correlation
between stock returns and inflation. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilles, Christian
Title: The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1235-36
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Easterly, William R
Author-Name: Mauro, Paolo
Author-Name: Schmidt-Hebbel, Klaus
Title: Money Demand and Seigniorage-Maximizing Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 583-603
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
Conventional estimates of the seigniorage-maximizing inflation rate often
make use of the Cagan form, which implies a constant semielasticity of
money demand with respect to inflation. This paper shows that the
elasticity of substitution in transactions between money and bonds
determines how the inflation semielasticity of money demand changes as
inflation rises. Allowing for a variable semielasticity, estimates of
seigniorage-maximizing inflation for a panel of eleven high-inflation
countries are lower than those obtained by using the Cagan form. Estimates
based on the correct measure of the opportunity cost of money also differ
sharply from those obtained when using conventional inflation measures. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Leahy, John V
Title: The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1237-40
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Duca, John V
Author-Name: Whitesell, William C
Title: Credit Cards and Money Demand: A Cross-sectional Study.
Journal: Journal of Money, Credit and Banking
Pages: 604-23
Issue: 2
Volume: 27
Year: 1995
Month: May
Abstract:
This study investigates credit card holding and the household demands for
several monetary assets in a simultaneous equations framework. It exploits
the detailed data on household assets as well as demographic and
preference characteristics in the 1983 Survey of Consumer Finances. A key
finding is that, consistent with theory, a higher probability of credit
card ownership implies lower demand for transaction balances with no
effect on small time deposit balances. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kimball, Miles S
Title: The Quantitative Analytics of the Basic Neomonetarist Model.
Journal: Journal of Money, Credit and Banking
Pages: 1241-77
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper constructs a dynamic macroeconomic model with
less-than-perfect price flexibility which has a classical side consistent
with real business cycle theory, augmented by investment adjustment costs;
increasing returns to scale; and a new, flexible formalization of
imperfect competition. Something akin to the classical dichotomy is
justified by a mode of approximation appropriate for a model in which one
state variable adjusts quickly while another state variable adjusts
slowly. Even with investment adjustment costs, monetary expansions are
found to raise the real interest rate. The determinants of real rigidity
and the macroeconomic rate of price adjustment are investigated. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernanke, Ben S
Title: The Macroeconomics of the Great Depression: A Comparative Approach.
Journal: Journal of Money, Credit and Banking
Pages: 1-28
Issue: 1
Volume: 27
Year: 1995
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Woodford, Michael
Title: The Quantitative Analytics of the Basic Neomonetarist Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1278-89
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Caballero, Ricardo J
Title: Near-Rationality, Heterogeneity, and Aggregate Consumption.
Journal: Journal of Money, Credit and Banking
Pages: 29-48
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
The simple permanent-income model provides a good description of the
medium-long run behavior of aggregate non-durables consumption, but fails
to describe its short run behavior. In this paper I, present a
non-representative agent model with near-rational macroeconomic units a la
Akerlof-Yellen that simultaneously explains the observed excess smoothness
of consumption to wealth innovations and the excess sensitivity of
consumption to lagged income changes. This models also explains
conditional asymmetries found in the data: in good times, consumers
respond more promptly to positive than negative wealth shocks; while the
opposite is true in bad times. In spite of the presence of large
non-diversifiable idiosyncratic uncertainty, the estimated dollar
equivalent utility cost of the macroeconomic near-rational strategy
required to explain the aggregate facts is only about 0.037 percent of
consumption per year, where [gamma] is the coefficient of relative risk
aversion. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Labadie, Pamela
Title: Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model.
Journal: Journal of Money, Credit and Banking
Pages: 1290-1315
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Calvo, Guillermo A
Author-Name: Vegh, Carlos A
Title: Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices.
Journal: Journal of Money, Credit and Banking
Pages: 49-66
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
In high inflation countries, policymakers often end up paying interest on
part of the money supply. Higher interest rates on money have been used
both to reduce inflation and to defend the domestic currency. This paper
analyzes the effectiveness of such a policy in the context of an open
economy with flexible prices and exchange rates. A temporary increase in
the interest rate on money reduces the price level on impact but inflation
follows an explosive path afterwards. The domestic currency appreciates on
impact but begins to depreciate immediately thereafter. Hence, the
analysis does not support the use of high interest rates in
disinflationary programs. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas, Deborah J
Title: Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1316-19
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dowd, Kevin
Title: The Mechanics of Indirect Convertibility.
Journal: Journal of Money, Credit and Banking
Pages: 67-88
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper sets out the mechanics and equilibrating processes of
indirectly convertible monetary systems in which currency-issuing banks
redeem their currency with redemption media of the same value as the
commodity or commodity basket that defines the dollar. It goes on to
investigate the 'paradox of indirect convertibility' and suggests that
indirect convertibility is feasible despite the paradox. Finally, it
assesses the systems of Fisher, Hall, and others that have been suggested
as alternatives to indirect convertibility but concludes that these
alternative systems are open to serious objections. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Williamson, Stephen D
Title: Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1319-20
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumner, Scott
Title: The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 89-106
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper analyzes the hypothesis that the targeting of macroeconomic
aggregates can be done more effectively by pegging the price of a futures
contract linked to future announcements of the policy target. Where there
is an information lag, futures price targeting may be more efficient than
a contingent money supply rule. A policy of futures price targeting would
be less likely to suffer from the time inconsistency problem. The use of
futures price targeting would also appear to be superior to policies based
on intermediate targeting as well as most types of discretion. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fuerst, Timothy S
Title: Monetary and Financial Interactions in the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 1321-38
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper develops a computable general equilibrium model in which
endogenous agency costs can potentially alter business cycle dynamics. The
model resembles the influential theoretical work of Ben Bernanke and Mark
Gertler (1989). Two sources of shocks are considered: productivity shocks
and monetary shocks. The model is parametrized to match key features of
U.S. aggregate activity. The principal result of the analysis is that
agency costs add very little to the basic business cycle dynamics. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ireland, Peter N
Title: Endogenous Financial Innovation and the Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 107-23
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper embeds two key ideas about the nature of financial innovation
taken from the empirical literature into a familiar equilibrium monetary
model. It provides formal support for several alternative econometric
specifications for money demand that attempt to capture the effects of
financial innovation and demonstrates that a popular theoretical model of
money demand, when suitably modified, can account for some unusual
monetary dynamics found in the data. Thus, it helps to establish both the
theoretical relevance of recent empirical work and the empirical relevance
of recent theoretical work on the demand for money. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Evans, Charles L
Title: Monetary and Financial Interactions in the Business Cycle: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1339-41
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Haslag, Joseph H
Author-Name: Hein, Scott E
Title: Quasi Balance-Sheet Measures of U.S. Monetary Policy: A Closer Look.
Journal: Journal of Money, Credit and Banking
Pages: 124-39
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
Both the Board of Governors and the Federal Reserve Bank of St. Louis
calculate monetary base and total reserve series, adjusted for changes in
reserve requirement ratios. Many analysts apparently believe there is
little measurable difference in these series. This hypothesis is
empirically examined in this paper. First, time-series procedures are used
to examine similarities and differences in the alternative measures. Then,
nominal GNP growth equations provide the basis comparing the four
different monetary policy measures as they relate to economic activity.
The evidence suggests that significant differences exist between these
measures both in their time-series properties and in their relationships
to nominal GNP growth. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gertler, Mark
Title: Monetary and Financial Interactions in the Business Cycle: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1342-53
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:1342-53

Template-Type: ReDIF-Article 1.0
Author-Name: Melnick, Rafi
Title: Financial Services, Cointegration, and the Demand for Money in Israel.
Journal: Journal of Money, Credit and Banking
Pages: 140-53
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
The main hypothesis of this study is that ignoring the state of the
financial services in the demand for money is a theoretical
misspecification and is an important reason for the instability of the
money demand as traditionally estimated. A measurement approach for the
state of the financial services is developed and applied to estimation of
the demand for money in Israel. The approach presented in Melnick (1990)
is further developed by analyzing the lack of cointegration between real
balances and their determinants according to theory as a case of omitted
variables in a nonstationary time-series set-up. When our measure for the
state of the financial services is included, it yields a stable,
cointegrated, long-run demand far money relationship. The validity of
steady-state inflation-tax analysis is questioned and a negative
recommendation for the use of quantitative money targets is given. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chari, V V
Author-Name: Christiano, Lawrence J
Author-Name: Eichenbaum, Martin
Title: Inside Money, Outside Money, and Short-Term Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 1354-86
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Swofford, James L
Title: A Revealed Preference Analysis of Friedman and Schwartz Money.
Journal: Journal of Money, Credit and Banking
Pages: 154-64
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
In their seminal series of books Friedman and Schwartz concluded that the
appropriate assets to aggregate into money are currency, demand deposits
and time deposits issued by commercial banks. For this paper I used
revealed preference analysis to test the validity of this conclusion. I
find that these financial assets pass tests for the existence of a
monetary aggregate consistent with the economic theory of aggregation over
goods. For a short period after World War II, the data are consistent with
a more broadly defined monetary aggregate. A reputable index number like
the Divisia index must be employed to form these assets into an aggregate
consistent with the economic theory of aggregation. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Coleman, Wilbur John, II
Title: Inside Money, Outside Money, and Short-Term Interest Rates: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1387-96
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hunter, William C
Author-Name: Timme, Stephen G
Title: Core Deposits and Physical Capital: A Reexamination of Bank Scale Economies and Efficiency with Quasi-Fixed Inputs.
Journal: Journal of Money, Credit and Banking
Pages: 165-85
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper compares measures of bank production efficiency assuming all
bank inputs are completely variable with measures obtained from
specifications which take account of the quasi-fixed nature of core
deposits and bank physical capital, and the treatment of certain deposits
as outputs. The empirical results imply that scale economy measures vary
substantially for small to medium-sized banks whereas those for the
largest banks are fairly robust to the different specifications. Estimates
of economies of scope were found to be invariant to different input/output
specifications, whereas efficiency measures varied significantly with
changes in the specification of the cost function and with the definition
of outputs and inputs. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rotemberg, Julio J
Title: Inside Money, Outside Money, and Short-Term Interest Rates: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1397-1401
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:1397-1401

Template-Type: ReDIF-Article 1.0
Author-Name: Wheelock, David C
Author-Name: Kumbhakar, Subal C
Title: Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance System.
Journal: Journal of Money, Credit and Banking
Pages: 186-201
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This article investigates adverse selection and moral hazard in the
voluntary deposit insurance system of Kansas, which operated from 1909 to
1929. Regulations were imposed to limit risk-taking and membership was
made voluntary to assuage objections that insurance forces conservative
banks to protect depositors of high-risk institutions. The authors find,
however, that risk-prone banks were the most likely to join the system at
its inception. Using a simultaneous equations model, they also detect both
adverse selection and moral hazard behavior throughout the system's first
ten years. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Barnett, William A
Author-Name: Kirova, Milka
Author-Name: Pasupathy, Meenakshi
Title: Estimating Policy-Invariant Deep Parameters in the Financial Sector When Risk and Growth Matter.
Journal: Journal of Money, Credit and Banking
Pages: 1402-29
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence, Edward C
Author-Name: Arshadi, Nasser
Title: A Multinomial Logit Analysis of Problem Loan Resolution Choices in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 202-16
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper presents a conceptual framework of problem loan resolution
choices that is a function of the combined borrower and lender decisions.
A bank will choose a workout option if its expected value is greater than
the outcome under a no-workout plan. For the borrower, if the reputational
penalty due to a default is less than the opportunity cost of the best new
alternative, the borrower will have an incentive to default. If the
reverse holds then the borrower will be better-off with a loan workout.
Using a unique data set composed of borrower, lender and economic factors
we empirically examine the problem loan resolution choices. The, results
provide support for our conceptual framework that problem loan choices are
based on combined borrower/lender variables. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cecchetti, Stephen G
Title: Estimating Policy-Invariant Deep Parameters in the Financial Sector When Risk and Growth Matter: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1430-35
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hutchison, David E
Title: Retail Bank Deposit Pricing: An Intertemporal Asset Pricing Approach.
Journal: Journal of Money, Credit and Banking
Pages: 217-31
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
Fundamentally, spreads between market and deposit interest rates increase
when interest rates rise and decline when rates fall. Recent empirical
studies have found this phenomenon to be related to market concentration.
Static equilibrium models are poorly equipped to explain this behavior. In
this paper, the author applies an intertemporal asset pricing model
incorporating bank deposits as a form of money in order to analyze the
pricing behavior of a banking sector exercising market power. His results
extend the theoretical literature on deposit pricing and provide some
insights into the behavior of interest rate spreads through time. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall, David A
Title: Estimating Policy-Invariant Deep Parameters in the Financial Sector When Risk and Growth Matter: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1436-40
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Devereux, Michael B
Author-Name: Love, David R F
Title: The Dynamic Effects of Government Spending Policies in a Two-Sector Endogenous Growth Model.
Journal: Journal of Money, Credit and Banking
Pages: 232-56
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper investigates the impact of government spending policies in a
two sector model of endogenous growth. Endogenous growth arises because
all factors of production - physical and human capital, are reproducible.
Both temporary and permanent government spending shocks are examined. The
model implies that a permanent, lump-sum financed, increase in government
spending raises the long-run growth rate. This occurs because the negative
wealth effects of a spending increase will increase labor supply. On the
other hand, an income-tax (or wage-tax) financed rise in government
spending reduces the growth rate. The output effects of a temporary
increase in government spending may be greater or less than a permanent
increase in spending. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dotsey, Michael
Author-Name: Ireland, Peter
Title: Liquidity Effects and Transactions Technologies.
Journal: Journal of Money, Credit and Banking
Pages: 1441-57
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
Recently there has been growing interest in using general equilibrium
models to understand the effects of monetary policy on interest rates and
real economic activity. This research effort has involved the search for
models that generate liquidity effects. One branch of this research
employs cash-in-advance constraints and various assumptions about
financial structures that place infinite transaction costs on flow of
funds across segmented markets. In this paper, the authors relax the
assumption of infinite transactions costs and find that liquidity effects
either disappear or are greatly dampened when transaction technologies are
more appropriately specified. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bohn, Henning
Title: The Sustainability of Budget Deficits in a Stochastic Economy.
Journal: Journal of Money, Credit and Banking
Pages: 257-71
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
The transversality condition on government debt requires a zero limit of
discounted future debt. The paper shows that, in a stochastic economy, the
relevant discount rate depends on the probability distribution of future
debt over states of nature. Discount rates on future government debt,
spending, and taxes are generally not related to the rates of return on
government debt. The correct choice of discount rates is important because
debt discounted at the safe interest rate may well diverge to infinity
under sustainable policies. This result raises questions about some recent
empirical papers testing the sustainability of U.S. fiscal policy. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kydland, Finn E
Title: Liquidity Effects and Transactions Technologies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1458-61
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chah, Eun Young
Author-Name: Ramey, Valerie A
Author-Name: Starr, Ross M
Title: Liquidity Constraints and Intertemporal Consumer Optimization: Theory and Evidence from Durable Goods.
Journal: Journal of Money, Credit and Banking
Pages: 272-87
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
This paper develops and tests the implications of optimal consumption
behavior with borrowing constraints. The theory shows that liquidity
constraints imply a distinctive intertemporal relationship between durable
and nondurable goods consumption. Binding liquidity constraints appear as
part of an error correction term derived from the long-run cointegrating
relationship between durables and nondurables. When liquidity constraints
are binding, the error correction term will have predictive power for the
future change in nondurable consumption. Empirical tests of the
implications using aggregate data support the hypothesis that liquidity
constraints, rather than rule-of-thumb behavior, best explain the excess
sensitivity of consumption to predictable changes in income. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schlagenhauf, Don
Author-Name: Wrase, Jeffrey
Title: Liquidity Effects and Transactions Technologies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1461-71
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, John
Title: Friedman's Money Supply Volatility Hypothesis: Some International Evidence: Note.
Journal: Journal of Money, Credit and Banking
Pages: 288-92
Issue: 1
Volume: 27
Year: 1995
Month: February
Abstract:
Results of Granger-causality tests on data for the major industrial
countries indicate that the volatility of the money supply is of little
help in predicting income velocity. Results from nine industrial countries
find no evidence of such a relationship in six cases and in the remaining
three cases the evidence of a relationship was not found to be robust to
changes in sample period. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Altig, David E
Author-Name: Carlstrom, Charles T
Author-Name: Lansing, Kevin J
Title: Computable General Equilibrium Models and Monetary Policy Advice.
Journal: Journal of Money, Credit and Banking
Pages: 1472-93
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
Abstract:
This paper argues that variations of extant general-equilibrium monetary
models are capable of generating real-time economic forecasts comparable
in accuracy to those generated under the standard Federal Reserve Board
staff methodology. Specifically, the authors argue that, over the period
from 1984 to 1990, forecasts generated by versions of the 'limited
participation' models developed by Timothy S. Fuerst (1992) and Lawrence
J. Christiano and Martin Eichenbaum (1992) compare favorably with those
contained in the Board staff's 'Greenbook' briefing documents. They
conclude that further development of these models holds promise for fully
integrating the forecasting and policy analysis elements of the Federal
Reserve's monetary policy advice process. Copyright 1995 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Greenfield, Robert L
Author-Name: Woolsey, W William
Author-Name: Yeager, Leland B
Title: Is Indirect Convertibility Impossible? Comment.
Journal: Journal of Money, Credit and Banking
Pages: 293-97
Issue: 1
Volume: 27
Year: 1995
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Leeper, Eric M
Title: Computable General Equilibrium Models and Monetary Policy Advice: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1494-1501
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schnadt, Norbert
Author-Name: Whittaker, John
Title: Is Indirect Convertibility Impossible? Reply.
Journal: Journal of Money, Credit and Banking
Pages: 297-98
Issue: 1
Volume: 27
Year: 1995
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Prescott, Edward C
Title: Computable General Equilibrium Models and Monetary Policy Advice: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1502-05
Issue: 4
Volume: 27
Year: 1995
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brewer, Elijah, III
Author-Name: Mondschean, Thomas H
Title: An Empirical Test of the Incentive Effects of Deposit Insurance: The Case of Junk Bonds at Savings and Loan Associations.
Journal: Journal of Money, Credit and Banking
Pages: 146-64
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
This paper analyzes how financial markets reacted to S&L diversification
into junk bonds. The authors report that junk bond holdings are positively
correlated with both the volatility of S&L equity returns and the interest
rates paid on large CDs. Next, they examine the impact of junk bonds on
equity returns. For poorly capitalized S&Ls, greater risk taking increases
the value of deposit insurance and should lead to higher stock returns.
However, a well-capitalized institution that increases junk bond holdings
should not experience stock price gains. The authors find that this is the
case for the sample of S&Ls they studied. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen, Andrew H
Title: The Value of Pension Benefit Guaranty Corporation Insurance: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 754-56
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Mester, Loretta J
Title: Further Evidence Concerning Expense Preference and the Fed.
Journal: Journal of Money, Credit and Banking
Pages: 125-45
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
This paper presents further evidence on the existence of
expense-preference behavior toward labor in the Federal Reserve System
over the period 1954-89. I expand on a model of Fed behavior presented in
Boyes, Mounts, and Sowell (1988) (hereafter BMS). BMS's results suggested
that the Fed indulged in expense preference. However, one of the
assumptions of their model was that the Fed uses a Cobb-Douglas production
structure. This paper shows that the data reject the hypothesis that the
Fed uses a Cobb-Douglas production structure. Further analysis using the
test developed in Mester (1989), which permits a less restrictive
production technology, suggests that the Fed did not indulge in
expense-preference behavior over the sample period. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pennacchi, George G
Author-Name: Lewis, Christopher M
Title: The Value of Pension Benefit Guaranty Corporation Insurance.
Journal: Journal of Money, Credit and Banking
Pages: 735-53
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
This paper considers the cost of Pension Benefit Guaranty Corporation
(PBGC) insurance for single-employer defined benefit pension plans. It
derives a formula for the PBGC's liability that explicitly recognizes the
two necessary conditions that must arise for the PBGC to sustain a loss.
First, the corporation sponsoring the pension Iund must undergo bankruptcy
and, second, this pension plan must be underfunded. The PBGC's liability
is valued as a contingent put option and expressed as infinite series of
modified Bessel functions. The comparative statics of the model are
examined and are quite consistent with economic intuition. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Canova, Fabio
Title: Were Financial Crises Predictable?
Journal: Journal of Money, Credit and Banking
Pages: 102-24
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
This paper empirically investigates the nature of financial crises in the
United States before 1914. It attempts to determine whether crises were
statistically similar, predictable, and had a common generating mechanism.
Using probit and hazard models and out-of-sample criteria, it is shown
there are variables that explain movements in the probability of crises
and that the probability of crises is seasonal. Two crises were
predictable but in the other six episodes every forecasting model examined
failed. These results suggest that financial crises were not all
statistically alike and that their generation mechanisms differed. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ritter, Joseph A
Title: Public Policies and Private Pension Contributions: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 733-34
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Morgan, Donald P
Title: Bank Credit Commitments, Credit Rationing, and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 87-101
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
When loan needs are uncertain and bankruptcy is costly, contracts
resembling bank credit commitments dominate ordinary debt contracts. The
fees charged on commitments reduce bankruptcy risk by smoothing out
borrowers' loan payments. Reduced bankruptcy risk entitles borrowers to
larger loans, thereby reducing the risk of quantity rationing. Even if
commitments reduce rationing risk, monetary policy is not necessarily
weaker under commitment finance. A rise in lenders' cost of funds, perhaps
reflecting a monetary contraction, can reduce the expected value of a
project more under a commitment than under an ordinary debt contract. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gale, William G
Title: Public Policies and Private Pension Contributions.
Journal: Journal of Money, Credit and Banking
Pages: 710-32
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
Changes in pension regulation since 1974 have coincided with changes in
pension coverage, plan choice, funding status, and pension contributions.
This paper examines the effects of regulation and other factors on these
items. The main contribution is a new set of estimates of the determinants
of pension contributions. Regressions using a new, comprehensive measure
of private pension contributions indicate that the Employee Retirement
Income Security Act raised contributions and the 1987 full funding
limitations reduced contributions. In each case, the regulatory change
accounts for a sizable share of the actual change in contributions. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bester, Helmut
Title: The Role of Collateral in a Model of Debt Renegotiation.
Journal: Journal of Money, Credit and Banking
Pages: 72-86
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
This paper studies the effect of debt renegotiation on the design of
optimal loan arrangements in a model of borrowing and lending with
asymmetric information. Renegotiation may occur because bankruptcy
involves costly asset liquidation, which is ex post inefficient. The
author shows that the extent of the entrepreneur's liabilities in the
optimal loan contract depends upon the creditor's commitment to impose
bankruptcy should default ever occur. A limited liability arrangement is
optimal whenever the creditor is precommited not to forgive any portion of
the outstanding debt. Otherwise debt may efficiently be secured by outside
collateral. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas, Deborah
Title: A "Barter" Theory of Bank Regulation and Credit Allocation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 706-09
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Fried, Joel
Title: U.S. Treasury Bill Forward and Futures Prices.
Journal: Journal of Money, Credit and Banking
Pages: 55-71
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
For the period 1976-87 forward rates on U.S. T-bills averaged more than
30 basis points above the comparable futures market rates. Since risk is
common to both rates, I argue that this difference can be explained by the
substitutability of different maturity T-bills for money. Consistent with
this hypothesis, I find that this difference depends positively on
interest rates and the spread between the Federal Funds and 3 month T-bill
rates, and negatively on the ratio of short term governments to broadly
defined money. Also, significant shifts occurred in the relationship in
October 1979 and August 1982, coinciding with changes in Federal Reserve
operating procedures. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Thakor, Anjan V
Author-Name: Beltz, Jess
Title: A "Barter" Theory of Bank Regulation and Credit Allocation.
Journal: Journal of Money, Credit and Banking
Pages: 679-705
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
The authors develop a model in which governmental subsidies to banks
produce greater benefits for banks than they cost the taxpayers. In
exchange, the government dictates private-sector credit allocation to
produce political benefits that exceed the cost of subsidies. As long as
banks' losses due to 'forced' credit allocation fall below the value of
governmental subsidies, this represents a bilaterally efficient barter
between the government and banks. However, the arrangement can also result
in a 'trap,' wherein an equilibrium exists in which some banks would be
better-off if no bank bartered with the government and yet no bank breaks
away. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lastrapes, William D
Author-Name: Selgin, George A
Title: Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions.
Journal: Journal of Money, Credit and Banking
Pages: 34-54
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
Time-series techniques are used to assess the quantitative importance of
buffer-stock money--the short-run response of real money holdings to
nominal money supply shocks. The empirical model, a vector autoregression
of real and nominal money balances, captures general dynamic properties of
the time series but requires theoretical restrictions for sensible
interpretation. The authors just-identify the system by imposing a
long-run neutrality restriction: nominal money shocks have no permanent
effects on real money. They find that buffer-stock effects play an
important role in the evolution of real M1 in the short-run. The evidence
for M2 is less conclusive. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Van Order, Robert
Title: Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 675-78
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Zelhorst, Dick
Author-Name: de Haan, Jakob
Title: The Nonstationarity of Aggregate Output: Some Additional International Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 23-33
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
In this paper, the stationarity of aggregate output is examined using the
scaled variogram for a sample of twelve countries. It is argued that if
the true data generating process of output is stationary around a
deterministic trend with a change in mean and/or growth rate, the results
of previous studies are biased. Once the authors allow for a one time
exogenous 'shock,' the conclusions are indeed less clear cut and for some
countries even reversed. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Calomiris, Charles W
Author-Name: Kahn, Charles M
Author-Name: Longhofer, Stanley D
Title: Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor.
Journal: Journal of Money, Credit and Banking
Pages: 634-74
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Karras, Georgios
Title: Government Spending and Private Consumption: Some International Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 9-22
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
This paper investigates the relationship between private consumption and
publicly provided goods and services for a number of countries. The
empirical results show that, in the aggregate, private and government
consumption are best described as complementary in the sense that an
increase in one raises the marginal utility of the other. The strength of
this relationship is shown to be negatively affected by the government
size. These findings are robust across all specifications tried. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Engineer, Merwan
Title: Do Risk-Based Capital Allocate Bank Credit and Cause a "Credit Crunch"' in the United States?: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 629-33
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Gali, Jordi
Title: Keeping Up with the Joneses: Consumption Externalities, Portfolio Choice, and Asset Prices.
Journal: Journal of Money, Credit and Banking
Pages: 1-8
Issue: 1
Volume: 26
Year: 1994
Month: February
Abstract:
The author studies the implications for optimal portfolio decisions and
equilibrium asset prices of the hypothesis that agents care about other
agents' consumption level (in addition to their own). That hypothesis is
introduced in two settings: (1) a one-period CAPM model and (2) a
multiperiod asset pricing model. The presence of externalities is shown to
affect the optimal risky share, as well as the size of adjustments in the
latter in response to exogenous changes in the risk-adjusted equity
premium. In equilibrium, the equity premium is also affected by the sign
and the intensity of the externalities. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Author-Name: Udell, Gregory F
Title: Do Risk-Based Capital Allocate Bank Credit and Cause a "Credit Crunch"' in the United States?
Journal: Journal of Money, Credit and Banking
Pages: 585-628
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
This paper examines the reallocation of bank credit from loans to
securities in the early 1990s using data on virtually all U.S. banks from
1979 to 1992. The authors investigate implementation of risk-based capital
and other regulatory and nonregulatory changes as possible causes of a
supply-driven credit crunch. The main empirical implication of these
credit crunch hypotheses--that the reallocation of credit would be most
associated with low-capital, high-risk banks--generally is not consistent
with the data. Much of the reallocation is associated with demand-side
factors but it is difficult to differentiate cleanly among these factors. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kumar, P C
Title: Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 341-44
Issue: 2
Volume: 26
Year: 1994
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Stevens, E J
Title: Why We Need an "Accord" for Federal Reserve Credit Policy: A Note: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 581-84
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Song, Frank M
Title: A Two-Factor ARCH Model for Deposit-Institution Stock Returns.
Journal: Journal of Money, Credit and Banking
Pages: 323-40
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
This paper specifies a two-factor model for a sample of deposit
institutions. The factors are the market return and an interest rate
factor. The two-factor model is specified with Autoregressive Conditional
Heteroskedacity (ARCH) modeling strategy and is estimated by Generalized
Method of Moments (GMM). The market and interest rate risks are measured
by their time-varying betas. The results suggest that the market risks
have been volatile over the sample period 1977-87 and they increased and
became more volatile after 1982. The interest rate risks were more stable
and they did not respond to the Fed's regime change in monetary policy in
1979 and 1982. Specification tests suggest the usefulness of my two-factor
ARCH model in the study of deposit-institution stock returns. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goodfriend, Marvin
Title: Why We Need an "Accord" for Federal Reserve Credit Policy: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 572-80
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Berg, Sigbjorn Atle
Author-Name: Kim, Moshe
Title: Oligopolistic Interdependence and the Structure of Production in Banking: An Empirical Evaluation.
Journal: Journal of Money, Credit and Banking
Pages: 309-22
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
The main purpose of this paper is to incorporate the oligopolistic nature
of the banking industry into the (conventional) production model in order
to contribute to the empirical literature on the structure, conduct and
performance in banking and to achieve unbiased measures of scale economies
and efficiency depending on which of the models is accepted by the data.
This is done by appending behavioral equations specifying banks'
conjectures regarding the reactions of other banks to its output change.
This formulation enables us to test for the correct type of behavioral
model and relate it to the resulting estimated technology. If estimates of
economies of scale and inefficiencies depend on the behavioral model
adopted, other studies which ignore product market behavior may well be
subject to misspecification errors. The paper also sheds light on the
nature of the oligopolistic interdependence in the banking sector. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd, Walker F
Title: An End to Private Banking: Early New Deal Proposals to Alter the Role of the Federal Government in Credit Allocation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 569-71
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Dowd, Kevin
Title: Competitive Banking, Bankers' Clubs, and Bank Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 289-308
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
This paper reexamines the view that banking regulation and central
banking arose to counter market 'failures.' It investigates the factors
that led bankers to form clubs and examines the 'regulations' imposed by
clubs on their members. It suggests that such regulation is different from
real-world regulation and central banking and would be unlikely to arise
spontaneously from free banking anyway. It also suggests that this view is
consistent with available evidence and compares it with the alternative
views of Gary Gorton and Donald J. Mullineaux (1987), and of Charles A. E.
Goodhart. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillips, Ronnie J
Title: An End to Private Banking: Early New Deal Proposals to Alter the Role of the Federal Government in Credit Allocation.
Journal: Journal of Money, Credit and Banking
Pages: 552-68
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
In the 1930s, monetary reform proposals put forward by economists sought
to avoid the socialization of lending by facing squarely the problem of
distinguishing between money and credit. Had these proposals been fully
implemented in place of the New Deal banking legislation, the role of the
federal government in credit allocation might have been radically
different. In this paper, these proposals will be evaluated and the
reasons they were not adopted will be examined. Lessons can then be drawn
for policy changes today that would both enhance monetary control and
reduce the demands for more federal government credit allocation. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan, Iftekhar
Author-Name: Dwyer, Gerald P, Jr
Title: Bank Runs in the Free Banking Period.
Journal: Journal of Money, Credit and Banking
Pages: 271-88
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
Free banks in the United States issued private banknotes without
discretionary restriction of entry. Previous research suggests
explanations for noteholders' relatively large losses and the substantial
number of banks that closed. The authors examine these hypotheses and the
hypothesis that contagious runs were important. The evidence provides no
support for the importance of wildcat banking due to par versus market
valuation of bond reserves; episodic, but not general, support for the
importance of declining bond prices; and support for contagion effects and
contemporaries' knowledge of them with little or no impact on the number
of banks that closed. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Davidson, Paul
Title: Do Informational Frictions Justify Federal Credit Programs?: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 545-51
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Arbitrage Equilibrium with Transaction Costs.
Journal: Journal of Money, Credit and Banking
Pages: 249-70
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
The general topic of this paper is the transmission of disturbances in
asset markets. The specific topic is the role of transaction costs in this
transmission. Do high transaction costs shelter a market against foreign
disturbances while 'bottling up' domestic disturbances at home? The
question is considered in the context of a small-scale general equilibrium
model of asset arbitrage with quadratic transaction cost functions. The
main conclusion is that the transmission of (disturbances depends more on
the relationships between different transaction cost rates than on their
absolute level. A progressive decline of transaction costs, therefore,
does not necessarily strengthen the transmission of disturbances, nor can
artificial increases of transaction costs be relied upon to reduce it. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Williamson, Stephen D
Title: Do Informational Frictions Justify Federal Credit Programs?
Journal: Journal of Money, Credit and Banking
Pages: 523-44
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
Two credit market models with private information are used here to
evaluate the effectiveness of government credit programs. In a model with
costly state verification, direct government lending and government loan
guarantees at best have no effect, and at worst make all agents worse off
by increasing (decreasing) interest rates faced by borrowers (lenders) and
increasing the amount of rationing in the loan market. In an adverse
selection model with costly screening of borrowers, government lending
influences credit allocation by affecting borrowers' incentives to
misreport type. Government programs to encourage secondary markets in
private loans are welfare improving only when there are regulations which
inhibit diversification by private financial intermediaries. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Santoni, G J
Author-Name: Moehring, H Brian
Title: Asset Returns and Measured Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 232-48
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
This paper analyzes the inverse relationship between estimated real
returns on assets and estimates of the expected rate of inflation that is
commonly noted in the literature. The authors suggest that this puzzling
relationship may be produced by an inappropriate application of currently
published price indices to the problem of measuring asset returns. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Faig, Miquel
Title: Debt Restructuring and the Time Consistency of Optimal Policies: Erratum.
Journal: Journal of Money, Credit and Banking
Pages: 516
Issue: 3
Volume: 26
Year: 1994
Month: August
Handle: RePEc:mcb:jmoncb:v:26:y:1994:i:3:p:516

Template-Type: ReDIF-Article 1.0
Author-Name: Thoma, Mark A
Title: The Effects of Money Growth on Inflation and Interest Rates across Spectral Frequency Bands.
Journal: Journal of Money, Credit and Banking
Pages: 218-31
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
Band spectral regression techniques are used to identify the frequency
bands that are most important in the relationships between money growth
and inflation, and between money growth and the nominal interest rate. The
results show that cycles in the growth rate of M1 from one to two years
long produce higher frequency cycles in inflation and two distinct sets of
higher frequency cycles in changes in the nominal interest rate. The
results support models where predictable changes in money growth produce
liquidity and anticipated inflation effects on nominal interest rates. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Caskey, John P
Author-Name: St Laurent, Simon
Title: The Susan B. Anthony Dollar and the Theory of Coin/Note Substitutions.
Journal: Journal of Money, Credit and Banking
Pages: 495-510
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
This paper analyzes governments' attempts to replace circulating notes
with coins. It argues that because of network externalities in currency
systems, a government cannot simply offer a new coin, such as the Susan B.
Anthony dollar, to the public and expect it to circulate, even when the
coin/note substitution would benefit the economy. For such a substitution
to succeed, a government may need to force the adoption of the coin by
withdrawing the competing bill from circulation. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cushing, Matthew J
Author-Name: Ackert, Lucy F
Title: Interest Rate Innovations and the Volatility of Long-Term Bond Yields.
Journal: Journal of Money, Credit and Banking
Pages: 203-17
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
This paper develops and tests restrictions on the variance of innovations
in long-term bond yields implied by the expectations model of the term
structure. The authors adapt Kenneth D. West's (1988) stock-price
volatility tests to the case of long but finite maturity bonds. Their
approximate equality restriction does not require short-term rates to be
stationary and, hence, provides a unified framework for volatility
testing. When short rates are modeled as stationary, long-rate innovations
appear excessively volatile. When short rates are modeled as difference
stationary, long-rate innovations appear excessively smooth. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Drake, Leigh
Author-Name: Chrystal, K Alec
Title: Company-Sector Money Demand: New Evidence on the Existence of a Stable Long-Run Relationship for the United Kingdom.
Journal: Journal of Money, Credit and Banking
Pages: 479-94
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
The U.K. departure from the European Exchange Rate Mechanism has created
an urgent need for new indicators of monetary policy stance. Traditional
simple sum monetary aggregates have proven unreliable, particularly in the
face of the financial innovations of the 1980s. Micro theory suggests that
inappropriate aggregation over heterogeneous assets and holders may be to
blame. The present paper tests for weak separability of asset groupings
for the U.K. company sector. Divisia weighted aggregates are constructed
for the resulting narrow and broad groupings. It is shown that stable long
run relationships, corresponding to money demand equations, exist for
these aggregates. Arbitrary dummies representing financial innovation are
not required, in contrast to some other work in this area. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Antzoulatos, Angelos A
Title: Credit Rationing and Rational Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 182-202
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
This paper shows that optimal consumption is weakly increasing in the
borrowing ceiling, while savings and the welfare losses caused by
borrowing constraints are weakly decreasing. More important, the strict
inequalities may hold even at high saving levels at which the constraints
are not expected to bind any time soon. In essence, the paper shows that
one can make a smooth transition between the two extremes of free and no
borrowing. Further, quantitative versions of the theory demonstrate that
the distortive impact of borrowing constraints depends upon all the
parameters of the economic environment in a complicated way. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrabi, Tahir
Author-Name: di Meana, Andrea Ripa
Title: Bank Regulation and Debt Overhang.
Journal: Journal of Money, Credit and Banking
Pages: 460-78
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
The paper explains why banking regulations are crucial to the unfolding
of the current international debt crisis. The interplay of deposit
insurance and capital adequacy requirements may create strong
disincentives against offering relief to debtor countries with solvency
problems, in spite of the fact that granting relief would improve the
worth of the claims held by creditor banks. Furthermore, it is shown that
the negotiating stance of individual banks is not related to their
exposure to troubled loans in any simple way. Whether highly exposed banks
are tougher than those with limited exposure is also generally dependent
on the features of the regulatory environment. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Faig, Miquel
Title: Debt Restructuring and the Time Consistency of Optimal Policies.
Journal: Journal of Money, Credit and Banking
Pages: 171-81
Issue: 2
Volume: 26
Year: 1994
Month: May
Abstract:
Clever debt restructuring ensures that the optimal taxes on the purchase
of consumption goods and on labor income are time consistent even if the
government chooses public consumption and public investment. For this
result, two types of debt are needed: claims on consumption goods (debt
indexed by the gross-of-tax consumption prices) and claims on leisure
(debt indexed by the net-of-tax wage rate). This rescues Robert E. Lucas
and Nancy L. Stokey (1983) from the criticism that debt restructuring
cannot ensure time consistency when the government chooses public
consumption or public investment. This paper analyzes a closed economy. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cook, Douglas O
Author-Name: Spellman, Lewis J
Title: Repudiation Risk and Restitution Costs: Toward Understanding Premiums on Insured Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 439-59
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
This paper contains a theoretical development of the relationship of CD
premiums to both the risks of the CD issuer and the third party government
guarantor of those deposits. The theoretical development shows that the
risk of the guarantor derives from the possibility that the guarantee
could be repudiated and/or the restitution of the depositor's claim could
be costly. The empirical analysis of the premiums for insured CDs
indicates that during the years preceding the ultimate collapse of the
FSLIC, the market priced the risk of both the guarantor as well as the
firm. The guarantor risk pricing was responsive to the insolvency of the
guarantor, the attempts to recapitalize the guarantor and the efforts to
resolve the insolvent thrifts. During this eventful time period CD
premiums rose to 187 basis points and averaged 79 and 54 basis points. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dreyfus, Jean-Francois
Author-Name: Saunders, Anthony
Author-Name: Allen, Linda
Title: Deposit Insurance and Regulatory Forbearance: Are Caps on Insured Deposits Optimal?
Journal: Journal of Money, Credit and Banking
Pages: 412-38
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: McNown, Robert
Author-Name: Wallace, Myles S
Title: Cointegration Tests of the Monetary Exchange Rate Model for Three High-Inflation Economies.
Journal: Journal of Money, Credit and Banking
Pages: 396-411
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
Tests of cointegration are applied to the monetary model of the exchange
rate to determine if the model represents a long-run equilibrium relation
for three high-inflation countries. The countries tested are Argentina,
Chile, and Israel, each paired with the United States as the base country.
Evidence favorable to cointegration among the variables of the monetary
model is found using Johansen's maximum likelihood procedure. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sturzenegger, Federico A
Title: Hyperinflation with Currency Substitution: Introducing an Indexed Currency.
Journal: Journal of Money, Credit and Banking
Pages: 377-95
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
Currency substitution (CS) or indexed currencies are believed to increase
the equilibrium rate of inflation. This result derives from a setup in
which the government finances a certain amount of real resources through
money printing and where CS reduces the base of the inflation tax. This
paper shows this intuition wrong for those situations where the
hyperinflation is expectations-driven. Incorporating CS in an
Obstfeld-Rogoff (1983) framework, we show, reduces the inflation rates
along the hyperinflationary equilibrium. The intuition is simple: if money
losses 'essentiality' - because a very close substitute develops or
becomes available - then the inflation rates which induce agents to reduce
their monetary balances fall. The implications of the model are then
tested empirically. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fuerst, Timothy S
Title: Monetary Policy and Financial Intermediation.
Journal: Journal of Money, Credit and Banking
Pages: 362-76
Issue: 3
Volume: 26
Year: 1994
Month: August
Abstract:
This paper develops a general equilibrium model of monetary nonneutrality
that is a natural result of three basic assumptions: (1) financial
intermediaries face reserve requirements on deposits, (2) financial
intermediaries are the conduit for central bank monetary injections, and
(3) monetary injections are not initially subject to reserve requirements.
This asymmetry on the imposition of reserve requirements. This results in
stochastic monetary injections being expansionary. The model also gives
rise to an endogenous money multiplier because some purchases are made
with cash while others with checking accounts, and the cash versus check
composition of total purchases varies with the aggregate shocks. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Abel, Andrew B
Title: Exact Solutions for Expected Rates of Return under Markov Regime Switching: Implications for the Equity Premium Puzzle.
Journal: Journal of Money, Credit and Banking
Pages: 345-61
Issue: 3
Volume: 26
Year: 1994
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Milesi-Ferretti, Gian Maria
Title: Wage Indexation and Time Consistency.
Journal: Journal of Money, Credit and Banking
Pages: 941-50
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
This note presents a simple model where the decision on the degree of
wage indexation is taken by a 'large' agent, such as the government. The
optimal degree of indexing is shown to depend on the variance of real
shocks and on the 'inflations bias' of the government, due to the
incentive to raise employment above the market-clearing level. Wage
indexation will be low if real shocks are large and if the government is
inflation-averse. The ability of monetary policy to offset monetary
disturbances makes them irrelevant to the determination of the optimal
degree of indexing. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fremling, Gertrud M
Author-Name: Lott, John R, Jr
Title: Do Deficits Affect the Level of Insurance?
Journal: Journal of Money, Credit and Banking
Pages: 934-40
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
The authors' note shows that the level of risk-sharing is not likely to
increase when a deficit is created. A certain level of insurance can as
easily be accomplished under a balanced budget or under a surplus, and the
creation of a deficit does not provide a superior means, and probably an
inferior one, of accomplishing risk reduction. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: von zur Muehlen, Peter
Title: An Optimal Interest Rate Rule with Information from Money and Auction Markets.
Journal: Journal of Money, Credit and Banking
Pages: 917-33
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
For an economy characterized by neo-Keynesian wage rigidity, an optimal
open market rule is derived based on financial market information,
including auction price behavior. Simulations of a small model of the
United States--estimated via full information maximum likelihood together
with a numerical procedure for solving dynamic, linear rational
expectations models--are used to evaluate the response of the economy to
sectoral shocks, given the optimal interest rate rule. In the case of
three aggregate commodity price indexes studied here, the additional
indicator information is unlikely to have significant impact on the
performance of monetary policy. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chang, Roberto
Title: Endogenous Currency Substitution, Inflationary Finance, and Welfare.
Journal: Journal of Money, Credit and Banking
Pages: 903-16
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
In some countries a foreign currency has replaced the domestic one to
perform the functions of money. This phenomenon is known as currency
substitution. This paper explores the relationship between currency
substitution and inflationary finance in an overlapping generations model
in which currency substitution is an endogenous equilibrium outcome. The
author describes when currency substitution may emerge and shows that it
may be a purely expectational phenomenon. He uses the model to discuss the
welfare effects of inflation and the effects of policies that deal
directly with currency substitution CS. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Quigley, Michael Regan
Author-Name: Porter-Hudak, Susan
Title: A New Approach in Analyzing the Effect of Deficit Announcements on Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 894-902
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
Using alternative methods, the authors find less support than previous
authors for significant interest rate responses to deficit announcements.
The main results are that interest rates respond only 40 percent of the
time to deficit announcements and when they do respond the impact is only
temporary, lasting between one to six days and involving a 0.25 basis
point response per percentage change in the deficit. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaparakis, Emmanuel I
Author-Name: Miller, Stephen M
Author-Name: Noulas, Athanasios G
Title: Short-Run Cost Inefficiency of Commercial Banks: A Flexible Stochastic Frontier Approach.
Journal: Journal of Money, Credit and Banking
Pages: 875-93
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
We adopt the intermediation approach, and use a flexible stochastic
frontier to examine the cost efficiency of United States commercial banks
with total assets in excess of & Million. We find an average overall
inefficiency of just under 10 percent, a level somewhat lower than found
in previous work. Our analysis of intra-industry variation concludes that
inefficiency generally rises with bank size. Further, banks that have
branching networks, either domestic or foreign, have higher inefficiency,
on average; but, at the same time, inefficiency falls as the number of
offices in the branch network expands. State level data on the ease of
serviceing the market, competition from savings institutions, and the
financial sophistication of depositors significantly affect bank
inefficiency, generally with the expected signs. Finally, our findings
suggest that regulatory changes that increase capital requirements may
lead to increased bank efficiency in the short run. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniels, Kenneth N
Author-Name: Murphy, Neil B
Title: The Impact of Technological Change on the Currency Behavior of Households: An Empirical Cross-Section Study.
Journal: Journal of Money, Credit and Banking
Pages: 867-74
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
The purpose of this article is to determine the impact of adoption of new
technology (ATMs) by households on their behavior in holding currency
inventories. Previous studies hypothesize that households respond to the
availibility of ATMs by reducing their currency inventories. To test this
hypothesis, data from two large household surveys are utilized. It is
shown that the use of technology has a substantial impact on the currency
inventories held by households. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Taylor, Mark P
Title: On the Reinterpretation of Money Demand Regressions.
Journal: Journal of Money, Credit and Banking
Pages: 851-66
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
A stylized fact concerning estimated money demand relationships is that
lagged dependent variables have high explanatory power and large estimated
coefficients, which is hard to explain at a theoretical level. Marvin S.
Goodfriend (1985) suggests that this may be due to the presence of
serially correlated measurement errors in the independent variables. The
author demonstrates how consistent estimates of the short-run demand
function can be obtained even if the Goodfriend hypothesis is accepted and
also how the hypothesis might be tested. Application of the suggested test
using the Goldfeld (1973) data set leads to decisive rejection of the
hypothesis. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, Daniel L
Title: Why Do T-Bill Rates React to Discount Rate Changes?
Journal: Journal of Money, Credit and Banking
Pages: 839-50
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
A number of alternative explanations for the response of T-bill rates to
discount rate changes have been offered in the literature. This paper
investigates Cook and Hahn's (1988) hypothesis that discount rate changes
signal a change in the Fed's federal funds rate target which, in turn,
induce changes in T-bill rates. After showing that the evidence that theyt
claim supports their view cannot be used to differentiate their hypothesis
from equally plausible alternatives, we show that a valid alternative test
fails to provide support for their view and that discount rate changes do
not appear to signal changes in the target for the funds rate. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cothren, Richard D
Author-Name: Waud, Roger N
Title: On the Optimality of Reserve Requirements.
Journal: Journal of Money, Credit and Banking
Pages: 827-38
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
A simple economy is modeled to mimic certain basic characteristics of a
monetary economy with agents who trade with one another. The analysis
focuses on the way bank reserves affect the return and risk associated
with bank investments and how this return and risk affects the extent of
trading among agents--that is, the level of economic activity. It is shown
how the Nash equilibrium in such a free banking system may yield a
suboptimal outcome and how imposition of a reserve requirement can be
Pareto improving. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Selgin, George A
Title: On Ensuring the Acceptability of a New Fiat Money.
Journal: Journal of Money, Credit and Banking
Pages: 808-26
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
Currency reforms of the type now being contemplated by some former Soviet
republics, aimed at establishing new fiat monies linked to established
currencies through fixed exchange rates, carry an inherent danger. Such
reforms may, by neglecting certain requirements crucial for ensuring the
acceptability of a new currency, cause it to be treated by the public as
so many 'bits of paper.' Analyzing this problem serves to highlight some
shortcomings of Patinkin-style Walrasian monetary ananlysis, which ignores
money's character as a social institution and downplays the role of
expectations in determining a would-be money's acceptability, thereby
giving support to misguided reform efforts. In this respect, at least,
some early non-Walrasian monetary theories are more enlightening. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Imrohoroglu, Selahattin
Title: GMM Estimates of Currency Substitution between the Canadian Dollar and the U.S. Dollar.
Journal: Journal of Money, Credit and Banking
Pages: 792-807
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
This paper investigates the empirical strength of currency substitution
between the Canadian dollar and the U.S. dollar. Euler equations implied
by a small, open economy, money-in-the-utility-function model are
estimated and tested by Hansen's generalized method of moments procedure.
The major empirical finding is that both the elasticity of currency
substitution and the share of U.S. currency in the production of Canadian
liquidity services are economically small even though the combined
domestic and U.S. real balances appear to provide statistically
significant economizing on transactions costs. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: van der Ploeg, Frederick
Author-Name: Alogoskoufis, George S
Title: Money and Endogenous Growth.
Journal: Journal of Money, Credit and Banking
Pages: 771-91
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
The Ramsey-Romer model of endogenous growth is extended to allow for
holdings of real money balances and government debt as well as capital and
for non-interconnected generations of households. Tax-financed increases
in government consumption and debt depress growth prospects and boost
inflation, as long as a positive birth rate ensures that future taxes are
shouldered by future, yet unborn, generations. Debt-financed increases in
government consumption depress growth and boost inflation even more.
Money-financed increases in government consumption depress growth less but
increase inflation by more. Giving subsidies through an increase in
monetary growth is non-neutral, since this increases real growth and thus
inflation increases by a lesser amount than monetary growth. Bond-financed
increases in monetary growth lead to a larger increase in real growth and
a smaller increase in inflation. If there are cost adjustment for
investment, cuts in monetary growth and increases in government debt and
government consumption induce an increase in the real interest rate. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chinn, Menzie
Author-Name: Frankel, Jeffrey
Title: Patterns in Exchange Rate Forecasts for Twenty-five Currencies.
Journal: Journal of Money, Credit and Banking
Pages: 759-70
Issue: 4
Volume: 26
Year: 1994
Month: November
Abstract:
The properties of exchange-rate forecasts are investigated, with a data
set encompassing a broad cross section of currencies. Over the entire
sample, expectations appear to be biased. This result is robust to the
possibility of random measurement error in the survey measures. There
appear to be statistically significant differences in the degree of bias
in subgroupings of the data: the bias is lower for the high-inflation
countries; the bias is greater for the major currencies studied in earlier
papers; and the bias is also greater for the EMS currencies. Copyright 1994 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ungar, Meyer
Author-Name: Zilberfarb, Ben-Zion
Title: Inflation and Its Unpredictability--Theory and Empirical Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 709-20
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
The effect of inflation on its unpredictability is theoretically
ambiguous. Arthur M. Okun (1971) and Milton Friedman (1977) suggest that
the effect is positive. However, a negative effect may exist if higher
inflation induces the relevant economic agents to invest more in
generating accurate predictions. This paper provides a theoretical model
to analyze these opposing arguments and specifies the conditions under
which a positive effect exists. New survey data regarding inflationary
expectations in Israel are used to empirically examine the model. The
data, which allow single hypothesis testing of the relationship, reveal a
positive effect only in periods of high inflation, indicating a possible
threshold effect. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dellas, Harris
Author-Name: Stockman, Alan
Title: Self-Fulfilling Expectations, Speculative Attack, and Capital Controls.
Journal: Journal of Money, Credit and Banking
Pages: 721-30
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
This paper examines the endogenous implementation of capital controls in
the context of a fixed exchange rate regime. It is shown that if there
exists a nonzero probability that the policymaker's response to a
significant decrease in official foreign reserves will be the introduction
of controls, a speculative attack may occur even when current and expected
monetary policy is consistent with a permanently viable, control-free,
fixed exchange rate regime. Consequently, capital controls may be the
outcome of self-fulfilling expectations rather than the result of
imprudent economic policies. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dutton, John
Title: Real and Monetary Shocks and Risk Premia in Forward Markets for Foreign Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 731-54
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
A version of the model of Lucas (1982) and Domowitz and Hakkio (1985) is
used to compute risk premia on forward foreign exchange from stochastic
shocks to goods and money. Risk premium signs and magnitudes vary with
shocks and with the intratemporal substitutability of goods in
consumption. When the elasticity of substitution is less than (greater
than) one, an increase in home good variance induces a decrease (increase)
in the risk premium on forward foreign currency. When money is the source
of shock, no risk premia appear. A premium can appear unrelated to risk
but caused by a 'Jensen's inequality effect.' Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, David R
Title: International Interest Rate Linkages in the Term Structure.
Journal: Journal of Money, Credit and Banking
Pages: 755-70
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
This paper considers one aspect of the relationship between returns on
long-term bonds denominated in Canadian dollars issued by the Canadian
federal government and long-term bonds denominated in American dollars
issued by the American federal government. The difference between a
component of the term premium in the Canadian dollar term structure and
the same component of the term premium in the American dollar term
structure is measured at three terms to maturity. The measurement compares
ex ante excess returns earned on Canadian dollar long-term bonds and
excess returns earned on American dollar long-term bonds. The evidence
supports the existence of currency-specific term premia which vary over
time. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Katsimbris, George M
Author-Name: Miller, Stephen M
Title: Interest Rate Linkages within the European Monetary System: Further Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 771-79
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
J. Costas Karfakis and Demetrios M. Moschos (1990) examine the interest
rate linkages within the European Monetary System (EMS), concluding that
the German interest rate plays a dominate role within the EMS. The authors
reexamine the interest rate linkages within the EMS with the addition of
the interest rate of the United States. Their results suggest that both
the United States and German interest rates play an important, but not
dominant, role in EMS interest rate linkages. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Scoggins, John F
Title: Supply Shocks and Net Exports: Some Evidence for Australia.
Journal: Journal of Money, Credit and Banking
Pages: 780-85
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
The theory of intertemporal substitution predicts that households will
attempt to smooth the fluctuations in consumption caused by temporary
supply shocks. This substitution leads to an increase in the short-term
interest rate when temporary decreases in supply occur. Observing
agricultural supply shocks, Dave Denslow and Mark Rush (1989) found
evidence to support this theory in a closed economy (nineteenth century
France). In an open economy, a temporary drop in agricultural output would
decrease net exports rather than affect the interest rate. Evidence to
support this theory is found using twentieth-century Australian data. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Neumark, David
Author-Name: Leonard, Jonathan S
Title: Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 786-800
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
Aggregate labor cost equations tended to overpredict labor-cost inflation
in the United States in the 1980s. We consider the hypothesis that a
change in the price-inflation-expectations mechanism can explain this
apparent structural shift in the 1980s. We examine whether the sharp
recession of the early 1980s and continued tight monetary policy
throughout the decade may have led to changes in the relationship between
past price inflation and expected price inflation such that distributed
lags of price inflation persistently overestimated expected price
inflation, and hence led to overprediction of labor-cost inflation by
standard Phillips curves in this period. The evidence leads us to reject
this hypothesis, and to conclude instead that there was a true structural
shift in labor cost determination. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Freeman, Scott
Title: Resolving Differences over the Optimal Quantity of Money.
Journal: Journal of Money, Credit and Banking
Pages: 801-11
Issue: 4
Volume: 25
Year: 1993
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Bodenhorn, Howard
Title: Small-Denomination Banknotes in Antebellum America.
Journal: Journal of Money, Credit and Banking
Pages: 812-27
Issue: 4
Volume: 25
Year: 1993
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Hudgins, Sylvia C
Author-Name: Morgan, George Emir
Title: Regulatory Changes and Federal Mutual Thrift Behavior: Evidence from the 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 828-53
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
This paper provides the first traditional microeconomic analysis of the
effects of a deregulated environment as evidenced by federal mutual
thrifts' shifts in portfolio composition. Empirical results for the early
1980s indicate that prior experience relating to nonhousing assets plays a
substantial role in determining the extent to which expanded powers are
employed. Evidence of a retrenchment away from expanded powers in the late
1980s and a much diminished explanatory power of the economic approach in
the late 1980s suggest the late 1980s was not a period of deregulatory
response by previously constrained firms in contrast with the early 1980s. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bomberger, William A
Author-Name: Makinen, Gail E
Title: Inflation and Relative Price Variability: Parks' Study Reexamined.
Journal: Journal of Money, Credit and Banking
Pages: 854-61
Issue: 4
Volume: 25
Year: 1993
Month: November
Abstract:
The authors show that Richard W. Parks' (1978) widely cited evidence on
the correlation between the rate of inflation and the variability of
relative prices in the United States during 1948-75 depends on one
observation, 1974. When the sample period is extended through 1989, the
correlation depends on the observations for 1974 and 1980. Since both are
years of large oil price shocks, the authors make the case that causation
is likely to run from these shocks to relative price variability and
inflation with accommodating monetary policy playing a role. Copyright 1993 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199311%2925%3A4%3C854%3AIARPVP%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Altug, Sumru
Title: Time-to-Build, Delivery Lags, and the Equilibrium Pricing of Capital Goods.
Journal: Journal of Money, Credit and Banking
Pages: 301-19
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper characterizes the behavior of investment expenditures, optimal
capital stocks, and real interest rates in the time-to-build model of
investment. The paper derives equilibrium pricing relationships involving
the prices of new and used capital and uses these relationships to obtain
simple tests of the underlying investment technology. The paper also
demonstrates that empirical versions of the delivery lag model are
misspecified because the term structure of interest rates over the time
horizon for which investment yields productive capital are omitted and
that the use of stock market data to measure Tobin's q is inappropriate
within the time-to-build model. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bufman, Gil
Author-Name: Leiderman, Leonardo
Title: Currency Substitution under Nonexpected Utility: Some Empirical Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 320-35
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper derives and tests the restrictions implied by an optimizing
model of currency substitution under nonexpected utility using quarterly
data for Israel from 1978 to 1988. We find that the elasticity of
intertemporal substitution is less than one, the elasticity of currency
substitution is greater than one, relative risk aversion is about seven,
and the elasticity of currency substitution is greater than the
intratemporal elasticity of substitution between consumption and liquidity
services. In most cases the evidence supports the hypothesis of
nonexpected utility as well as the inclusion of liquidity services in the
representative agent's objective function. The methodology of this paper
can be applied to other interesting cases of currency substitution. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Engle, Robert F
Author-Name: Ng, Victor K
Title: Time-Varying Volatility and the Dynamic Behavior of the Term Structure.
Journal: Journal of Money, Credit and Banking
Pages: 336-49
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
In this paper, the authors consider a framework in which the
cross-sectional and time-series behavior of the yield curve can be studied
simultaneously. They examine the relationship between the yield curve and
the time-varying conditional volatility of the Treasury bill market. The
authors demonstrate that different shaped yield curves can result given
different combinations of volatility and expectations about future spot
rates. Moreover, adjusting the forward rate for the volatility related
forward premium can improve its performance as a predictor for the future
spot rate. Copyright 1993 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199308%2925%3A3%3C336%3ATVATDB%3E2.0.CO%3B2-H&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Engsted, Tom
Title: Cointegration and Cagan's Model of Hyperinflation under Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 350-60
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
When money and prices are integrated of order two, Philip Cagan's (1956)
model of hyperinflation will give rise to two different levels of
cointegration. In most of the literature on the German hyperinflation, one
of these cointegrating relationships has been ruled out a priori by
assuming that velocity shocks follow a random walk. Using data from the
German hyperinflation, the author finds this assumption to be unjustified.
Based on a straightforward extension of the cointegrated VAR-approach
suggested by John Y. Campbell and Robert J. Shiller (1987), a method to
evaluate the Cagan model under rational expectations and no bubbles is
proposed and implemented to the German data. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kryzanowski, Lawrence
Author-Name: Roberts, Gordon S
Title: Canadian Banking Solvency, 1922-1940.
Journal: Journal of Money, Credit and Banking
Pages: 361-76
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
The use of market value accounting to restate the year-end balance sheets
for Canadian banks strongly suggests that only one surviving bank was
economically solvent during the Depression. Like U.S. S&Ls, the authors'
alternative hypothesis argues that Canadian banks continued to operate
because of the Canadian government's (forebearance) policy of providing an
implicit 100 percent guarantee of bank deposits, standing ready to lend to
banks, and encouraging early mergers of troubled and healthier banks.
Unlike the stylized fact, the role of national branching was to facilitate
this policy by reducing the number of banks and lessening competition. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Siklos, Pierre L
Title: Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986.
Journal: Journal of Money, Credit and Banking
Pages: 377-92
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper applies tests of cointegration to assess whether institutional
factors, in addition to income and an interest rate, explain the long-run
behavior of velocity. Over a century of annual data from five
industrialized countries are used. Institutional characteristics make a
significant contribution to the determination of velocity in all the
countries considered. One generally rejects the hypothesis of
cointegration between velocity and its traditional determinants but the
same hypothesis cannot be rejected when velocity is also a function of
institutional change proxies. Tests of coefficient stability also
reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Moore, Robert R
Title: Asymmetric Information, Repeated Lending, and Capital Structure.
Journal: Journal of Money, Credit and Banking
Pages: 393-409
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper develops a model of capital structure in a three period agency
framework. Borrowers retain earnings to reduce their loan needs, which
reduces their probability of default, which allows them to obtain more
favorable credit terms. The model is capable of generating persistence of
real shocks through financial market effects. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Unal, Haluk
Author-Name: Demirguc-Kunt, Asli
Author-Name: Leung, Kwok-Wai
Title: The Brady Plan, 1989 Mexican Debt-Reduction Agreement, and Bank Stock Returns in United States and Japan.
Journal: Journal of Money, Credit and Banking
Pages: 410-29
Issue: 3
Volume: 25
Year: 1993
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199308%2925%3A3%3C410%3ATBP1MD%3E2.0.CO%3B2-V&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Demirguc-Kunt, Asli
Author-Name: Huizinga, Harry
Title: Official Credits to Developing Countries: Implicit Transfers to the Banks.
Journal: Journal of Money, Credit and Banking
Pages: 430-44
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper provides evidence that commercial banks have benefited greatly
from official monies made available directly to developing countries or
indirectly to the multilateral lending agencies. In particular, the stock
market capitalization of creditor banks worldwide rose by about $6.2
billion at the time of the introduction of the U.S. proposal to increase
its quota to the IMF by $8.5 billion in 1983, and by a low estimate of R.4
billion when details of the Brady Plan were made public in March 1989. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, H Youn
Title: Frisch Demand Functions and Intertemporal Substitution in Consumption.
Journal: Journal of Money, Credit and Banking
Pages: 445-54
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper delineates various intertemporal elasticities of consumption
and provides a disaggregate analysis of intertemporal substitution in
consumption from its constituent commodity demand. The analysis utilizes
Frisch demand function in contrast to the consumption function employed in
existing studies. Three intertemporal elasticities of consumption are
identified--intertemporal price elasticities of demand, commodity-specific
intertemporal substitution elasticities, and the intertemporal
substitution elasticity of consumption. Previous studies do not
distinguish these intertemporal elasticities and have disregarded the
influences of commodity prices on intertemporal substitution. The evidence
from estimating the Frisch demand system using U.K. expenditure data
suggests the presence of low intertemporal substitution for commodities as
well as consumption. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehra, Yash P
Title: The Stability of the M2 Demand Function: Evidence from an Error-Correction Model.
Journal: Journal of Money, Credit and Banking
Pages: 455-60
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This note presents an error-correction model of M2 demand. The Chow test
indicates that the M2 demand function is stable over the sample period
1953Q1 to 1991Q2. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gavin, William T
Title: Inflation Uncertainty: A Conference Sponsored by the Federal Reserve Bank of Cleveland: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 469-74
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Alesina, Alberto
Author-Name: Summers, Lawrence H
Title: Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 151-62
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
This note uses information on a sample of sixteen OECD countries to
assess the relationship between central bank independence and
macroeconomic performance. As previous work suggests, politically
controlled central banks are more likely to pursue policies that lead to
high and variable inflation. However, the authors find little evidence
that political control of central bank policy has any impact on measures
of the level or variability of growth, unemployment, or the ex ante real
interest rate. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Evans, Martin
Author-Name: Wachtel, Paul
Title: Inflation Regimes and the
Journal: Journal of Money, Credit and Banking
Pages: 475-511
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper develops new time series measures of inflation uncertainty in
the United States in the postwar period that account for the prospect of
changing inflation regimes. The measures are constructed from estimates of
a Markov switching model for inflation. Importantly, we show that rational
forecasts derived from the Markov model are consistent with survey
measures of inflation expectations. Our Markov model allows us to
decompose uncertainty about future inflation into two components; a
certainty equivalent component that ignores uncertainty about future
inflation regimes, and a regime uncertainty component that reflects this
uncertainty. Survey measures of inflation uncertainty, based on the
dispersion of forecasts, appear more closely associated to the regime
uncertainty component than the certainty equivalent component of inflation
uncertainty. The regime uncertainty component also appears to have
significant explanatory power in forecasting unemployment while the
certainty equivalent component does not. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Romer, David
Title: Why Should Governments Issue Bonds?
Journal: Journal of Money, Credit and Banking
Pages: 163-75
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
This paper has three purposes. First, it shows that several recent
arguments that the optimal nominal interest rate on government bonds is
zero even when second best considerations are accounted for rest on
perfect substitutes assumptions. Second, it characterizes the conditions
under which the issue of interest-bearing bonds is desirable once these
assumptions are relaxed. And third, it shows that these potential
microeconomic benefits of bond issue are closely related to traditional
macroeconomic analyses of the government's choice between money and bond
finance. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Allan D
Title: Inflation Regimes and the
Journal: Journal of Money, Credit and Banking
Pages: 512-14
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel, Betty C
Title: Tax Timing and Liquidity Constraints: A Heterogenous-Agent Model.
Journal: Journal of Money, Credit and Banking
Pages: 176-96
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
This paper considers the Ricardian equivalence hypothesis in a model in
which some families face binding liquidity constraints and others do not.
The source of heterogeneity that generates binding constraints in some
families, but not in others, is shown to be the rate of intergenerational
discount. In an economy populated by these two types of families, a change
in tax timing has non-Ricardian short-run effects but many Ricardian
long-run effects. This implies that heterogeneous agent models can
reconcile some of the conflicting empirical evidence on Ricardian
equivalence. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Holland, A Steven
Title: Inflation Regimes and the Sources of Inflation Uncertainty: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 514-20
Issue: 3
Volume: 25
Year: 1993
Month: August
Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:514-20

Template-Type: ReDIF-Article 1.0
Author-Name: Cox, Donald
Author-Name: Jappelli, Tullio
Title: The Effect of Borrowing Constraints on Consumer Liabilities.
Journal: Journal of Money, Credit and Banking
Pages: 197-213
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
This paper explores the effects of liquidity constraints on consumer
liabilities. While much empirical evidence attests to the importance of
liquidity constraints in the U.S. economy, evidence about the effects of
borrowing constraints on consumer balance sheets is scarce. Using the 1983
Survey of Consumer Finances data we estimate desired borrowing for
unconstrained households. We then evaluate the gap between predicted.and
observed debt for the sample of liquidity constrained consumers. Predicted
debt is 75 percent higher than actual debt in the liquidity constrained
sample. Thus, the effect of removing borrowing constraints has
quantitatively important implications for the allocation of debt in the
household portfolio. The removal of borrowing constraints would raise
aggregate household liabilities by 9 percent. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Huizinga, John
Title: Inflation Uncertainty, Relative Price Uncertainty, and Investment in U.S. Manufacturing.
Journal: Journal of Money, Credit and Banking
Pages: 521-49
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Schnadt, Norbert
Author-Name: Whittaker, John
Title: Inflation-Proof Currency? The Feasibility of Variable Commodity Standards.
Journal: Journal of Money, Credit and Banking
Pages: 214-21
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
Under a proposal by Robert L. Greenfield and Leland B. Yeager (1989), the
value of currency is tied to the value of a defined basket of goods by
indirect convertibility: the note-issuing bank offers to redeem its
currency for sufficient gold to buy the basket in the market. The authors
find that this arrangement cannot be applied to the currency that is the
medium of account for quoting prices of goods and that it would imply
unlimited change in the gold price when the price of the basket deviates
from unity. A feedback rule with slower price adjustment may, however, be
feasible. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cecchetti, Stephen G
Title: Inflation Uncertainty, Relative Price Uncertainty, and Investment in U.S. Manufacturing: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 550-54
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Dexter, Albert S
Author-Name: Levi, Maurice D
Author-Name: Nault, Barrie R
Title: Freely Determined versus Regulated Prices: Implications for the Measured Link between Money and Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 222-30
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
By constructing component indices for Canadian prices that are judged by
a panel of experts to be either freely-determined or regulated, the
authors are able to show that regulated prices respond less systematically
and less quickly to changes in the money supply. They also show that
idiosyncrasies in the relationship between money and the different
component indices are offsetting. The authors' results suggest that sticky
prices, which are an underpinning of new-Keynesian economics, may well be
due to the inclusion of regulated prices in overall indices of inflation. Copyright 1993 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:2:p:222-30

Template-Type: ReDIF-Article 1.0
Author-Name: Selody, Jack
Title: Inflation Uncertainty, Relative Price Uncertainty, and Investment in U.S. Manufacturing: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 554-57
Issue: 3
Volume: 25
Year: 1993
Month: August
Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:554-57

Template-Type: ReDIF-Article 1.0
Author-Name: Feinman, Joshua N
Title: Estimating the Open Market Desk's Daily Reaction Function.
Journal: Journal of Money, Credit and Banking
Pages: 231-47
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
This paper presents the results of an empirical investigation into the
proximate determinants of the Federal Reserve's daily open market
operations. Using information available each morning at the Fed conference
call, the author models the Open Market Desk's choice of both the quantity
and the type of operation, using a friction model for the former and a
multinomial logit framework for the latter. Different types of operations
are shown to send different signals to the market about the underlying
thrust of Fed policy and open market operations in recent years are shown
to have become increasingly keyed to the federal funds rate. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Trejos, Alberto
Author-Name: Wright, Randall
Title: Search, Bargaining, Money and Prices: Recent Results and Policy Implications.
Journal: Journal of Money, Credit and Banking
Pages: 558-76
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
Recently, the search-theoretic approach to monetary economics has been
generalized to incorporate bilateral bargaining theory in order to
determine the purchasing power of money endogenously (the first-generation
of models in this literature essentially assume that prices are fixed
exogenously). The authors review these results. They then use the model to
address a variety of issues in monetary economics. The authors analyze the
relationships between monetary and real variables, including velocity,
output, and welfare. They also discuss several aspects of monetary policy,
including the effects of randomness in the money supply process. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fischer, Andreas M
Title: Is Money Really Exogenous? Testing for Weak Exogeneity in Swiss Money Demand.
Journal: Journal of Money, Credit and Banking
Pages: 248-58
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
Although exogeneity is often associated with controllable policy
variables, Engle, Hendry, and Richard (1983) show that the one condition
is neither necessary nor sufficient for the other. Whether variables such
as monetary aggregates are (weakly) exogenous depends on the conditioning
properties of the data generating process. Testing exogeneity claims
represents an important step in analyzing money demand functions. Although
Switzerland adheres to fairly strict monetarist prescriptions, we reject
the hypothesis that M0 and M1 are weakly exogenous for a price equation.
Our results for M1 support the conventional view in which money market
equations reflect the demand for money as the dependent variable. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall, David A
Title: Search, Bargaining, Money and Prices: Recent Results and Policy Implications: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 577-81
Issue: 3
Volume: 25
Year: 1993
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199308%2925%3A3%3C577%3ACOSBMA%3E2.0.CO%3B2-X&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Velasco, Andreas
Title: Real Interest Rates and Government Debt during Stabilization.
Journal: Journal of Money, Credit and Banking
Pages: 259-72
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
High real interest rates typically accompany successful disinflations. If
government deficits are financed with domestic debt, this behavior of
interest rates can be destabilizing. High interest rates increase debt
service costs and contribute to the accumulation of debt, threatening the
whole anti-inflation effort. The exchange rate regime matters in this
context. Under perfectly flexible exchange rates, the real interest rate
is invariant to changes in the rate of money creation. By contrast, the
real rate of interest tends to rise when an economy under predetermined
exchange rates is disinflated via the type of 'exchange rate management'
analyzed by Drazen and Helpman (1987). Rules for fiscal and/or monetary
policies are developed to ensure that the economy reaches a new,
low-inflation steady state in the aftermath of stabilization effort. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tommasi, Mariano
Title: Search, Bargaining, Money and Prices: Recent Results and Policy Implications: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 581-84
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Orden, David
Author-Name: Fisher, Lance A
Title: Financial Deregulation and the Dynamics of Money, Prices, and Output in New Zealand and Australia.
Journal: Journal of Money, Credit and Banking
Pages: 273-92
Issue: 2
Volume: 25
Year: 1993
Month: May
Abstract:
Effects of financial deregulation in the 1980s on the dynamic
interactions among money, prices and output in New Zealand and Australia
are evaluated. Prior to deregulation, the series appear to be
nonstationary and cointegrated based on Johansen's maximum-likelihood
tests, with money proportional to prices but less than proportional to
output in the long run. The series also appear cointegrated in New Zealand
through the 1980s when the effects of deregulation are accounted for with
a deterministic shift parameter. The cointegrating coefficients are
similar for the pre-liberalization and full-sample periods, and dynamic
responses are evaluated for error-correction models incorporating the
estimated long-run relationships. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Reagan, Patricia
Author-Name: Stulz, Rene M
Title: Contracting Costs, Inflation, and Relative Price Variability.
Journal: Journal of Money, Credit and Banking
Pages: 585-601
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
This paper provides an analysis of the effect of relative price
uncertainty and price level uncertainty on contracting costs. The paper
shows that, as relative price uncertainty or price level uncertainty
increase, contracts where performance is assured through the posting of a
bond become more advantageous than contracts that rely on reputation.
Increases in relative price and price level uncertainty make contracting
more expensive by increasing the payoff from defaulting on long-term
contracts when unfavorable realizations occur. As uncertainty increases,
long-term contracting becomes less frequent and reputation plays a smaller
role in contracting. Copyright 1993 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:585-601

Template-Type: ReDIF-Article 1.0
Author-Name: Duck, Nigel W
Title: Some International Evidence on the Quantity Theory of Money.
Journal: Journal of Money, Credit and Banking
Pages: 1-12
Issue: 1
Volume: 25
Year: 1993
Month: February
Abstract:
This paper develops a two-equation model of money, interest rates, and
inflation based on the simple quantity theory an d Fisher's hypothesis
about nominal interest rates. The model has both within-equation and
cross-equation restrictions that are tested on long-run average
cross-country data covering the period 1962-88. The major finding is that
the restrictions cannot be easily rejected and this suggests that the
behavior of interest rates and inflation in a major part of the postwar
period can be understood in terms of classical, monetary forces. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Corbae, Dean
Title: Contracting Costs, Inflation, and Relative Price Variability: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 602-08
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumner, Scott
Title: Privatizing the Mint.
Journal: Journal of Money, Credit and Banking
Pages: 13-29
Issue: 1
Volume: 25
Year: 1993
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Haubrich, Joseph G
Title: Contracting Costs, Inflation, and Relative Price Variability: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 609-11
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferderer, J Peter
Title: The Impact of Uncertainty on Aggregate Investment Spending: An Empirical Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 30-48
Issue: 1
Volume: 25
Year: 1993
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Viard, Alan D
Title: The Welfare Gain from the Introduction of Indexed Bonds.
Journal: Journal of Money, Credit and Banking
Pages: 612-28
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
I examine the welfare gain from the introduction of indexed bonds in zero
net supply. I show that trade in indexed bonds enables investors to
reallocate existing economic risks in a mutually beneficial manner. The
aggregate gain from the introduction of a safe asset is proportional to
the variance of the minimum-variance portfolio formed from the risky
assets and to the heterogeneity of investors' risk preferences. In an
economy with nominal but not indexed bonds, the welfare loss from
inflation uncertainty is lowest when inflation is most closely correlated
with real returns on other assets. Contrary to popular intuition, the
introduction of indexed bonds may reduce saving. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Shaffer, Sherrill
Title: A Test of Competition in Canadian Banking.
Journal: Journal of Money, Credit and Banking
Pages: 49-61
Issue: 1
Volume: 25
Year: 1993
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Stockman, Alan C
Title: The Welfare Gain from the Introduction of Indexed Bonds: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 629-32
Issue: 3
Volume: 25
Year: 1993
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199308%2925%3A3%3C629%3ACOTWGF%3E2.0.CO%3B2-9&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Dutkowsky, Donald H
Author-Name: Atesoglu, H Sonmez
Title: Wage Contracting in the Macroeconomy.
Journal: Journal of Money, Credit and Banking
Pages: 62-78
Issue: 1
Volume: 25
Year: 1993
Month: February
Abstract:
This paper investigates wage contracting in the macroeconomy. The authors
derive an orthogonality condition to test for effects of long-term
contracting based upon the generalized-method-of-moments estimator. To
examine the viability of wage contracting within the macroeconomic
structure, the authors specify and estimate a Fischer-type model. Tests
for multiperiod, nonindexed contracts in determining the aggregate nominal
wage rate generate mixed results. While the test for overidentifying
restricti ons suggests a weak effect, findings from an orthogonality test
indicate significance. The study provides support for a New Keynesian
macroeconomic model and some evidence for wage inflexibility due to
contracting. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wilcox, David W
Title: The Welfare Gain from the Introduction of Indexed Bonds: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 632-35
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Goff, Brian L
Author-Name: Toma, Mark
Title: Optimal Seigniorage, the Gold Standard, and Central Bank Financing.
Journal: Journal of Money, Credit and Banking
Pages: 79-95
Issue: 1
Volume: 25
Year: 1993
Month: February
Abstract:
This paper extends the theory of optimal seigniorage to allow for money
production costs. An important implication is tha t high money production
costs, along with a requirement that the monet ary branch of government
self-finance its operation, severs the connecti on between the tax rate on
output and the tax rate on money. Using U.S. data, the authors find that
tax rates on output and money move together only during periods when the
government controls both tax rates and there is a close correspondence
between revenue produced b y the monetary authority and revenue
transferred to the treasury. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Boudoukh, Jacob
Title: An Equilibrium Model of Nominal Bond Prices with Inflation-Output Correlation and Stochastic Volatility.
Journal: Journal of Money, Credit and Banking
Pages: 636-65
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
A vector autoregressive (VAR) model is used to describe the joint
dynamics of consumption growth and inflation. The commonly used
homoscedastic VAR is extended to allow for stochastic volatility, driven
by an unobservable autoregressive factor. Bond prices, the conditional
expectation of a function of these factors, are approximated using
Tauchen's quadrature method. We show that the mean, variance, and
autocorrelation of yields is captured relatively well by the VAR-SV model,
calibrated with inflation and consumption data. The co-dependents of
consumption and inflation are shown to be important determinants for both
real and nominal rates. Time variations in inflation volatility generate
realistic variability of risk premia, but unrealistically low average
magnitudes. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Himarios, Daniel
Title: The Exchange Rate and U.S. Wage Process: An Intensive Empirical Investigation.
Journal: Journal of Money, Credit and Banking
Pages: 96-108
Issue: 1
Volume: 25
Year: 1993
Month: February
Abstract:
The U.S. wage growth slowdown since 1982 has generated a large
controversy over its causes. A hypothesis that has received extensive
attention is based on international-competitivene ss effects. The evidence
is mixed.and several authors have proposed alternative hypotheses based on
economic or noneconomic developments. This paper addresses this issue and
finds significant effects of international competition on wages in
manufacturing, services, and total hourly private earnings. An array of
tests indicates that thes e results are robust but that the depreciation
of the dollar after 198 5 has not had the large effects of the 1981-85
appreciation. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cooley, Thomas F
Title: An Equilibrium Model of Nominal Bond Prices with Inflation-Output Correlation and Stochastic Volatility: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 665-72
Issue: 3
Volume: 25
Year: 1993
Month: August
Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:665-72

Template-Type: ReDIF-Article 1.0
Author-Name: Guidotti, Pablo E
Title: Currency Substitution and Financial Innovation.
Journal: Journal of Money, Credit and Banking
Pages: 109-24
Issue: 1
Volume: 25
Year: 1993
Month: February
Abstract:
This paper explores the domestic effects as well as the international
transmission of financial innovation. The analysis is carried out in a
cash-in-advance model with two currencies and tw o goods in which income
velocity is variable because of inventory-type considerations in the
determination of the demand for money. The discussion emphasizes the role
of currency substitution, which occur s through the interaction between
the two monies in affecting the tota l amount of time devoted to
transaction activities. The role of cross-border transfers of seigniorage
in determining the general equilibrium effects of financial innovation is
discussed. Copyright 1993 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Labadie, Pamela
Title: An Equilibrium Model of Nominal Bond Prices with Inflation-Output Correlation and Stochastic Volatility: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 673-80
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Gherity, James A
Title: Interest-Bearing Currency: Evidence from the Civil War Experience: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 125-31
Issue: 1
Volume: 25
Year: 1993
Month: February
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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:1:p:125-31

Template-Type: ReDIF-Article 1.0
Author-Name: Backus, David K
Author-Name: Zin, Stanley E
Title: Long-Memory Inflation Uncertainty: Evidence from the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 681-700
Issue: 3
Volume: 25
Year: 1993
Month: August
Abstract:
The authors use a fractional difference model to reconcile two features
of yields on U.S. government bonds with modern asset pricing theory: the
persistence of the short rate and the variability of the long end of the
yield curve. They suggest that this process might arise from the response
of heterogeneous agents to changes in monetary policy. Copyright 1993 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:681-700

Template-Type: ReDIF-Article 1.0
Author-Name: Wagster, John
Title: The Information Content of Discount Rate Announcements Revisited: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 132-37
Issue: 1
Volume: 25
Year: 1993
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Jefferis, Richard H, Jr
Title: Long-Memory Inflation Uncertainty: Evidence from the Term Structure of Interest Rates: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 701-08
Issue: 3
Volume: 25
Year: 1993
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Greene, Clinton A
Title: The Management of Near-Money in the Miller-Orr Model Is Not Optimal.
Journal: Journal of Money, Credit and Banking
Pages: 399-404
Issue: 3
Volume: 24
Year: 1992
Month: August
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Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:3:p:399-404

Template-Type: ReDIF-Article 1.0
Author-Name: Hakes, David R
Author-Name: Gamber, Edward N
Title: Does the Federal Reserve Respond to Errant Money Growth? Evidence from Three Monetary Regimes.
Journal: Journal of Money, Credit and Banking
Pages: 127-34
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
This paper tests the hypothesis that the Federal Reserve responds to
deviations between actual and targeted money growth with a corrective
adjustment in their policy instrument. The authors divide the sample
period of 1975-87 into three monetary regimes. Their results suggest that
the Fed responded to errant money growth in the pre-1979 and the 1979-82
subperiods. However, the authors find no evidence that the Fed responded
to errant money growth in the post-1982 subperiod. These results yield
some insights into the source of the "money supply announcement puzzle" by
lending support for what has been termed the "policy anticipation effect." Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Trescott, Paul B
Title: The Failure of the Bank of the United States, 1930: A Rejoinder.
Journal: Journal of Money, Credit and Banking
Pages: 384-99
Issue: 3
Volume: 24
Year: 1992
Month: August
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Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:3:p:384-99

Template-Type: ReDIF-Article 1.0
Author-Name: Kuehlwein, Michael
Title: The National Bank Note Controversy Reexamined.
Journal: Journal of Money, Credit and Banking
Pages: 111-26
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
During the period 1888-1907, national banks proved reluctant to devote
the maximum allowable fraction of their capital to the issue of national
bank notes. John A. James (1976) attributes this to note issue being less
profitable than direct loans. This paper demonstrates note issue was the
more profitable investment. Their scarcity is instead attributed to the
riskiness of the government bonds required to back them. Tests of a
mean-variance model of bank note determination indicate national banks
were concerned with both risk and return. Further tests reveal the
variance of government bond returns significantly eclipsed that of direct
loans. Copyright 1992 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:1:p:111-26

Template-Type: ReDIF-Article 1.0
Author-Name: O'Brien, Anthony Patrick
Title: The Failure of the Bank of the United States: A Defense of Joseph Lucia: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 374-84
Issue: 3
Volume: 24
Year: 1992
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: McAndrews, James J
Author-Name: Nakamura, Leonard I
Title: Entry-Deterring Debt.
Journal: Journal of Money, Credit and Banking
Pages: 98-110
Issue: 1
Volume: 24
Year: 1992
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Author-Name: Mote, Larry R
Title: Commercial Bank Securities Activities: What Really Happened in 1902: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 370-74
Issue: 3
Volume: 24
Year: 1992
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Barr, David G
Author-Name: Cuthbertson, Keith
Title: Company Sector Liquid Asset Holdings: A Systems Approach.
Journal: Journal of Money, Credit and Banking
Pages: 83-97
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
Liquid asset holdings of the U.K. company sector are modeled using a
"money in the utility function" theoretical approach. Symmetry,
homogeneity, and negativity (but not homotheticity) restrictions are found
to hold in a dynamic model using quarterly data. The authors examine the
usefulness of cointegration techniques in a systems framework. The
preferred dynamic equations are estimated using the Engle-Granger two-step
procedure and have coefficients that are satisfactory on a priori grounds
and are stable. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rappoport, Peter
Title: Meade's General Theory Model: Stability and the Role of Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 356-69
Issue: 3
Volume: 24
Year: 1992
Month: August
Abstract:
This paper develops a one sector version of James Meade's Keynesian
system (1937). In contrast to the traditional IS-LM model, expectations
are endogenous and the valuation of capital by financial markets plays a
central role in Meade's model. The model formalizes Keynes's views on the
role of the stock market and the sensitivity of long-term expectations to
current events. With sufficiently elastic expectations, wage flexibility
causes a downward spiral of wages, prices, and output, an outcome James
Tobin (1975) argued may represent Keynes's contribution better than an
underemployment equilibrium sustained by rigid wages. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Whitt, Joseph A, Jr
Title: The Long-Run Behavior of the Real Exchange Rate: A Reconsideration.
Journal: Journal of Money, Credit and Banking
Pages: 72-82
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
Using a new statistical test, this paper provides empirical evidence that
the real exchange rate is not a random walk. If the real exchange rate
were a random walk, deviations from purchasing power parity could be
expected to become unbounded as the forecast horizon became longer.
Recently, Christopher A. Sims proposed a test based on Bayesian posterior
odds ratios that is designed to discriminate between a unit root and a
large but stationary autocorrelation coefficient. This paper applies the
Sims test to real exchange rate data for six industrial countries. The
results reject the random walk hypothesis. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Holmes, James M
Author-Name: Hutton, Patricia A
Title: A New Test of Money-Income Causality.
Journal: Journal of Money, Credit and Banking
Pages: 338-55
Issue: 3
Volume: 24
Year: 1992
Month: August
Abstract:
This paper investigates the prima facie causal relationship between money
and income employing a methodology--the multiple rank F test--the results
of which are invariant to monotonic transformations of all variables and
robust over alternative distributions of the errors. In contrast to prior
functional-form dependent parametric analyses, evidence of prima facie
causality between money and income is found for the 1970-88 time period.
This evidence is consistent with an elementary theoretical framework in
which the direction and strength of causality is dependent upon the
definition of money. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Aizenman, Joshua
Title: Competitive Externalities and the Optimal Seigniorage.
Journal: Journal of Money, Credit and Banking
Pages: 61-71
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
This study analyzes the inflation tax in an economy with several
competing decisionmakers who can effectively print more money via the
central bank. The author derives the sequential rational expectation
equilibrium, and shows that the presence of competing decisionmakers
increases the inflation rate and may put the economy on the wrong side of
the inflation tax Laffer curve. The analysis is interpreted for a country
consisting of several states or provinces, where the centralized
government system is weak. Similar results apply to the case of competing
ministers in an economy where the central bank is weak. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Boeschoten, Willem C
Author-Name: Fase, Martin M G
Title: The Demand for Large Bank Notes.
Journal: Journal of Money, Credit and Banking
Pages: 319-37
Issue: 3
Volume: 24
Year: 1992
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Boothe, Paul
Author-Name: Reid, Bradford
Title: Debt Management Objectives for a Small Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 43-60
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
In this paper the authors examine the consequences of using cost
minimization as the goal of public debt management in a small open economy
(SOE). Authorities are assumed to minimize interest costs subject to
constraints on their ability to refinance at different maturities, and the
information conditioning expectations of future interest rates. A
numerical simulation model and a highly disaggregated Canadian data set
for the period 1967-87, are used in the analysis. The results presented
indicate that, conditional on the SOE assumption, savings do result from
following a cost-minimizing strategy. Savings decline as authorities are
increasingly constrained in their refinancing choices. However, even the
gains in moderately-constrained cases suggest that cost minimization is
worthy of serious consideration by authorities. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rogers, John H
Title: The Currency Substitution Hypothesis and Relative Money Demand in Mexico and Canada.
Journal: Journal of Money, Credit and Banking
Pages: 300-318
Issue: 3
Volume: 24
Year: 1992
Month: August
Abstract:
The author estimates demand for dollars relative to domestic currency in
Mexico and Canada using (1) a multivariate model with a relative money
demand equation, and (2) single- equation models, including an
error-correction representation. He also analyzes the models' encompassing
properties. The anomalous correlation between the Mexican dollarization
ratio and expected peso depreciation implies that "convertibility risk"
was associated with holding Mexidollars. Under this interpretation, higher
expected depreciation coincides with a drop in relative demand for dollars
because there is the possibility that the government will forcibly convert
Mexdollars when these central bank liabilities rise and foreign reserves
run low. Several testable alternative explanations are rejected. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Akella, Srinivas R
Author-Name: Greenbaum, Stuart I
Title: Innovations in Interest Rates, Duration Transformation, and Bank Stock Returns.
Journal: Journal of Money, Credit and Banking
Pages: 27-42
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
This paper studies the cross-sectional variation in the sensitivity of
bank stock returns to interest-rate innovations. An econometric framework
is developed to estimate the mismatch between asset and liability
durations. The innovation sensitivity is then related to duration
transformation. The results indicate that banks are exposed to
interest-rate risk and that the innovation sensitivity is positively
related to duration transformation. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kau, James B, et al
Title: A Generalized Valuation Model for Fixed-Rate Residential Mortgages.
Journal: Journal of Money, Credit and Banking
Pages: 279-99
Issue: 3
Volume: 24
Year: 1992
Month: August
Abstract:
This paper uses option pricing techniques to rationally price mortgage
instruments subject to both default and prepayment risk. Attention is
given to terminations due to purely financial consideration of the
mortgage contract itself, as well as to personally induced terminations.
Explicit inclusion of default in the mortgage valuation procedure also
permits the valuation of insurance against such default. Qualitatively, it
is found that default differs significantly in the behavior from either
prepayment or nonfinancial termination. Quantitatively, however, there is
significant substitution between prepayment and default, so that the
addition of a default feature to the contract has only a modest impact on
mortgage values, unless there is substantial price volatility in the
housing market or a high loan-to-value ratio. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fisher, Walter H
Author-Name: Turnovsky, Stephen J
Title: Fiscal Policy and the Term Structure of Interest Rates: An Intertemporal Optimizing Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 1-26
Issue: 1
Volume: 24
Year: 1992
Month: February
Abstract:
The effects of government expenditure on the dynamic evolution of the
term structure of interest rates are analyzed in an infinite horizon
intertemporal optimizing macroeconomic framework. Three types of
disturbances are discussed: unanticipated and anticipated permanent
increases, and a temporary decrease. In the case of anticipated future and
temporary disturbances, the lead time in the former, and the duration in
the latter, are critical determinants of the dynamics. For a very
temporary shock, the short-term and long-term rates will diverge in the
short run. While most of the analysis focuses on infinitesimally short,
and infinitely long bonds, the dynamics of the entire yield curve are also
considered. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel, Betty C
Author-Name: Kim, Hong-Bum
Title: An Alternative Rationale for Financial Dualism: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 570-77
Issue: 4
Volume: 24
Year: 1992
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Bar-Ilan, Avner
Author-Name: Blinder, Alan S
Title: Consumer Durables: Evidence on the Optimality of Usually Doing Nothing.
Journal: Journal of Money, Credit and Banking
Pages: 258-72
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
The authors argue that lumpy, nonconvex transaction costs are the norm
for a wide range of economic decisions, which are thus characterized by
inertial behavior. Application of this idea to the consumption of durable
goods yields an (S,s) decision rule, which, when aggregated, highlights
the different expected behavior of average expenditure per purchase versus
the number of purchases. The empirical implications of this rule are
presented and compared to other theories. A battery of empirical tests
generally supports the predictions of the model; in particular, it does a
good job of explaining the time pattern of response of spending on
durables to a change in income. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryant, John
Title: Banking and Coordination: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 563-69
Issue: 4
Volume: 24
Year: 1992
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Gauger, Jean
Title: Portfolio Redistribution Impacts within the Narrow Monetary Aggregate.
Journal: Journal of Money, Credit and Banking
Pages: 239-57
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
A number of important monetary and financial changes occurred in the
1980s. A rising question among monetary economists is whether the
character of M1 has changed substantially as a result. In particular, a
frequent contention is that interest-bearing checkable deposits behave as
a savings-type asset, thus subjecting M1 to portfolio redistribution
effects in the modern era. This research examines the elasticities of
substitution for a variety of financial assets pre- and post-1980. Results
indicate that M1 subcomponents do show significant substitution with
savings-type assets. However, the portfolio redistribution impacts are not
confined to the interest-bearing checkable deposits. Further, results
indicate that this behavior is not unique to the 1980s. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wang, Ping
Author-Name: Yip, Chong K
Title: Alternative Approaches to Money and Growth.
Journal: Journal of Money, Credit and Banking
Pages: 553-62
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
This paper reexamines the issue of money and growth in an economy with
both endogenous labor supply and endogenous capital stock using three
recently developed approaches: the money-in-the-utility-function approach,
the cash-in-advance approach, and the transactions-costs approach. By
establishing a qualitative equivalence between alternative setups, the
authors find economically justifiable conditions such that all comparative
statics results derived.from the aforementioned approaches are identical. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Choi, Seungmook
Author-Name: Sosin, Kim
Title: Structural Change in the Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 226-38
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
A two-stage nonparametric and parametric approach to identifying
structural change in the underlying utility function for monetary assets
proves useful in exploring the existence, timing, direction, and extent of
structural breaks over the 1969-85 period. Divisia monetary aggregates
were constructed after applying the generalized axiom of revealed
preference to identify least violation subutility functions. The
nonparametric procedure shows utility function inconsistencies in 1975.IV
and 1982.III. A translog utility function with structural change
represented by time-varying multiplicative parameters was developed and
estimated. The results show that the breaks were statistically significant
and measure the impacts on monetary asset demand over the period. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Karlyn
Author-Name: McDade, Michael D
Title: Preferred Habitat, Taxable/Tax-Exempt Yield Spreads, and Cycles in Property/Liability Insurance.
Journal: Journal of Money, Credit and Banking
Pages: 528-52
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
Several theories seek to explain the spread between the yields on taxable
and tax-exempt bonds of comparable maturity. This paper reconsiders the
market segmentation theory by focusing on property and liability insurance
companies (PLICs). PLICs can provide evidence on the market segmentation
theory both because they are major participants in the market for longer
term tax- exempt bonds and because of their industry's pronounced profit
cycle, which causes wide variations in PLICs' need fortax shields. If
investors have "preferred habitats" as per the market segmentation theory,
their preferences should cause PLICs' purchases and sales of tax-exempts
to have different impacts on taxable/tax-exempts yield spreads at
different maturities. This paper finds strong evidence of market
segmentation during the 1972-84 period, when the industry experienced two
extremely pronounced cycles, and weaker evidence of market segmentation
during the 1959-71 and 1985-89 periods. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gildea, John A
Title: The Regional Representation of Federal Reserve Bank Presidents.
Journal: Journal of Money, Credit and Banking
Pages: 215-25
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
Recent litigation has questioned the constitutionality of having Federal
Reserve Bank presidents serve on the Federal Open Market Committee.
Inherent, but undocumented, in these lawsuits is the belief that district
bank presidents vote differently than Federal Reserve Governors at Federal
Open Market Committee meetings. This paper analyzes the voting behavior of
Federal Reserve Bank presidents and uncovers a regional bias in their
monetary policy preferences. Presidents representing regions with higher
unemployment rates or with larger percentages of democratic voters tend to
vote for more expansionary monetary policy. This study provides yet
another clue to the monetary policymaking behavior of Federal Reserve
officials. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Domian, Dale L
Title: Money Market Mutual Fund Maturity and Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 519-27
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
The average maturity of money market mutual funds ranged from twenty-nine
to fifty-three days during 1982 through 1990. According to the popular
press, changes in this time series provide interest rate forecasts. The
hypothesis is that fund managers lengthen their maturities when interest
rates will be falling, while the maturities are shortened when rate
increases are imminent. Granger-causality tests reject this hypothesis.
However, there is a causal relation in the opposite direction. Interest
rates Granger-cause average fund maturity, indicating that, on average,
fund managers respond to past rate changes. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Author-Name: Peek, Joe
Title: Treasury Bill Rates in the 1970s and 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 195-214
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
As is widely recognized, real interest rates in the early 1980s were at
peaks not witnessed since the late 1920s. Less well perceived is the sharp
decline in real interest rates in the middle 1980s to their average levels
of the previous quarter century. This paper seeks to identify the
underlying determinants of the major movements in real six-month Treasury
bill rates. The primary innovation is the development of a new monetary
policy proxy that explains much of the real rate movement in the 1980s. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Abrams, Burton A
Author-Name: Settle, Russell F
Title: What Can Regulators Regulate? The Case of Bank Entry.
Journal: Journal of Money, Credit and Banking
Pages: 511-18
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
Previous researchers have claimed that the Banking Acts of 1933 and 1935
reduced the annual rate of entry of new commercial banks by as much as 50
percent between 1936 and 1962. In contrast, the authors find that this
legislation did not reduce bank entry rates. Previous studies did not
account for legislative changes that reduced restrictions over branch
banking and stimulated growth in the number of branches in about half the
states during the 1936-62 period. After accounting for these changes in
branching laws, it becomes clear that entry of new banks was depressed by
growth in branch banks, not by restrictive federal regulations. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dermine, Jean
Author-Name: Hillion, Pierre
Title: Deposit Rate Ceilings and the Market Value of Banks: The Case of France, 1971-1981.
Journal: Journal of Money, Credit and Banking
Pages: 184-94
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
The objective of this paper is to develop an empirical methodology to
assess the relationship between the market value and the asset-liability
structure of banks. A simple bank valuation model is suggested and
empirically tested on a sample of French banks. The paper attempts to
evaluate the effect of corporate taxation, the rent on deposits subject to
interest rate ceilings, and the determinants of the 1974 drop in banks'
market values. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pecchenino, Rowena A
Title: Risk-Based Deposit Insurance: An Incentive Compatible Plan.
Journal: Journal of Money, Credit and Banking
Pages: 499-510
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
This paper develops a model of a risk-based deposit insurance regulatory
regime in which the insurer induces banks to reveal truthfully the
riskiness of their portfolios and to protect adequately their creditors
from loss. This scheme reduces the limits on stockholder liability,
responds to changes in market conditions, and provides depositors with
timely information on bank risk. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dowd, Kevin
Title: The Monetary Economics of Henry Meulen.
Journal: Journal of Money, Credit and Banking
Pages: 173-83
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
This paper assesses the monetary economics of Henry Meulen, one of the
more important forerunners of the "new monetary economics" and the modern
free banking school. Meulen's monetary economics was original though
flawed. He had important insights into the option clause, the impact of
legal restrictions, the separation of monetary functions, the credit
cycle, and financial history, but his analysis was sometimes confused and
he subscribed to the fallacious antibullionist version of the real-bills
doctrine. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Whitesell, William C
Title: Deposit Banks and the Market for Payment Media.
Journal: Journal of Money, Credit and Banking
Pages: 483-98
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
This paper develops a model of bank deposit pricing with optimal consumer
choices of spending shares among alternative media of exchange.
Interpreting deposits as a tie-in feature of the sale of bank payment
services, the paper shows that the wedge between consumer and social costs
of currency use may reverse typical prescriptions regarding bank market
structure and distortionary taxes on banks. An explanation is offered for
below-cost bank service fees, despite deregulated deposit interest rates,
while rate ceilings are shown to induce substitution into payment media
with higher social costs. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Heffernan, Shelagh A
Title: A Computation of Interest Equivalences for Nonprice Characteristics of Bank Products.
Journal: Journal of Money, Credit and Banking
Pages: 162-72
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
This paper seeks to price the nonprice features of British retail bank
products. It outlines a methodology for computing interest equivalences
for a selection of characteristics. Estimates are obtained for a full
observation set and a subset of survivor products on an efficiency
frontier. Its main findings are that certain nonprice features are
significant and there does not appear to be a strong case for separating
out those products that lie on an efficiency frontier. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Spiegel, Mark M
Title: Concerted Lending: Did Large Banks Bear the Burden?
Journal: Journal of Money, Credit and Banking
Pages: 465-82
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
A game-theoretic model of lending with banks heterogeneous by size is
introduced in which atomistic small banks free ride on the relending
efforts of a large bank. An empirically-testable corollary conclusion
suggests that "news" concerning the underlying economic condition of the
debtor nation will have a greater impact on the large bank. This
empirical prediction is validated for the Latin American Crisis period
using evidence from long-term bond spread data. Poolings of
cross-sectional time-series data reveal that the equity values of large
banks are relatively more sensitive to adverse "news" concerning the
quality of Latin American loans. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberds, William
Author-Name: Whiteman, Charles H
Title: Monetary Aggregates as Monetary Targets: A Statistical Investigation.
Journal: Journal of Money, Credit and Banking
Pages: 141-61
Issue: 2
Volume: 24
Year: 1992
Month: May
Abstract:
In this paper, the authors analyze statistical properties of the monetary
base, M1, and M2 for the postwar U.S. data record. The authors are
specifically interested in answering three policy-related questions.
First, to what extent do these monetary aggregates contain information
useful for predicting movements in prices and real output? Second, how do
the aggregates rank as to their predictive usefulness? Third, how do these
aggregates rank as to the stability of their relationship to the
macroeconomy? Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheehan, Richard G
Title: U.S. Influences on Foreign Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 447-64
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
While the determinants of U.S. money growth have been intensively
examined, the determinants of foreign money growth have been relatively
overlooked. This study employs an IS/LM/aggregate supply model to examine
what variables influence money growth in seven countries. Particular
attention is devoted to the impact of U.S. variables on these countries'
money growth rates. The results suggest that the determinants of money
growth rates vary substantially across countries and over time. The
estimation results also suggest differences between short-run and long-run
responses. In addition, all countries' money growth rates are
significantly influenced by U.S. variables. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Haslag, Joseph H
Author-Name: Hein, Scott E
Title: Macroeconomic Activity and Monetary Policy Actions: Some Preliminary Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 431-46
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
Monetary policy is conducted through open market operations, loans at the
discount window, and changes in the reserve requirement structure. The
purpose of this paper is to formally investigate the notion that the
effect of changes in reserve requirement ratios is different from the
effect of other policy tools. This is accomplished by decomposing the
monetary base into those changes caused by changes in reserve requirement
ratios and those caused by other monetary policy actions. Some preliminary
evidence suggesting differential real effects from the policy tools is
provided. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Smith, R Todd
Title: The Cyclical Behavior of Prices.
Journal: Journal of Money, Credit and Banking
Pages: 413-30
Issue: 4
Volume: 24
Year: 1992
Month: November
Abstract:
Much empirical work has documented a procyclical general price level for
many countries. Since there is much in the recent theoretical literature
and academic debates that runs counter to a procyclical price level, a
comprehensive reexamination of the empirical evidence for the cyclical
behavior of prices is worthwhile. It is found that the price levels for
ten countries generally are procyclical from the late nineteenth century
until the Second World War with the exception of a period around World War
I and they are countercyclical for the post-Depression period with the
exception of a period in the 1950s or 1960s. Copyright 1992 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gavin, William T
Title: Price Stability: A Conference Sponsored by the Federal Reserve Bank of Cleveland, November 8-10, 1990: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 433-38
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Ball, Laurence
Title: The Genesis of Inflation and the Costs of Disinflation.
Journal: Journal of Money, Credit and Banking
Pages: 439-52
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlton, Dennis W
Title: The Genesis of Inflation and the Costs of Disinflation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 453-56
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Howitt, Peter
Title: The Genesis of Inflation and the Cost of Disinflation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 456-61
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Imrohoruglu, Ayse
Author-Name: Prescott, Edward C
Title: Seigniorage as a Tax: A Quantitative Evaluation.
Journal: Journal of Money, Credit and Banking
Pages: 462-75
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Cecchetti, Stephen G
Title: Seigniorage as a Tax: A Quantitative Evaluation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 476-80
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Grossman, Herschel I
Title: Seigniorage as a Tax: A Quantitative Evaluation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 480-82
Issue: 3
Volume: 23
Year: 1991
Month: August
Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:480-82

Template-Type: ReDIF-Article 1.0
Author-Name: Cooley, Thomas F
Author-Name: Hansen, Gary D
Title: The Welfare Costs of Moderate Inflations.
Journal: Journal of Money, Credit and Banking
Pages: 483-503
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Benabou, Roland
Title: The Welfare Costs of Moderate Inflations: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 504-13
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Wright, Randall
Title: The Welfare Costs of Moderate Inflations: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 513-18
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C513%3ATWCOMI%3E2.0.CO%3B2-C&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Chari, V V
Author-Name: Christiano, Lawrence J
Author-Name: Kehoe, Patrick J
Title: Optimal Fiscal and Monetary Policy: Some Recent Results.
Journal: Journal of Money, Credit and Banking
Pages: 519-39
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C519%3AOFAMPS%3E2.0.CO%3B2-0&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernheim, B Douglas
Title: Optimal Fiscal and Monetary Policy: Some Recent Results.
Journal: Journal of Money, Credit and Banking
Pages: 540-42
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C540%3AOFAMPS%3E2.0.CO%3B2-0&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Braun, R Anton
Title: Optimal Fiscal and Monetary Policy: Some Recent Results: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 542-46
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C542%3AOFAMPS%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Altig, David
Author-Name: Carlstrom, Charles T
Title: Inflation, Personal Taxes, and Real Output: A Dynamic Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 547-71
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C547%3AIPTARO%3E2.0.CO%3B2-X&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:547-71

Template-Type: ReDIF-Article 1.0
Author-Name: Auerbach, Alan J
Title: Inflation, Personal Taxes, and Real Output: A Dynamic Analysis: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 572-74
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C572%3AIPTARO%3E2.0.CO%3B2-T&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Kydland, Finn E
Title: Inflation, Personal Taxes, and Real Output: A Dynamic Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 575-79
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C575%3AIPTARO%3E2.0.CO%3B2-Q&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:575-79

Template-Type: ReDIF-Article 1.0
Author-Name: Bohn, Henning
Title: The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation.
Journal: Journal of Money, Credit and Banking
Pages: 580-604
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C580%3ATSOBDW%3E2.0.CO%3B2-0&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:580-604

Template-Type: ReDIF-Article 1.0
Author-Name: Fuerst, Timothy S
Title: The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 605-08
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C605%3ATSOBDW%3E2.0.CO%3B2-I&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:605-08

Template-Type: ReDIF-Article 1.0
Author-Name: Hamilton, James D
Title: The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 608-12
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C608%3ATSOBDW%3E2.0.CO%3B2-F&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:608-12

Template-Type: ReDIF-Article 1.0
Author-Name: Freedman, Charles
Title: The Goal of Price Stability: The Debate in Canada: Panel Discussion.
Journal: Journal of Money, Credit and Banking
Pages: 613-18
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C613%3APDPSTG%3E2.0.CO%3B2-9&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:613-18

Template-Type: ReDIF-Article 1.0
Author-Name: McCulloch, J Huston
Title: An Error-Correction Mechanism for Long-Run Price Stability: Panel Discussion.
Journal: Journal of Money, Credit and Banking
Pages: 619-24
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C619%3APDPSAE%3E2.0.CO%3B2-S&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:619-24

Template-Type: ReDIF-Article 1.0
Author-Name: Summers, Lawrence
Title: How Should Long-Term Monetary Policy Be Determined? Panel Discussion.
Journal: Journal of Money, Credit and Banking
Pages: 625-31
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C625%3APDPSHS%3E2.0.CO%3B2-H&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David E W
Title: Karl Brunner's Monetary Economics--An Appreciation.
Journal: Journal of Money, Credit and Banking
Pages: 633-58
Issue: 4
Volume: 23
Year: 1991
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199111%2923%3A4%3C633%3AKBMEA%3E2.0.CO%3B2-C&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Miller, Stephen M
Title: Monetary Dynamics: An Application of Cointegration and Error-Correction Modeling.
Journal: Journal of Money, Credit and Banking
Pages: 139-54
Issue: 2
Volume: 23
Year: 1991
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Holland, A Steven
Author-Name: Toma, Mark
Title: The Role of the Federal Reserve as "Lender of Last Resort" and the Seasonal Fluctuation of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 659-76
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
The Federal Reserve's role as a lender of last resort may explain why the
seasonal fluctuation of interest rates appeared to decline around 1914.
The creation of the Fed reduced the seasonal fluctuation of both the
probability of a bank receiving an emergency loan and the probability of a
financial panic. The seasonality of real interest rates could, therefore,
have declined regardless of whether the Fed conducted seasonal open market
operations. The evidence is consistent with the lender-of-last-resort
model. Copyright 1991 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:659-76

Template-Type: ReDIF-Article 1.0
Author-Name: Hafer, R W
Author-Name: Jansen, Dennis W
Title: The Demand for Money in the United States: Evidence from Cointegration Tests.
Journal: Journal of Money, Credit and Banking
Pages: 155-68
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
This paper uses recent cointegration test procedures to investigate the
underlying economic relationship between real money balances, real income,
and interest rates for the United States. Unlike recent studies of money
demand, the authors' analysis uses quarterly data spanning the period
1915-88, thus providing a sample encompassing a wide variety of economic
experiences. The evidence presented indicates that the broader M2 measure
of money is the preferable measure with which to consider the long-run
effects of monetary policy. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gauger, Jean
Author-Name: Black, Harold A
Title: Asset Substitution and Monetary Volatility.
Journal: Journal of Money, Credit and Banking
Pages: 677-91
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
This paper investigates the question as to whether the volatility of the
monetary aggregates arises primarily from the behavior of the monetary
base or the monetary multipliers. The findings indicate that the monetary
multipliers are more volatile than the base, regardless of the definition
of money. The multiplier is substantially more volatile than the m2 or m3
multipliers. Analysis of multiplier's component ratios indicates high
volatility of individual components. However, the m2 and m3 multipliers,
hence the M2 and M3 aggregates, internalize the movements of volatile
individual components. Copyright 1991 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199111%2923%3A4%3C677%3AASAMV%3E2.0.CO%3B2-B&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:677-91

Template-Type: ReDIF-Article 1.0
Author-Name: Evans, Martin
Title: Discovering the Link between Inflation Rates and Inflation Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 169-84
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
A new time-series model is used to reassess the strength of the link
between inflation uncertainty and the level of inflation in the United
States. The model provides several statistical measures that can be used
to examine different aspects of uncertainty. The main finding is that
uncertainty about the long rather than short-term prospects for inflation
moved strongly with the rate of inflation since the early 1970s. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Batchelor, Roy
Author-Name: Dua, Pami
Title: Blue Chip Rationality Tests.
Journal: Journal of Money, Credit and Banking
Pages: 692-705
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
This paper tests the rationality of forecasts made by individuals who
contribute to the Blue Chip consensus forecasting service and tries, by
means of a questionnaire on forecasting methods, to establish why some
forecasters appear more rational than others. Tests based on consensus
forecasts prove unreliable as guides to the number of individuals who
produce rational forecasts. Individual forecasts are more likely to be
rational if they are based on a mainstream economic theory and incorporate
a substantial element of judgment. Copyright 1991 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:692-705

Template-Type: ReDIF-Article 1.0
Author-Name: Hartman, Richard
Title: Relative Price Variability and Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 185-205
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
Regression studies have established that there tend to be convex,
nonsymmetric relationships between relative price variability and the
inflation rate, unanticipated inflation, and the change in the inflation
rate. This paper shows that such regression results follow as
"definitional artifacts" for a simple but quite general stochastic model
of price changes. The analysis is based on the fact that the definitions
of relative price variability, the inflation rate, unanticipated
inflation, and the change in the inflation rate imply a particular
structure for the covariances among these variables. The structure of
these covariances has implications for the regression coefficients. Copyright 1991 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:2:p:185-205

Template-Type: ReDIF-Article 1.0
Author-Name: Blenman, Lloyd P
Title: A Model of Covered Interest Arbitrage under Market Segmentation.
Journal: Journal of Money, Credit and Banking
Pages: 706-17
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
Existing models of covered interest arbitrage typically assume market
participants have equal capital and foreign exchange market access. This
paper derives sufficient conditions for the existence of neutral interest
parity forward price bands when capital markets are segmented and exchange
rates are dually quoted. All forward price intervals are completely
characterized in terms of simultaneous two-way and one-way arbitrage flow
possibilities. The parameters of the no-arbitrage price region are shown
to be established on the basis of relative advantage with respect to the
set of available arbitrage strategies. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Trehan, Bharat
Author-Name: Walsh, Carl E
Title: Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits.
Journal: Journal of Money, Credit and Banking
Pages: 206-23
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
This paper extends previous tests of intertemporal budget balance and
present value relationships by expanding the set of allowable deficit
processes and by deriving a testable condition that is sufficient to
ensure intertemporal budget balance as long as the expected discount rate
is strictly positive. Using these tests, the authors find that both the
postwar federal budget deficit process and the process governing
accumulation of U.S. assets by foreigners are consistent with
intertemporal budget balance. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gropper, Daniel M
Title: An Empirical Investigation of Changes in Scale Economies for the Commercial Banking Firm, 1979-1986.
Journal: Journal of Money, Credit and Banking
Pages: 718-27
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
The period of the 1980s represents a particularly turbulent time for the
banking industry. A number of technological and regulatory changes have
occurred, including the elimination of Regulation Q which had limited the
explicit interest payments that banks could pay on some types of deposits.
It would be expected that these changes would affect the structure of
costs for banks. The behavior of the cost function is studied over the
1979-1986 time period, and in contrast to previous studies using earlier
data, increasing economies of scale are found in the later years for banks
in both unit and branch banking states. These results indicate that there
may be increased cost pressure for smaller banks to become larger, either
through mergers and acquisitions or through internal growth. This may lead
to further consolidation pressures within the industry, and reductions in
the overall number of banking firms. Copyright 1991 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199111%2923%3A4%3C718%3AAEIOCI%3E2.0.CO%3B2-R&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:718-27

Template-Type: ReDIF-Article 1.0
Author-Name: Bohn, Henning
Title: On Cash-in-Advance Models of Money Demand and Asset Pricing.
Journal: Journal of Money, Credit and Banking
Pages: 224-42
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
This paper shows how a cash-in-advance model of money can be written in a
way that combines a simple, yet empirically defensible, money demand
function with an asset pricing equation that is similar to the standard
barter-economy Euler equations. Return premia are determined as in the
barter exchange model, except that a short-term, risk-free, nominal
interest rate enters into the first-order conditions. In special cases,
asset prices satisfy the barter-economy Euler equations exactly. In the
empirical analysis, the interest rate factor adds some explanatory power,
but both the barter and the monetary asset pricing model perform rather
poorly. Copyright 1991 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199105%2923%3A2%3C224%3AOCMOMD%3E2.0.CO%3B2-H&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:2:p:224-42

Template-Type: ReDIF-Article 1.0
Author-Name: Ellis, Christopher J
Author-Name: Thoma, Mark A
Title: Partisan Effects in Economies with Variable Electoral Terms.
Journal: Journal of Money, Credit and Banking
Pages: 728-41
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
In fixed-time electoral economies, partisan surprises are associated with
a change in government as in Alberto Alesina (1987). This paper models
additional partisan surprises present in variable-electoral-term economies
due to the timing of the change in government. Two versions of the model
are presented, one in which the timing of the change is exogenous and one
in which it is endogenous. The model is interesting as it provides an
explanation of movements in expected inflation, output, and employment in
all periods, not just those immediately after an election as in
fixed-electoral-term models. Copyright 1991 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:728-41

Template-Type: ReDIF-Article 1.0
Author-Name: Haubrich, Joseph G
Author-Name: King, Robert G
Title: Sticky Prices, Money, and Business Fluctuations.
Journal: Journal of Money, Credit and Banking
Pages: 243-59
Issue: 2
Volume: 23
Year: 1991
Month: May
Abstract:
Can nominal contracts create monetary nonneutrality if they arise
endogenously in general equilibrium? They can when (1) agents have
complete information about the money stock and (2) shocks to the system
are purely redistributive and private information so precluding
conventional insurance markets. Without contracts, money is neutral toward
aggregate quantities. However, risk-sharing between suppliers and
demanders creates mutual gains to using nominal contracts. In particular,
if an increase in the money-growth rate signals a rise in the dispersion
of shocks to demanders' wealth, then prices adjust only partially to
monetary shocks and money is positively associated with output. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Michael
Author-Name: Mizrach, Bruce
Author-Name: Murphy, Robert G
Title: Managing the Dollar: Has the Plaza Agreement Mattered?
Journal: Journal of Money, Credit and Banking
Pages: 742-51
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
This paper considers whether the Plaza Agreement of September 1985 marked
the beginning of a fundamental shift in the exchange-rate policy regime
for the United States, the former West Germany, and Japan. The paper uses
a simple monetary model of the open economy to illustrate how the exchange
rate responses to news about the trade balance when the government
authorities gear policy toward resolving external imbalances. The paper
finds that U.S. dollars exchange rates against the Japanese yen and the
West German mark respond strongly to news about the U.S. trade deficit
during the period following the Plaza Agreement but not during the period
preceding the Agreement. This evidence, evaluated in the context of the
simple model, suggests that the Plaza Agreement marked a significant shift
toward more active government management of exchange rates. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sephton, Peter S
Title: Commodity Prices: Policy Target or Information Variable: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 260-66
Issue: 2
Volume: 23
Year: 1991
Month: May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199105%2923%3A2%3C260%3ACPPTOI%3E2.0.CO%3B2-L&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Melvin, Michael
Author-Name: Ladman, Jerry
Title: Coca Dollars and the Dollarization of South America.
Journal: Journal of Money, Credit and Banking
Pages: 752-63
Issue: 4
Volume: 23
Year: 1991
Month: November
Abstract:
A unique data set on the informal loan market in a coca-growing region of
Bolivia is used to explore the hypothesis that the dollarization of this
market is related to the coca industry. Implications are then drawn for
other nations where coca or cocaine is an important industry. The authors
find that loans are significantly more likely to be denominated in dollars
in the season of the major coca harvest than at any other time of the
year. The effects of the term and size of loans is consistent with the
financial needs of the drug industry, which is highly dollarized. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Burdekin, Richard C K
Title: Inflation and Taxation with Optimizing Governments: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 267-69
Issue: 2
Volume: 23
Year: 1991
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kapur, Basant K
Title: Interest Rates in a Semiopen Economy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 764-66
Issue: 4
Volume: 23
Year: 1991
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Gray, Jo Anna
Author-Name: Kandil, Magda
Title: Is Price Flexibility Stabilizing? A Broader Perspective.
Journal: Journal of Money, Credit and Banking
Pages: 1-12
Issue: 1
Volume: 23
Year: 1991
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Millon Cornett, Marcia
Author-Name: De, Sankar
Title: Medium of Payment in Corporate Acquisitions: Evidence from Interstate Bank Mergers.
Journal: Journal of Money, Credit and Banking
Pages: 767-76
Issue: 4
Volume: 23
Year: 1991
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199111%2923%3A4%3C767%3AMOPICA%3E2.0.CO%3B2-6&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Peristiani, Stavros
Title: The Model Structure of Discount Window Borrowing.
Journal: Journal of Money, Credit and Banking
Pages: 13-34
Issue: 1
Volume: 23
Year: 1991
Month: February
Abstract:
This article investigates the specification of discount window borrowing.
The author establishes empirically that the borrowing function is
heteroskedastic and nonlinear. Subsequently, he proceeds to propose a
simple theoretical framework that generates endogenously these anomalies.
In particular, the author demonstrates that such phenomena are
precipitated by the response of depository institutions to discount credit
rationing and Federal Reserve collateral limitations. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Blanchard, Olivier Jean
Title: Wage Bargaining and Unemployment Persistence.
Journal: Journal of Money, Credit and Banking
Pages: 277-92
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
This paper looks at models of unemployment which make two central
assumptions. The first is that wages are bargained between firms and
employed workers, and that unemployment affects the outcome only to the
extent that it affects the labor market prospects of either employed
workers or of firms. The second is that the duration of unemployment
affects either the search behavior or the skills of the unemployed, and/or
the perceptions of firms of such skills. It argues that such models may
explain not only the evolution of European unemployment over the last two
decades--an evolution which triggered their development--but many of the
cyclical features of labor markets in general. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Serletis, Apostolos
Title: The Demand for Divisia Money in the United States: A Dynamic Flexible Demand System.
Journal: Journal of Money, Credit and Banking
Pages: 35-52
Issue: 1
Volume: 23
Year: 1991
Month: February
Abstract:
This paper applies the Anderson and Blundell (1982) approach to the
analysis of the demand for money and attempts to establish the nature of
the relationship between Divisia money, defined from narrow to broad, and
the "nested like assets" at different levels of aggregation. This is
achieved by conducting the analysis within a microtheoretical
framework--utilizing the demand system approach--and by estimating a
sequence of nested dynamic specifications and performing tests of the
nested structures as well as on economic theory to establish the most
restrictive dynamic specification acceptable to the data. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Author-Name: Schwartz, Anna J
Title: The National Bank Note Puzzle Reinterpreted.
Journal: Journal of Money, Credit and Banking
Pages: 293-307
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
We previously calculated the profit in issuing notes by national banks to
be quite attractive after the late 1890s until all notes were retired in
1935. Yet the banks took until the 1920s to approach the maximum quantity
allowed. Proposed explanations in the subsequent literature of this slow
response were that redemption costs made note issues unprofitable or that
banks had more attractive alternative investments. We show that these
explanations are not satisfactory, and that a reinterpretation of the
puzzle is why banks did not bid up the market prices of the eligible bonds
to reflect their value in securing note issues. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham, Fred C
Author-Name: Himarios, Daniel
Title: Fiscal Policy and Private Consumption: Instrumental Variables Tests of the "Consolidated Approach."
Journal: Journal of Money, Credit and Banking
Pages: 53-67
Issue: 1
Volume: 23
Year: 1991
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Fishe, Raymond P H
Title: The Federal Reserve Amendments of 1917: The Beginning of a Seasonal Note Issue Policy.
Journal: Journal of Money, Credit and Banking
Pages: 308-26
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
The Federal Reserve adopted a policy of smoothing the seasonal behavior
of interest rates after the amendments of 1917. These amendments reduced
the "collateral" requirements for notes issued and thereby increased note
issue capability. Notes in circulation more than doubled from June to
December 1917. These amendments were passed to assist with war-related
financing as their timing coincided with the entry of the United States
into World War I. The smoothing of interest rates seasonals between 1914
and 1917 was not due to the founding of the Federal Reserve System, but
rather to trade-related gold flows. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hannan, Timothy H
Title: Foundations of the Structure-Conduct-Performance Paradigm in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 68-84
Issue: 1
Volume: 23
Year: 1991
Month: February
Abstract:
This paper employs an explicit model of the banking firm to derive
formally, and thereby assess critically, the most commonly tested
relationships implied by the structure-conduct-performance paradigm as it
applies to the banking industry. These include the relationship between
loan rates and market concentration, deposit rates and market
concentration, and bank profitability and market concentration. The
necessary assumptions and simplifications implicit in past empirical
studies are outlined and suggestions for future empirical implementation
of the underlying model are presented. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Taylor, Mark P
Title: The Hyperinflation Model of Money Demand Revisited.
Journal: Journal of Money, Credit and Banking
Pages: 327-51
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
In this paper we propose a test of the hyperinflation model of money
demand which is valid under any assumption concerning agents'
expectations, subject only to the restriction that forecasting errors are
stationary. It is also demonstrated that highly efficient parameter
estimates can be obtained, and restrictions on them tested, under the same
weak assumption. Finally, it is shown how these first-stage estimates can
be utilized to test the stronger assumption of rational expectations. The
arguments are illustrated by analysis of the classic data on European
hyperinflations previously analyzed by Cagan (1956), Barro (1970) and
Abel, Dornbusch, Huizinga and Marcus (1979). Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Caskey, John P
Title: Pawnbroking in America: The Economics of a Forgotten Credit Market.
Journal: Journal of Money, Credit and Banking
Pages: 85-99
Issue: 1
Volume: 23
Year: 1991
Month: February
Abstract:
This paper surveys the role of pawnbroking in U.S. credit markets. Among
the findings are: pawnshops provide very small secured loans to millions
of low-income Americans excluded from bank and finance company credit.
Most states regulate pawnshop finance charges, with the majority setting
ceilings between 36 and 240 percent APR. Over the past century,
pawnbroking has grown dramatically in the Southern and Central Mountain
States, while shrinking in the Northeast. This article offers explanations
for these trends as well as for the recent nationwide boom in the
industry. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sussman, Oren
Title: Macroeconomic Effects of a Tax on Bond Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 352-66
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
The effect of taxes on interest earned upon capital accumulation and
inflation is discussed within an overlapping generations model. It is
shown that an increase in such a tax is likely to reduce both the capital
stock and the inflation rate. The model is extended to include the case of
a small, open economy, where the effect on the external debt is discussed.
Some simulation results demonstrate the magnitude of the effects. The
model is used to discuss the macroeconomic effects of financial
liberalization. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: McMillin, W Douglas
Author-Name: Parker, Randall E
Title: Federal Debt, Tax-Adjusted q, and Macroeconomic Activity.
Journal: Journal of Money, Credit and Banking
Pages: 100-109
Issue: 1
Volume: 23
Year: 1991
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Hutchinson, William K
Author-Name: Toma, Mark
Title: The Bond Price Support Program as a Change in Policy Regimes: Evidence from the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 367-82
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahajan, Arvind
Author-Name: Dubofsky, David A
Author-Name: Fraser, Donald
Title: Valuation Effects of the International Banking Act on Foreign Banks Operating in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 110-19
Issue: 1
Volume: 23
Year: 1991
Month: February
Abstract:
This study empirically evaluates the daily stock price behavior of
thirty-one major foreign banks operating in the United States at the time
of the passage of the International Banking Act of 1978. Statistically
insignificant abnormal returns are observed during the months of debate
over this legislation. However, negative and statistically significant
abnormal returns are found after the bill was signed by President Carter.
The empirical results of this analysis, taken together with those of
previous research, suggest that the International Banking Act was
perceived at the time as having reduced the regulatory inequities between
U.S. banks and foreign banks operating in the United States. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hess, Alan C
Title: The Effects of Transaction Costs on Households' Financial Asset Demands.
Journal: Journal of Money, Credit and Banking
Pages: 383-409
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
Changes in risk-adjusted, expected, relative rates of return on financial
assets signal rebalancing trades to financial asset owners. Transaction
costs reduce the number and frequency of these trades below what they
would be if trading costs were smaller or nonexistent. By not trading,
households incur implicit costs of holding poorly diversified portfolios.
These costs range from $4 billion per year, 0.28 percent of wealth, to &
billion per year, 1.6 percent of wealth. The costs of not trading depend
on the variability of relative rates of return and the interest
elasticities of asset demands. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gelles, Gregory M
Title: Some Regulatory Determinants of Bank Risk Behavior: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 120-27
Issue: 1
Volume: 23
Year: 1991
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: DeFina, Robert H
Title: International Evidence on a New Keynesian Theory of the Output-Inflation Trade-Off.
Journal: Journal of Money, Credit and Banking
Pages: 410-22
Issue: 3
Volume: 23
Year: 1991
Month: August
Abstract:
This article provides empirical evidence on the validity of a "New
Keynesian" theory of the output-inflation tradeoff. The theory, offered by
Laurence Ball, N. Gregory Mankiw, and David Romer (1988), synthesizes
recent work on "menu costs" and imperfect competition used to ground
Keynesian theory in maximizing behavior. The present paper focuses on a
key prediction, namely, that higher average inflation makes output less
sensitive to nominal shocks. That proposition is tested using data for
each of forty-three countries. Importantly, average inflation is found to
have the predicted effect in a significant fraction of those countries, an
outcome which supports the New Keynesian view. Copyright 1991 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Douglas W
Title: Some Regulatory Determinants of Bank Risk Behavior: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 128-29
Issue: 1
Volume: 23
Year: 1991
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas
Title: The Frequency of Monetary Policy Signaling from the Administration to the Federal Reserve: Note.
Journal: Journal of Money, Credit and Banking
Pages: 423-28
Issue: 3
Volume: 23
Year: 1991
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas
Author-Name: Gildea, John A
Title: The Policy Preferences of FOMC Members as Revealed by Dissenting Votes.
Journal: Journal of Money, Credit and Banking
Pages: 130-38
Issue: 1
Volume: 23
Year: 1991
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199102%2923%3A1%3C130%3ATPPOFM%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Belden, Susan
Title: The Policy Preferences of FOMC Members as Revealed by Dissenting Votes: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 429-32
Issue: 3
Volume: 23
Year: 1991
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C429%3ARTHAGC%3E2.0.CO%3B2-2&origin=bc
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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:429-32

Template-Type: ReDIF-Article 1.0
Author-Name: Barney, L Dwayne
Author-Name: Frankle, Alan
Author-Name: White, Harry
Title: Reserve Requirements and the Inflation Tax.
Journal: Journal of Money, Credit and Banking
Pages: 400-401
Issue: 3
Volume: 22
Year: 1990
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, John
Author-Name: Poudyal, Sri Ram
Title: Money and Capital in Economic Development: A Test of the McKinnon Hypothesis for Nepal.
Journal: Journal of Money, Credit and Banking
Pages: 395-99
Issue: 3
Volume: 22
Year: 1990
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Karfakis, Costas J
Author-Name: Moschos, Demetrios M
Title: Interest Rate Linkages within the European Monetary System: A Time Series Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 389-94
Issue: 3
Volume: 22
Year: 1990
Month: August
Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:3:p:389-94

Template-Type: ReDIF-Article 1.0
Author-Name: Musumeci, James J
Author-Name: Sinkey, Joseph F, Jr
Title: The International Debt Crisis and Bank Loan-Loss-Reserve Decisions: The Signaling Content of Partially Anticipated Events.
Journal: Journal of Money, Credit and Banking
Pages: 370-87
Issue: 3
Volume: 22
Year: 1990
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Brewer, Thomas L
Author-Name: Rivoli, Pietra
Title: Politics and Perceived Country Creditworthiness in International Banking.
Journal: Journal of Money, Credit and Banking
Pages: 357-69
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
This paper marks a departure from most previous studies of country
creditworthiness in international banking because it incorporates
systematically generated quantitative indicators of political instability
in the analysis. The authors empirically test for the effects of political
instability on perceived country creditworthiness using data on thirty
heavily indebted developing countries for the period 1967-86. In addition
to economic factors, they examine the effects of three types of political
instability--regime change, political legitimacy, and armed conflict. The
authors also distinguish between proximate instability and chronic
instability. They find significant effects of proximate
instability--particularly in governmental regime--on indicators of
countries' perceived creditworthiness. Copyright 1990 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199008%2922%3A3%3C357%3APAPCCI%3E2.0.CO%3B2-V&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Huang, Roger D
Title: Risk and Parity in Purchasing Power.
Journal: Journal of Money, Credit and Banking
Pages: 338-56
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
Deviations from purchasing power parity in efficient markets are often
attributed to time-varying risk premiums. Some models have also identified
the risk premiums to be the expected real interest rate differentials.
This paper shows that risk premiums generally are not equal to ex ante
real rate differentials. Empirically, the author finds risk premiums to be
better than ex ante real rate differentials in accounting for deviations
from purchasing power parity. In addition, both the risk premiums and the
deviations from purchasing power parity respond proportionately to a
single common factor. Copyright 1990 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199008%2922%3A3%3C338%3ARAPIPP%3E2.0.CO%3B2-J&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakes, David R
Title: The Objectives and Priorities of Monetary Policy under Different Federal Reserve Chairmen.
Journal: Journal of Money, Credit and Banking
Pages: 327-37
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
This paper utilizes a monetary policy reaction function that relates
policy intentions to forecasts of policy objectives. Estimates of this
reaction function over the post-Accord period suggest that the Burns
period was unique. While the Martin and Volcker periods were extremely
similar, the Burns period was structurally distinct from both the Martin
and Volcker periods. Further, model specifications that allow for an
independent influence on monetary policy from different presidential
administrations also imply that there are significant differences in
monetary policy under different Fed chairmen. Copyright 1990 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199008%2922%3A3%3C327%3ATOAPOM%3E2.0.CO%3B2-K&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Haug, Alfred A
Title: Ricardian Equivalence, Rational Expectations, and the Permanent Income Hypothesis.
Journal: Journal of Money, Credit and Banking
Pages: 305-26
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
The Ricardian equivalence proposition and the permanent income hypothesis
are tested in an intertemporal consumption model with rational
expectations. The representative consumer incorporates the government
budget constraint. An alternative hypothesis of incomplete tax discounting
is nested within this model. A deterministic time trend is rejected for
the variables of the model. Variables exhibit instead a stochastic trend.
The permanent income model is not rejected by annual U.S. data (i.e., no
excess sensitivity is found). The evidence with respect to Ricardian
equivalence is mixed. The empirical study employs theorems from the
cointegration literature and specifically addresses issues of
nonstationary regressors. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Glick, Reuven
Author-Name: Hutchison, Michael
Title: New Results in Support of the Fiscal Policy Ineffectiveness Proposition.
Journal: Journal of Money, Credit and Banking
Pages: 288-304
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
The authors demonstrate that previous tests of money and fiscal policy
ineffectiveness are likely to be biased because they ignore interaction
effects between policies. The authors' empirical analysis of U.S.
experience supports the short-run ineffectiveness of anticipated and
unanticipated fiscal policy, in contrast to other empirical research, but,
similarly to most other studies, rejects the short-run neutrality of
anticipated money. However, they find that in the longer run all
policies--either anticipated or unanticipated--have had neutral effects on
U.S. output growth. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Canzoneri, Matthew B
Author-Name: Sibert, Anne C
Title: The Macroeconomic Implications of Contract Models with Asymmetric Information.
Journal: Journal of Money, Credit and Banking
Pages: 273-87
Issue: 3
Volume: 22
Year: 1990
Month: August
Abstract:
This paper shows that, with the imposition of asymmetric information,
monetary shocks can have real effects in a model with optimal employment
contracts. Firms are assumed to experience supply shocks that are their
own private information. When a bad shock occurs, contractual employment
is inefficiently low. Contracts depend upon the probability of a bad state
occurring. If the aggregate price level is correlated with the firm's
private information, contracts will depend upon prices. It is shown that
an unanticipated increase in the money supply increases prices and
employment. The authors explore the macroeconomic implications of the
model. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rassekh, Farhad
Author-Name: Wilbratte, Barry
Title: The Effect of Import Price Changes on Domestic Inflation: An Empirical Test of the Ratchet Effect.
Journal: Journal of Money, Credit and Banking
Pages: 263-67
Issue: 2
Volume: 22
Year: 1990
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Fissel, Gary S
Author-Name: Jappelli, Tullio
Title: Do Liquidity Constraints Vary over Time? Evidence from Survey and Panel Data.
Journal: Journal of Money, Credit and Banking
Pages: 253-62
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
Much empirical work has been devoted to estimating the proportion of
liquidity constrained consumers (P) and the fraction of income held by
these liquidity constrained consumers (L). A common feature of these
studies is that P and L are taken to be constant over time. This paper
attempts to determine whether this assertion is empirically justified by
providing new evidence on the extent of liquidity constraints. Using
survey and panel data, the authors find that P and L do vary over time
with trend and cyclical components, but that, over the period 1968-82,
these fluctuations have not been dramatic. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Feltenstein, Andrew
Author-Name: Lebow, David
Author-Name: van Wijnbergen, Sweder
Title: Savings, Commodity Market Rationing, and the Real Rate of Interest in China.
Journal: Journal of Money, Credit and Banking
Pages: 234-52
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
This paper uses an intertemporal, disequilibrium framework to analyze the
rapid increase in personal savings that has taken place in China since
1979. A theoretical model of savings behavior under rationing is
developed, and a specification of a "virtual" price index is derived. The
virtual price index is then used to estimate certain savings functions,
and is found to explain the data better than official price indices. When
savings are allowed to depend on real interest rates, defined in terms of
the virtual price index, a negative and significant interest rate effect
on consumption is found. Using official prices these results no longer
hold. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Clauretie, Terrence M
Author-Name: Herzog, Thomas N
Title: The Effect of State Foreclosure Laws on Loan Losses: Evidence from the Mortgage Insurance Industry.
Journal: Journal of Money, Credit and Banking
Pages: 221-33
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
This paper analyzes the effect of three major provisions of state
foreclosure laws (procedure, redemption period, and provision for
deficiency judgment) on loan losses as reflected in the claims paid by
private mortgage insurers and the FHA. It also explores the significance
of the incentive conflict between the lender and the insurer in terms of
the presence or absence of a coinsurance relationship and the existence of
a deficiency judgment. The results demonstrate that foreclosure laws have
a significant effect on loan losses and that the existence of a deficiency
judgment affects the incentive conflict between lender and insurer. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Musumeci, James J
Author-Name: Sinkey, Joseph F, Jr
Title: The International Debt Crisis, Investor Contagion, and Bank Security Returns in 1987: The Brazilian Experience.
Journal: Journal of Money, Credit and Banking
Pages: 209-20
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
The authors use event-study methods to examine security returns for the
twenty-five largest U.S. bank holding companies surrounding two events:
(1) Citicorp's $3 billion loan-loss-reserve decision of May 19, 1987 and
(2) subsequent follow-the-leader behavior by other major banking
companies. Although the market anticipated rational follow-the-leader
behavior and rewarded it, the events were only partially anticipated. The
authors interpret the loan-loss-reserve decisions as foreshadowing the
write-down of LDC loans. Such bookkeeping entries affect market prices
because they signal economic value-enhancing corporate and strategic
restructurings. Copyright 1990 by Ohio State
University Press.
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Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:2:p:209-20

Template-Type: ReDIF-Article 1.0
Author-Name: Rogers, John H
Title: Foreign Inflation Transmission under Flexible Exchange Rates and Currency Substitution.
Journal: Journal of Money, Credit and Banking
Pages: 195-208
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
The dynamic and steady-state effects of a permanent, unanticipated
increase in foreign inflation on a small open economy are analyzed under
flexible exchange rates and currency substitution. The velocity of
domestic money, and consequently the domestic inflation rate, may rise
along the transition path to steady state, but only if demand for foreign
currency is sufficiently elastic such that the substitution from foreign
to domestic money on impact is "large." Higher foreign inflation is
transmitted negatively when demand is inelastic. All else constant, a
higher initial level of foreign real balances increases the magnitude of
the transmission effects. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Duca, John V
Author-Name: Vanhoose, David D
Title: Loan Commitments and Optimal Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 178-94
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
This paper analyzes how increased reliance on floating rate loan
commitments by firms affects the optimal interest-rate-conditioned
monetary policy. The analysis uses a stylized Poole-type IS-LM structure
that explicitly integrates the interaction between credit and goods
markets. By endogenizing the choice between traditional loans and
floating-rate commitments, the model can analyze interaction between
central bank monetary policy decisions and the choice of loan contract
types. A key implication is that, when this joint decision problem is
taken into account, the separation between the monetary and goods sectors
assumed in the standard IS-LM paradigm breaks down. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Grossman, Herschel I
Title: Inflation and Reputation with Generic Policy Preferences.
Journal: Journal of Money, Credit and Banking
Pages: 165-77
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
This paper analyzes a reputational equilibrium for inflation under the
generic assumption that monetary policy reflects proximate preferences for
low expected inflation and positive unexpected inflation. The paper
stresses the qualitative implication, that in a reputational equilibrium,
the policymaker behaves as if he is concerned about controlling inflation,
even though he does not have a direct preference for a low actual
inflation rate. The analysis also shows how the equilibrium inflation rate
depends on a decision interval that reflects the underlying real
objectives of monetary policy and that determines how fast private agents
would react to opportunistic behavior by the policymaker. Copyright 1990 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199005%2922%3A2%3C165%3AIARWGP%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Deaves, Richard
Title: Money Supply Announcements and Market Reactions in an Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 154-64
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
An open economy model of the money supply announcement-financial market
reaction phenomenon under policy anticipations is formulated, whose major
divergence from earlier models is the prediction that short-term interest
rate movements need not be positively correlated with unexpectedly high
monetary growth. While at variance with the most consistent empirical
regularity in the United States, this prediction in fact accords with
previous empirical findings for both the United Kingdom and Canada. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Strongin, Steven
Author-Name: Tarhan, Vefa
Title: Money Supply Announcements and the Market's Perception of Federal Reserve Policy.
Journal: Journal of Money, Credit and Banking
Pages: 135-53
Issue: 2
Volume: 22
Year: 1990
Month: May
Abstract:
This paper investigates the reason why innovations in money-supply
announcements cause interest rates to change. The paper empirically
discriminates between the liquidity premium and the expected inflation
hypotheses by directly taking into account investors expectations
regarding the Federal Reserve's monetary policy stance. The results
support the liquidity premium hypothesis, and the model provides an
explanation for the observed time variation in the response of interest
rates to money announcement surprises. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence H
Title: Scottish Banking and the Legal Restrictions Theory: A Closer Look.
Journal: Journal of Money, Credit and Banking
Pages: 526-36
Issue: 4
Volume: 22
Year: 1990
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199011%2922%3A4%3C526%3ASBATLR%3E2.0.CO%3B2-H&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hunter, William C
Author-Name: Timme, Stephen G
Author-Name: Yang, Won Keun
Title: An Examination of Cost Subadditivity and Multiproduct Production in Large U.S. Banks.
Journal: Journal of Money, Credit and Banking
Pages: 504-25
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
This paper examines the subadditivity of costs for a sample of the
largest commercial banks in the U.S. We introduce into the bank production
literature the grid approach developed by Evans and Heckman (1984). We
estimate two models of the bank cost function--one where deposits are
treated as outputs, while in the other, deposits are treated as inputs.
The models are estimated using the commonly used translog and the more
flexible miniflex Laurent. Viewed narrowly, the findings imply that cost
complementarities are not the RAISON D'ETRE for multiproduct production in
the largest commercial banks. Subadditive costs, however, are sufficient
but not necessary for multiproduct production. It is quite possible for
multiproduct production to be optimal when output are produced
independently (Levy and Haber (1986), and Teece (1980, 1982). It is only
required that inputs be shareable as opposed to joint. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Yoonbai
Title: Purchasing Power Parity in the Long Run: A Cointegration Approach.
Journal: Journal of Money, Credit and Banking
Pages: 491-503
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
This paper utilizes cointegration analysis to examine purchasing power
parity relationships over a long-time horizon. The results indicate that
the exchange rate is cointegrated strongly with the wholesale price index
ratio and somewhat weakly with the consumer price index ratio. The
cointegrating coefficient between the exchange rate and the price ratio is
close to one when cointegration is confirmed. The hypothesis that the real
exchange rate follows a random walk is rejected in most cases. Finally, a
new test for common trends finds no such common trends in exchange rates
or price ratios. Copyright 1990 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28199011%2922%3A4%3C491%3APPPITL%3E2.0.CO%3B2-S&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Salyer, Kevin D
Title: The Term Structure and Time Series Properties of Nominal Interest Rates: Implications from Theory.
Journal: Journal of Money, Credit and Banking
Pages: 478-90
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
Restrictions on the time-series properties of one- and two-period nominal
interest rates implied by a representative agent cash-in-advance model are
derived and tested. Among these are the correlation of the difference
between the forward rate and the one-period spot rate with the subsequent
change in the one-period spot rate, the relative volatility of long and
short rates, and the magnitude and sign of the term premium While the
first two implications are corroborated by the data, the observed behavior
of the term premium is dramatically at odds with the predictions of the
model: For the data analyzed, the average term premium was positive while
the model predicts that it should be negative. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Baum, Christopher F
Author-Name: Furno, Marilena
Title: Analyzing the Stability of Demand-for-Money Equations via Bounded-Influence Estimation Techniques.
Journal: Journal of Money, Credit and Banking
Pages: 465-77
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
A robust estimation technique--bounded-influence instrumental
variables--is applied to an error-correction model formulation of a U.S.
money-demand equation. The weights generated by bounded-influence
instrumental variables are used to diagnose structural instability in the
specification of the equations and their error processes. These techniques
are shown to be valuable additions to the empirical researchers' toolkit
and have been implemented in commonly-used econometric software. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fackler, James S
Title: Federal Credit, Private Credit, and Economic Activity.
Journal: Journal of Money, Credit and Banking
Pages: 444-64
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
The Federal Open Market Committee has been monitoring total domestic
nonfinancial debt since early 1983. The evidence reported in this paper
shows that the federal and non-federal (" private") components of the debt
have significantly different impacts on economic activity. Thus,
monitoring total debt, rather than its major subcomponents, implies that
the Federal Open Market Committee is ignoring important information
contained in a more disaggregated analysis. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Reinhart, Vincent
Title: Targeting Nominal Income in a Dynamic Model.
Journal: Journal of Money, Credit and Banking
Pages: 427-43
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
The author analyzes the choice of monetary policy rule in a
perfect-foresight-planning model. Maximizing agents plan their lifetime
consumption decisions in the face of two rigidities. First, households
hold money to aid trade. Second, today's price level is inherited from
past contracting decisions so that changes in nominal aggregate demand
fall on output in the short run. Given these rigidities, the central bank
can set real balances in the short run and the author compares two mu =
percent rules. His theoretical results suggest that the choice between
fixed-money-growth and fixed-nominal-income-growth rules is an empirical
assessment that depends on the distribution of shocks to the economy. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wheelock, David C
Title: Member Bank Borrowing and the Fed's Contractionary Monetary Policy during the Great Depression.
Journal: Journal of Money, Credit and Banking
Pages: 409-26
Issue: 4
Volume: 22
Year: 1990
Month: November
Abstract:
This paper examines the causes of Federal Reserve policy errors during
the Great Depression. It finds compelling evidence that the Fed developed
a flawed strategy during the 1920s, and continued to use that strategy
during the depression. The Fed's strategy relied on the behavior of member
bank borrowing and interest rates as policy indicators. A detailed
empirical examination of borrowed reserve demand reveals the errors in the
Fed's strategy and helps to explain why the Fed did not undertake vigorous
countercyclical policy during the depression. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Poterba, James M
Author-Name: Rotemberg, Julio J
Title: Inflation and Taxation with Optimizing Governments.
Journal: Journal of Money, Credit and Banking
Pages: 1-18
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
This paper examines the empirical validity of the predictions that if
governments minimize the deadweight loss from raising revenue through
inflation and tax finance, there should be a positive contemporaneous
association between inflation and the level of tax burdens. The authors
examine the empirical validity of this prediction using data from Great
Britain, France, Germany, Japan, and the United States. Inflation and tax
rates are as likely to be negatively as positively correlated, so the
results cast doubt on the empirical relevance of simple models in which
governments with time-invariant tastes choose monetary policy to equate
the marginal deadweight burdens of inflation and taxes. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Basu, Susanto, et al
Title: Optimal Advice for Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 19-36
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
This paper addresses how to give optimal advice about monetary policy
when it is known that the advice may not be heeded. The authors examine a
simple macroeconomic model in which monetary policy has the ability to
stabilize output by offsetting exogenous shocks to aggregate demand. The
optimal policy rule for such a model is easily derived, but an advisor who
knows that his advice may not be followed should not recommend the optimal
policy rule. This is true because, in giving activist advice, such an
advisor increases uncertainty about what monetary policy will be followed.
The authors solve for the rule that such an advisor should use in giving
advice. Coauthors are Miles S. Kimball, N. Gregory Mankiw, and David N.
Weil. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas
Title: The Influence of the Federal Advisory Council on Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 37-50
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
The Federal Advisory Council consists of twelve bankers, elected by
Federal Reserve Bank directorates, who advise the Federal Open Market
Committee every three months on their desired direction for monetary
policy. This paper tests the conjecture that the Council's directives to
the Committee contain information that predicts subsequent changes in
interest rates and Committee directives. Regression equations and Granger
causality tests do not disprove the conjecture. This is the first hard
evidence of private interest group influence on monetary policy. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dowd, Kevin
Title: The Value of Time and the Transactions Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 51-64
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
This paper reexamines the hypothesis of Dean S. Dutton and William P.
Gramm, and Edi Karni that the wage rate influences the demand for money as
a proxy for the value of transactions time. It develops "value of time"
transactions models, which yield demand for money equations that have a
real wage rate argument, and compares it to a "non value of time"
alternative that does not. The author finds that the "value of time"
models perform well and that the "value of time" effect is empirically
significant. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Swidler, Steve
Author-Name: Ketcher, David
Title: Economic Forecasts, Rationality, and the Processing of New Information over Time.
Journal: Journal of Money, Credit and Banking
Pages: 65-76
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
This study analyzes real GNP and inflation forecasts published in the
Blue Chip Economic Indicators. The survey revises annual growth rate
estimates every month, thus making it possible to analyze the value of new
information and its contribution to the estimates' predictive power of the
actual values. If information is used efficiently, updated forecasts
should provide more accurate predictions. The empirical results suggest
that the revised forecasts of real GNP growth and inflation incorporate
new information in a rational manner. In addition, the most recent
inflation forecasts are found to be unbiased estimates on the actual rate
of inflation. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kormendi, Roger C
Author-Name: Meguire, Philip
Title: A Multicountry Characterization of the Nonstationarity of Aggregate Output.
Journal: Journal of Money, Credit and Banking
Pages: 77-93
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
The authors compute the scaled varlogram (the variances of kth
differences scaled by the variance of first differences) of the log of
annual per capita real aggregate output (GDP or GNP), as measured by (1)
the long series for the United States and United Kingdom; (2) Angus
Maddison's (1982) long series for twelve countries; and (3) the postwar
IFS data for thirty-two countries. Simulations show that the scaled
varlogram of real output is nearly always more consistent with the data
being generated by parsimonious difference stationary than trend
stationary univariate processes. In fact, the data reveal some "excess
nonstationarity" relative to parsimonious ARIMA models. The power of the
scaled varlogram to discriminate between trend stationary and difference
stationary processes is somewhat greater than that of a Dickey-Fuller type
F test. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Noulas, Athanasios G
Author-Name: Ray, Subhash C
Author-Name: Miller, Stephen M
Title: Returns to Scale and Input Substitution for Large U.S. Banks.
Journal: Journal of Money, Credit and Banking
Pages: 94-108
Issue: 1
Volume: 22
Year: 1990
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumner, Scott B
Title: The Forerunners of "New Monetary Economics" Proposals to Stabilize the Unit of Account.
Journal: Journal of Money, Credit and Banking
Pages: 109-18
Issue: 1
Volume: 22
Year: 1990
Month: February
Abstract:
This paper critically evaluates the monetary policy regimes proposed by
Arthur Kitson (1917) and Henry Meulen (1934). Contrary to the assertion of
Tyler Cowen and Randall Kroszner (1987), the unit of account envisioned by
these earlier theorists was not at all like recent proposals by proponents
of the "new monetary economics." It is also demonstrated that the
"compensated dollar" plans of Aneurin Williams (1892) and Irving Fisher
(1920) are closer forerunners to the recent new monetary economics
proposals. Copyright 1990 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gorton, Gary
Author-Name: Santomero, Anthony M
Title: Market Discipline and Bank Subordinated Debt.
Journal: Journal of Money, Credit and Banking
Pages: 119-28
Issue: 1
Volume: 22
Year: 1990
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Grubaugh, Stephen
Author-Name: Sumner, Scott
Title: Commodity Prices, Money Surprises, and Fed Credibility: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 407-08
Issue: 3
Volume: 21
Year: 1989
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Brock, Philip L
Title: Reserve Requirements and the Inflation Tax.
Journal: Journal of Money, Credit and Banking
Pages: 106-21
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
The inflation tax on currency and required bank reserves is modeled in a
general equilibrium setting by specifying a transactions technology in
which currency and demand deposits allow agents to economize on time spent
transacting in the goods market. Revenue-maximizing conditions for the
nominal interest rate and reserve ratio are analyzed. For any given
revenue requirement less than the revenue-maximizing level, minimization
of the welfare costs of inflationary finance results in the choice of a
combination of the interest rate and reserve ratio that lies on a set of
tangency points formed by iso-revenue and iso-welfare curves. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Falk, Barry
Author-Name: Orazem, Peter F
Title: The Role of Systematic Fed Errors in Explaining the Money Supply Announcements Puzzle: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 401-06
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
Empirical studies of the effects of the Federal Reserve's weekly
money-supply announcements on interest rates have tended to find that
interest-rate changes following these announcements are positively
correlated with the anticipated component of the announcement. These
studies also have tended to find structural changes in interest-rate
responses to money-supply announcements following the Fed's October 1979
policy changes. This paper suggests that these conclusions may simply
reflect a failure to adequately account for the presence of systematic
errors in the Fed's weekly estimates of the money supply. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Makinen, Gail E
Author-Name: Woodward, G Thomas
Title: The Taiwanese Hyperinflation and Stabilization of 1945-1952.
Journal: Journal of Money, Credit and Banking
Pages: 90-105
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
During the years 1945-1949, Taiwan experienced a hyperinflation separate
from the hyperinflation on the Chinese mainland. The stabilization
ultimately implemented by the Chinese Nationalists differed in important
ways from the programs that ended the big European inflations. The program
was embarked upon with little hope of, or efforts toward, reducing the
budget deficit: price stability took three years to achieve and use was
made of high (real) yielding bank accounts as an anti-inflation tool. The
behavior of key economic variables during the episode raises questions
relating to current theories of how economic agents react to regime
changes. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schirm, David C
Author-Name: Sheehan, Richard G
Author-Name: Ferri, Michael G
Title: Financial Market Responses to Treasury Debt Announcements: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 394-400
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
This paper considers the effect of U.S. Treasury debt announcements on
interest rates from 1982-85. The analysis measures the announcement's
expected component in two ways: the reported market "expected"
announcements from the credit markets column of the Wall Street Journal
just prior to the announcements, and time series techniques. Rate response
to regular announcements of all maturity classes of Treasury debt appear
negligible, reflecting the Treasury's ongoing efforts to keep the market
informed of future financing needs. However, announcements of cash
management bills, an irregular and residual category of Treasury debt,
generate significant market responses. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Calomiris, Charles W
Author-Name: Domowitz, Ian
Title: Asset Substitution, Money Demand, and the Inflation Process in Brazil.
Journal: Journal of Money, Credit and Banking
Pages: 78-89
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
Various domestic financial assets in Brazil have provided relatively
liquid nonmonetary alternatives. Monthly money demand estimates, which
include domestic asset opportunity costs and take account of T-bill
repurchase agreements in a dynamic error-correction model, demonstrate the
importance of domestic substitutes in explaining money holdings. Money
demand appears responsive and stable. Moreover, T-bills and indexed bonds
have acted as an alternative to central bank liabilities as a source of
finance for government deficits. Evidence indicates that the initial
financing of government deficits through bonds, bills, and other
nonmonetary liabilities may explain why money lags price shocks rather
than vice versa. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon, David P
Title: The Rationality of Federal Funds Rate Expectations: Evidence from a Survey: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 388-93
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
This study finds that expectations of two-week maintenance period average
federal funds rates, as measured by the Money Market Services survey from
March 1984 to November 1987, are biased, only marginally outperform random
walk forecasts, and have forecast errors that are correlated with
in-sample information. However, these results are tempered by findings
that the survey forecasts incorporate the information in out-of-sample
ARIMA forecasts, although the latter are less accurate than random walk
forecasts. In addition, the accuracy of the survey forecasts increases for
maintenance periods in which the discount rate changes. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lastrapes, William D
Title: Exchange Rate Volatility and U.S. Monetary Policy: An ARCH Application.
Journal: Journal of Money, Credit and Banking
Pages: 66-77
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
This paper examines the effect of shifts in U.S. monetary policy regimes
on the stochastic process that generates foreign exchange rates. To
account for the observed behavior of the data record, the author models
nominal, dollar exchange rates as univariate autoregressive conditional
heteroskedastic processes. He then tests the stability of this process
across U.S. monetary policy regimes. For four of the currencies in the
sample, accounting for regime shifts improves the fit of the model. Regime
shifts also appear to diminish the degree of persistence of variance,
making it less likely that exchange rates are integrated-in-variance. Copyright 1989 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198902%2921%3A1%3C66%3AERVAUS%3E2.0.CO%3B2-H&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hayford, Marc
Title: Liquidity Constraints and the Ricardian Equivalence Theorem: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 380-87
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
In Fumio Hayashi's 1987 model of consumption under imperfect capital
markets, the Ricardian equivalence theorem holds. This paper shows that
Hayashi's result depends on the creditor receiving a positive partial
payment when the debtor chooses to default. The specification of a
positive partial payment to the creditor when the debtor defaults is
inconsistent with evidence on personal bankruptcies. Under the more
empirically plausible specification that the creditor may receive nothing
if the debtor defaults, the analysis shows the Ricardian equivalence
theorem does not hold. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sibert, Anne
Title: The Risk Premium in the Foreign Exchange Market.
Journal: Journal of Money, Credit and Banking
Pages: 49-65
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
This paper presents a dynamic, optimizing model of the risk premium in
the forward foreign exchange market. Agents face random endowments and
money growth rates. Complete insurance markets do not exist and foreign
exchange is held to hedge against risk. In some examples with log-linear
preferences, the size of the risk premium in the forward market is related
to the variability of output and money growth. An interesting conclusion
of the model is that for plausible examples, the convexity component of
the nominal risk premium (due to Siegel's paradox) may be quite large
relative to the total risk premium. Copyright 1989 by Ohio State
University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198902%2921%3A1%3C49%3ATRPITF%3E2.0.CO%3B2-R&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence, Colin
Title: Banking Costs, Generalized Functional Forms, and Estimation of Economies of Scale and Scope.
Journal: Journal of Money, Credit and Banking
Pages: 368-79
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
Recently, researchers have claimed that the primitive Cobb-Douglas
production technology captures banking cost functions adequately. These
findings rule out scope economies and U-shaped cost curves. The rejection
of the generalized flexible form postulated by the above authors is a
necessary, but not a sufficient, condition to justify a Cobb-Douglas
specification. Using restricted generalized functional forms, the authors
find that the composite output Cobb-Douglas specification is an inadequate
description of banking cost technology. Translog specifications with
multiple products capture the data best, suggesting the presence of both
scope and scale economies. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Koray, Faik
Title: Money and Functional Distribution of Income.
Journal: Journal of Money, Credit and Banking
Pages: 33-48
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
This paper analyzes the role of money growth on functional income shares
in the short-run. The analysis is conducted within the framework of an
equilibrium model. It is shown that a currently unperceived shock to money
growth leads to an increase in both total wages and profits. The empirical
findings provide some support for the predictions of the model with
respect to the role of unanticipated money growth, but also find evidence
about the significance of anticipated money growth. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee, Bong-Soo
Title: A Nonlinear Expectations Model of the Term Structure of Interest Rates with Time-Varying Risk Premia.
Journal: Journal of Money, Credit and Banking
Pages: 348-67
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
A nonlinear expectations model of the term structure with time-varying
risk premia is specified, estimated, and tested, allowing for conditional
heteroskedasticity and serial correlation in the disturbance terms. The
model is subsequently linearized by means of a stationary, lognormal
distributional assumption, and a constant risk premium results. Relative
to the nonlinear model, the loglinear model performs poorly. Further
investigation suggests the importance of taking both a time-varying risk
premium and conditional heteroskedasticity in disturbance terms into
account when formulating and estimating the term structure. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Manchester, Joyce
Title: How Money Affects Real Output.
Journal: Journal of Money, Credit and Banking
Pages: 16-32
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
This paper decomposes the money stock into constituent parts to examine
the relationship between monetary variables and real economic activity
using vector autoregression for 1954 to 1979. The first decomposition
reveals that innovations in money multiplier growth rates are
approximately three times more influential in determining real output
growth than are monetary base growth innovations. The second decomposition
includes components of the money multiplier to identify the importance of
actions of the public, the banking community, and the monetary authority.
The results suggest that the public and the Fed had a significant impact
on influencing real output growth. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: The Term Structure of Interest Rates and the Effects of Macroeconomic Policy.
Journal: Journal of Money, Credit and Banking
Pages: 321-47
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
This paper analyzes the effects of monetary and fiscal policy shocks on
the term structure of interest rates. Temporary versus permanent,
unanticipated versus anticipated policy disturbances and the responses of
long versus short, and real versus nominal rates are contrasted. The main
results are summarized in a series of propositions. Among them, the
finding that an unanticipated permanent fiscal expansion impacts more on
long-term rates may help explain their observed excessive volatility. The
effects of structural changes on the relative variances are also
discussed, with the effect that operates through the impact on private
speculative behavior being emphasized. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Herring, Richard J
Title: The Economics of Workout Lending.
Journal: Journal of Money, Credit and Banking
Pages: 1-15
Issue: 1
Volume: 21
Year: 1989
Month: February
Abstract:
Lenders are forced to consider a workout loan when a borrower loses
access to financial markets and must seek loans from existing creditors to
continue servicing outstanding loans. A model of the loan decision is
developed that distinguishes socially-useful from socially-wasteful
workout loans. The analysis is extended to examine two collective-action
problems that may arise when many lenders have claims on a troubled
borrower. The paper concludes with a consideration of the implications of
the model for the establishment of prudential lending limits and of
policies to stimulate new lending to troubled debtor countries. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Strong, John S
Title: The Market Valuation of Credit Market Debt.
Journal: Journal of Money, Credit and Banking
Pages: 307-20
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
Estimates of the market values of credit market liabilities are developed
for the nonfinancial sectors of the economy for the period 1945-85. The
methodology incorporates both the different types of debt and their
sectoral distribution. Estimates of cumulative and annual holding gains
are presented, and the relation between market and par value series are
analyzed. The resulting market-valued debt aggregate is used to evaluate
the stability of the debt-to-GNP ratio. The stability of the ratio is
reduced dramatically when debt is measured at market value. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehra, Yash P
Title: Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 262-66
Issue: 2
Volume: 21
Year: 1989
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Wilcox, David W
Title: The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint.
Journal: Journal of Money, Credit and Banking
Pages: 291-306
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
This paper introduces a new methodology for evaluating the sustainability
of fiscal policy. The new methodology is distinguished from most existing
tests in two important respects: first, it allows for stochastic real
interest rates; and second, it is both necessary and sufficient. Results
from the application of the new test suggest that recent fiscal policy in
the United States has not been sustainable. The paper contrasts its
findings with those of James D. Hamilton and Marjorie A. Flavin (1986). Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brocato, Joe
Author-Name: Smith, Kenneth L
Title: Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 258-61
Issue: 2
Volume: 21
Year: 1989
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Dotsey, Michael
Title: Monetary Control under Alternative Operating Procedures.
Journal: Journal of Money, Credit and Banking
Pages: 273-90
Issue: 3
Volume: 21
Year: 1989
Month: August
Abstract:
This paper provides a detailed examination of various money stock control
procedures in a rational expectations environment. A major result is that
borrowed reserve targeting is not necessarily equivalent to a noisy funds
rate instrument. However, total reserve control, under contemporaneous
reserve requirements, provides the most efficient control of money, but
also leads to greater volatility in interest rates. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Batchelor, Roy A
Author-Name: Dua, Pami
Title: Household versus Economist Forecasts of Inflation: A Reassessment: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 252-57
Issue: 2
Volume: 21
Year: 1989
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheng, David C
Author-Name: Gup, Benton E
Author-Name: Wall, Larry D
Title: Financial Determinants of Bank Takeovers: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 524-36
Issue: 4
Volume: 21
Year: 1989
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Whitesell, William C
Title: The Demand for Currency versus Debitable Accounts: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 246-57
Issue: 2
Volume: 21
Year: 1989
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Haslag, Joseph H
Author-Name: Hein, Scott E
Title: Federal Reserve System Reserve Requirements, 1959-1988: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 515-23
Issue: 4
Volume: 21
Year: 1989
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryant, John
Title: Interest-Bearing Currency, Legal Restrictions, and the Rate of Return Dominance of Money: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 240-45
Issue: 2
Volume: 21
Year: 1989
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Garner, C Alan
Title: Commodity Prices: Policy Target or Information Variable? A Note.
Journal: Journal of Money, Credit and Banking
Pages: 508-14
Issue: 4
Volume: 21
Year: 1989
Month: November
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Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:4:p:508-14

Template-Type: ReDIF-Article 1.0
Author-Name: VanHoose, David D
Title: Monetary Targeting and Price Level Non-Trend-Stationarity: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 232-39
Issue: 2
Volume: 21
Year: 1989
Month: May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198905%2921%3A2%3C232%3AMTAPLN%3E2.0.CO%3B2-0&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Evans, George W
Title: The Conduct of Monetary Policy and the Natural Rate of Unemployment: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 498-507
Issue: 4
Volume: 21
Year: 1989
Month: November
Abstract:
The potential of monetary policy to affect the natural rate of
unemployment is demonstrated for a disaggregated macroeconomic model in
which it takes time for labor markets to eliminate excess supplies
resulting from stochastic shocks. The effect of aggregate output
variability on the natural rate of unemployment is derived for the system
in its stochastic steady state and illustrative calculations show the
possible effects of varying the monetary policy rule. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cowen, Tyler
Author-Name: Kroszner, Randall
Title: Scottish Banking before 1845: A Model for Laissez-Faire?
Journal: Journal of Money, Credit and Banking
Pages: 221-31
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
During the "free banking" era in eighteenth- and early nineteenth-century
Scotland, there were a number of legal restrictions affecting the
evolution of the system. Scottish banking was characterized by
restrictions on small-denomination and interest-bearing notes. There were
also restrictions inhibiting the development of capital markets and entry
into banking. Furthermore, the Bank of England operated as a "shadow"
central bank for the Scottish system. These considerations call into
question the use of the Scottish banking experience as the appropriate
model for laissez-faire and as evidence against the "legal restrictions
theory of money" and the "new monetary economics." Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chadha, Binky
Title: Is Increased Price Inflexibility Stabilizing?
Journal: Journal of Money, Credit and Banking
Pages: 481-97
Issue: 4
Volume: 21
Year: 1989
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Unal, Haluk
Title: Impact of Deposit-Rate Ceiling Changes on Bank Stock Returns.
Journal: Journal of Money, Credit and Banking
Pages: 206-20
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
This paper reexamines the impact of four major changes in deposit-rate
ceilings that occurred during the 1970-80 decade on bank systematic and
unsystematic risk. The reexamination clarifies why it is dangerous to
conduct event studies naively. Stephen M. Goldfeld and Richard E.
Quandt's switching-regressions method is proposed as a procedure that
forces the researcher to take a more disciplined approach to determining
event dates. Contrary to previous studies, switch dates identified by
Goldfeld and Quandt's switching-regressions method cannot be associated
with ceiling-change announcements because of other information flows, so
that inferences cannot be drawn about the specific effects of the
regulatory adjustments. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Beenstock, Michael
Title: The Determinants of the Money Multiplier in the United Kingdom.
Journal: Journal of Money, Credit and Banking
Pages: 464-80
Issue: 4
Volume: 21
Year: 1989
Month: November
Abstract:
An econometric model for the U.K. money (LM3) multiplier is estimated
from annual data on the postwar period. The model consists of three
behavioral equations: (1) the currency ratio in which the demand for
currency varies inversely with interest rates on demand deposits; (2) a
time deposit ratio in which the demand for time deposits varies inversely
with the differential rates of interest and; (3) a bank reserve ratio in
which the demand for reserves varies inversely with interest rates. The
model is used to calculate dynamic multipliers and counterfactual
simulations for financial innovations of the 1970s. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Viswanath, P V
Title: Taxes and the Futures-Forward Price Difference in the 91-Day T-Bill Market.
Journal: Journal of Money, Credit and Banking
Pages: 190-205
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
This paper investigates a tax-based explanation for the futures-forward
price divergence in the ninety-one-day T-bill. The explanation is,
firstly, in terms of the distinction between capital gains and losses and
ordinary gains and losses; and, secondly, in terms of investors to whom
the above distinction applies and investors, such as broker/dealers, to
whom it does not. The empirical results are encouraging, though more
ambiguous, in the post-1981 period. Overall, it would seem that other
factors, in addition to taxes, are also at work. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hetzel, Robert L
Author-Name: Mehra, Yash P
Title: The Behavior of Money Demand in the 1980s.
Journal: Journal of Money, Credit and Banking
Pages: 455-63
Issue: 4
Volume: 21
Year: 1989
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198911%2921%3A4%3C455%3ATBOMDI%3E2.0.CO%3B2-Q&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel, Betty C
Title: One-Sided Uncertainty about Future Fiscal Policy.
Journal: Journal of Money, Credit and Banking
Pages: 176-89
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
This paper analyzes the implications of uncertainty regarding future
policy rules. The model demonstrates that expansionary fiscal policy,
which is expected to be reversed at an unknown future date, can be
responsible for sustained exchange rate appreciation, accompanied by
persistent rational expectations of depreciations. The predictions of the
model are compared with recent U.S. experience. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Spencer, David E
Title: Does Money Matter? The Robustness of Evidence from Vector Autoregressions.
Journal: Journal of Money, Credit and Banking
Pages: 442-54
Issue: 4
Volume: 21
Year: 1989
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198911%2921%3A4%3C442%3ADMMTRO%3E2.0.CO%3B2-1&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Stuart D
Author-Name: Connolly, Robert A
Title: Financial Market Effects on Aggregate Money Demand: A Bayesian Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 158-75
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
This paper evaluates the extent to which aggregate data yield robust
inferences about the linkages between financial market effects and
aggregate M1 and M2 holdings. In particular, the authors investigate
whether stock market returns, stock market volume, and a new brokerage
costs measure affect money demand. They employ recent advances in Bayesian
econometric methods to control for model specification uncertainty, and
provide a complete sensitivity analysis of their results to alternative
prior distributions. The impact of nonstationarity on inferences is
briefly explored with an error correction model. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Belden, Susan
Title: Policy Preferences of FOMC Members as Revealed by Dissenting Votes.
Journal: Journal of Money, Credit and Banking
Pages: 432-41
Issue: 4
Volume: 21
Year: 1989
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Kiguel, Miguel A
Title: Budget Deficits, Stability, and the Monetary Dynamics of Hyperinflation.
Journal: Journal of Money, Credit and Banking
Pages: 148-57
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
Hyperinflationary processes usually occur in countries with extremely
large budget deficits. In models of inflationary finance with rational
expectations (e.g., Buiter [1987]), large budget deficits cannot lead to
hyperinflation. The purpose of this paper is to reconcile the standard
theoretical model with the stylized facts. It shows that by introducing a
lag in the adjustment of the money market into the standard inflationary
finance model, large budget deficits are indeed the main reason for
hyperinflation. The paper also provides an explanation for the
ineffectiveness of moderate reductions in the deficit in reducing
inflation and argues that fiscal lags can be destabilizing. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Waller, Christopher J
Title: Monetary Policy Games and Central Bank Politics.
Journal: Journal of Money, Credit and Banking
Pages: 422-31
Issue: 4
Volume: 21
Year: 1989
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198911%2921%3A4%3C422%3AMPGACB%3E2.0.CO%3B2-W&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Siklos, Pierre L
Title: The End of the Hungarian Hyperinflation of 1945-1946.
Journal: Journal of Money, Credit and Banking
Pages: 135-47
Issue: 2
Volume: 21
Year: 1989
Month: May
Abstract:
The rational expectations approach to macroeconomics suggests that
hyperinflations were ended abruptly without significant output or
unemployment costs. Using new evidence, the author finds that, while
transition costs did take place following the Hungarian hyperinflation of
1945-46, they were not linked to the credibility of the regime change.
Although the evidence presented actually reinforces the rational
expectations interpretation of the end of hyperinflations, the paper also
stresses the importance of distinguishing between an economy experiencing
high inflation and one emerging from a milder inflation. Copyright 1989 by Ohio State
University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Garman, David M
Author-Name: Richards, Daniel J
Title: Policy Rules, Inflationary Bias, and Cyclical Stability.
Journal: Journal of Money, Credit and Banking
Pages: 409-21
Issue: 4
Volume: 21
Year: 1989
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Mankiw, N Gregory
Title: Recent Developments in Macroeconomics: A Very Quick Refresher Course.
Journal: Journal of Money, Credit and Banking
Pages: 436-49
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper outlines the major developments in macroeconomics over the
past two decades. It examines the reasons for the breakdown in the
consensus view of the 1960s and how this breakdown has guided research in
macroeconomics. The introduction and importance of "rational expectations"
are discussed, as are recent advances within the new classical and new
Keynesian paradigms. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein, Herbert
Title: Recent Developments in Macroeconomics: A Very Quick Refresher Course: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 450-56
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Phelps, Edmund
Title: Recent Developments in Macroeconomics: A Very Quick Refresher Course: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 456-58
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: Postwar Developments in Business Cycle Theory: A Moderately Classical Perspective.
Journal: Journal of Money, Credit and Banking
Pages: 459-71
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
For issues regarding business cycles, the Phillips curve or aggregate
supply portion of a macroeconomic model's specification is crucial.
Unfortunately, the relevant dynamic behavior is poorly understood:
flexible-price models appear inconsistent with the data, while existing
sticky-price models are unlikely to be policy invariant. Nevertheless,
current knowledge is adequate to design a rule for monetary policy that
would, if maintained, result in near-zero inflation and output
fluctuations that are small by historical standards. An operational rule
of this type is described and some indication of its effectiveness is
reported. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Summers, Lawrence H
Title: Postwar Developments in Business Cycle Theory: A Moderately Classical Perspective: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 472-76
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Peter K
Title: Postwar Developments in Business Cycle Theory: A Moderately Classical Perspective: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 476-78
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Kotlikoff, Laurence J
Title: What Microeconomics Teaches Us about the Dynamic Macro Effects of Fiscal Policy.
Journal: Journal of Money, Credit and Banking
Pages: 479-95
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper reviews some recent findings on fiscal policy based on the
Auerbach-Kotlikoff dynamic life cycle simulation model. The model contains
fifty-five overlapping generations and solves for the economy's perfect
foresight transition path. The model can handle simultaneous changes in a
wide variety of fiscal policies. It yields quite surprising results about
the timing of crowding out, the potential self-financing nature of
investment incentives, the fundamentally noneconomic and misleading nature
of official deficits, and the potential inefficiencies associated with
additional capital formation. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niskanen, William
Title: What Microeconomics Teaches Us about the Dynamic Macro Effects of Fiscal Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 496-99
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Miller, Preston J
Title: What Microeconomics Teaches Us about the Dynamic Macro Effects of Fiscal Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 500-506
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Katz, Lawrence F
Title: Some Recent Developments in Labor Economics and Their Implications for Macroeconomics.
Journal: Journal of Money, Credit and Banking
Pages: 507-22
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper reviews three recent directions of research on labor markets
and the macroeconomy: models of sectoral shifts and unemployment,
efficiency wage theories, and insider-outsider models of wage and
employment determination. Sectoral shifts models show how permanent
intersectoral shifts in labor demand and the slow process of labor
reallocation across sectors may play an important role in explaining
aggregate fluctuations. Efficiency wage and insider-outsider models have
in common the property that, in equilibrium, firms may pay wages in excess
of market clearing. These models provide potential explanations for
persistent "involuntary" unemployment and segmented labor markets. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Topel, Robert H
Title: Some Recent Developments in Labor Economics and Their Implications for Macroeconomics: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 523-26
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Kniesner, Thomas J
Title: Some Recent Developments in Labor Economics and Their Implications for Macroeconomics: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 526-30
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Stockman, Alan C
Title: On the Roles of International Financial Markets and Their Relevance for Economic Policy.
Journal: Journal of Money, Credit and Banking
Pages: 531-49
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
A general equilibrium approach to international finance and
macroeconomics has been developed. Recent work associated with this
development provides useful tools for interpreting evidence and evaluating
alternative policy options. Important issues to which these advances have
been applied include the choice of an exchange rate system; the high
variability of exchange rates; the effects of budget deficits, sterilized
foreign exchange market intervention, and monetary and fiscal policies;
the causes and consequences of large and variable current account deficits
or surpluses and their connections with exchange rates; and the
development of more open and sophisticated international financial
markets. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kehoe, Patrick J
Title: On the Roles of International Financial Markets and Their Relevance for Economic Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 550-54
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Germany, J David
Title: On the Roles of International Financial Markets and Their Relevance for Economic Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 554-58
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Gertler, Mark
Title: Financial Structure and Aggregate Economic Activity: An Overview.
Journal: Journal of Money, Credit and Banking
Pages: 559-88
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper surveys literature that explores the possible links between
the financial system and aggregate economic behavior. The survey is in two
parts: the first reviews the traditional work and the second discusses new
research. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goodfriend, Marvin
Title: Financial Structure and Aggregate Economic Activity: An Overview: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 589-93
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiss, Laurence
Title: Financial Structure and Aggregate Economic Activity: An Overview: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 594-96
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Engle, Robert F
Title: Estimates of the Variance of U.S. Inflation Based upon the ARCH Model: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 422-23
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Cosimano, Thomas F
Author-Name: Jansen, Dennis W
Title: Estimates of the Variance of U.S. Inflation Based upon the ARCH Model: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 409-21
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Karamouzis, Nicholas
Author-Name: Lombra, Raymond E
Title: Forecasts and U.S. Monetary Policy, 1974-78: The Role of Openness: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 402-08
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Walsh, Carl E
Title: Testing for Real Effects of Monetary Policy Regime Shifts: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 393-401
Issue: 3
Volume: 20
Year: 1988
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Devereux, Michael
Title: The Optimal Mix of Wage Indexation and Foreign Exchange Market Intervention.
Journal: Journal of Money, Credit and Banking
Pages: 381-92
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper develops a model in which wage indexation and foreign exchange
market intervention can be used simultaneously for policy purposes. With
the type of wage indexation used, there is shown to be a clear separation
of function between the two instruments. Intervention should be used only
to offset demand-side disturbances, while indexation should depend upon
both demand and supply disturbances. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Paul R
Author-Name: Wilhelm, William J
Title: The Impact of the 1980 Depository Institutions Deregulation and Monetary Control Act on Market Value and Risk: Evidence from the Capital Markets.
Journal: Journal of Money, Credit and Banking
Pages: 364-80
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
The Depository Institutions Deregulation and Monetary Control Act of 1980
brought about major changes in the banking industry. This study employs
capital market data to examine the Act's impact on the relative
competitive positions of distinct classes of firms within the industry.
The evidence supports the hypothesis that Federal Reserve System banks
profited from the regulatory change at the expense of nonmember banks and
savings and loans. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Darrat, Ali F
Title: On Fiscal Policy and the Stock Market.
Journal: Journal of Money, Credit and Banking
Pages: 353-63
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This paper provides some empirical evidence on the relationship between
aggregate quarterly stock prices and other macro variables, including
measures of monetary and fiscal policy in Canada. The results indicate the
presence of significant lags in the reaction of stock prices to fiscal
policy moves. To the extent that a proxy for the fiscal policy effect on
required (expected) return to capital was included in the model, such a
finding conflicts with the stock market efficiency hypothesis. Further
tests also suggest that anticipated and unanticipated fiscal policy
changes have significant lagged relationships with current stock prices.
The Canadian stock market, therefore, appears to have been inefficient
with respect to available information on fiscal policy. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Long, C Richard
Author-Name: Gardner, Mark L
Title: Alternative U.S. Monetary and Deficit Reduction Policies for the 1980 s.
Journal: Journal of Money, Credit and Banking
Pages: 336-52
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
The authors have developed a thirty-six-equation econometric model to
measure the effects of deficit reduction policies. The model features
endogenous explanations of the money stock (through the Federal budget
constraint), the price level, and the capital stock, and includes wealth
in the consumption and money demand functions. The authors conducted two
groups of five simulations for the 1980-85 period. The capital stock was
endogenous in the first group and exogenous in the second group. Negative
crowding in with an endogenous capital stock made deficit reduction
policies without offsetting stimulus elsewhere costly. Supply-side effects
played a decisive role in the simulations. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: McMillin, W Douglas
Title: Money Growth Volatility and the Macroeconomy.
Journal: Journal of Money, Credit and Banking
Pages: 319-35
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
This study analyzes the effects of variability in money growth on the
macroeconomy, for the period 1961:1-1984:4, within the context of a vector
autoregressive model that contains variables typically included in a small
macro model. Variance decompositions and historical decompositions are
used to assess the impact of money growth variability. The variance
decompositions suggest substantial effects of money growth variability on
the long-term interest rate, output, and the price level. Historical
decompositions for 1979:4-1984:4 suggest substantial effects of money
growth variability on the interest rate and output, but smaller effects on
the price level are found. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wasserfallen, Walter
Title: Trends, Random Walks, and the Expectations-Augmented Phillips Curve: Evidence from Six Countries.
Journal: Journal of Money, Credit and Banking
Pages: 306-18
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
Two major empirical results are reported. First, it is shown that time
series measuring real activity in major industrialized countries contain
nonstationarities of the random walk type. Second, it turns out that the
estimated influence of unexpected changes in inflation and monetary growth
strongly depends on the chosen approach concerning nonstationarity. The
popular assumption of a deterministic time trend proxying for growth
generally yields the hypothesized positive coefficients. The influence of
nominal surprises, however, becomes indistinguishable from zero if the
respective equations are estimated in stationary differences of real
activity variables. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Beckman, Steven R
Author-Name: Foreman, Joshua N
Title: An Experimental Test of the Baumol-Tobin Transactions Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 291-305
Issue: 3
Volume: 20
Year: 1988
Month: August
Abstract:
Historically generated data do not allow a clean test of any particular
money dema nd theory. By creating the artificial environment analyzed by
William Baumol and James Tobin's work on the transactions demand for
money, one can observe how real people pursuing real rewards behave in
that environment. Baumol and Tobin assumed people were sufficiently
rational to learn four axioms of rational behavior. The authors' subjects
learned only three. However, trial and error methods, plus subjects'
limited rationality, did produce results similar to the Baumol-Tobin
predictions. This supports the need to weaken the definition of
rationality in the manner suggested by Herbert Simon. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mankiw, N Gregory
Author-Name: Summers, Lawrence H
Title: Money Demand and the Effects of Fiscal Policies: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 715-17
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: McGibany, James M
Author-Name: Nourzad, Farrokh
Title: Money Demand and the Effects of Fiscal Policies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 706-14
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Cohen, Darrel
Title: Money Demand and the Effects of Fiscal Policies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 698-705
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Liu, Pu
Author-Name: Thakor, Anjan V
Title: Interest Yields, Credit Ratings, and Economic Characteristics of State Bonds: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 696-97
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Cranford, Brian K
Author-Name: Stover, Roger D
Title: Interest Yields, Credit Ratings, and Economic Characteristics of State Bonds: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 691-95
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: DeGennaro, Ramon P
Title: Payment Delays: Bias in the Yield Curve: Note.
Journal: Journal of Money, Credit and Banking
Pages: 684-90
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, Herbert M
Title: FNMA's Role in Deregulated Markets: Implications from Past Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 673-83
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
The role that the Federal National Mortgage Association has played over
the housing and mortgage credit cycle has often been the subject of
controversy. The purpose of this paper is to analyze, both theoretically
and econometrically (using VAR techniques), the Federal National Mortgage
Association's impact over the last cycle and its likely future role in a
deregulated environment, and to investigate the robustness of the
econometric results found for earlier cycles. The econometric work
suggests that the Federal National Mortgage Association did not behave
countercyclically in the last cycle, while generally supporting its
countercyclical role in previous cycles noted in earlier work. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Anderson, Robert B
Author-Name: Bomberger, William A
Author-Name: Makinen, Gail E
Title: The Demand for Money, the "Reform Effect," and the Money Supply Process in Hyperinflations: The Evidence from Greece and Hungary II Reexamined.
Journal: Journal of Money, Credit and Banking
Pages: 653-72
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
Newly uncovered data on money and prices in Greece and Hungary duri ng
their hyperinflations are used to reestimate the Cagan money demand
equation and to repeat the Sargent and Wallace causality tests. It is no
longer necessary to exclude observations at the end of each episo de on
the premise that they represent the response to an anticipated monetary
reform. The results for each country now conform to the Sargent and
Wallace findings for most other hyperinflation episodes-that causality
runs from prices to money (i.e., that money is endogenous). Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Woodward, R S
Title: Some New Evidence on the Profitability of One-Way versus Round-Trip Arbitrage.
Journal: Journal of Money, Credit and Banking
Pages: 645-52
Issue: 4
Volume: 20
Year: 1988
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Boyer, Russell S
Author-Name: Adams, F Charles
Title: Forward Premia and Risk Premia in a Simple Model of Exchange Rate Determination.
Journal: Journal of Money, Credit and Banking
Pages: 633-44
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
This paper develops the standard rational expectations model of exchange
rate determination with risk premia taken as exogenous. The exchange rate
is equal to a weighted sum of all future values of the fundamentals and
risk premia. Specifically, if risk premia are percei ved to be temporary,
then their levels are negatively associated with rates of appreciation.
This finding is consistent in sign with the results from the conventional
regression equation, but the theory indicates that to obtain unbiased
estimates, errors-in-variables techniques must be employed. Plausible
estimates for the money market parameters are found from Canadian data. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerlach, H M Stefan
Title: World Business Cycles under Fixed and Flexible Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 621-32
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
This paper studies the behavior of monthly industrial production indices
during the recent periods of fixed and flexible exchange rate s. The
central conclusions are as follows: industrial production indices are
subject to stochastic trend growth; the variances of the monthly growth
rates are higher in the flexible exchange rate period than in the fixed
exchange rate period, and are related to the degree of openness and to
national income-more open economies tend to experience more variability
while richer, more diversified economies experience less; and output
movements have been correlated across countries under both exchange rate
regimes, and there is evidence of a world business cycle. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bailey, Warren Bernard
Title: Money Supply Announcements and the Ex Ante Volatility of Asset Prices.
Journal: Journal of Money, Credit and Banking
Pages: 611-20
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
Previous empirical studies have documented more volatile money grow th
and money surprises, more volatile asset price changes, and increased
responsiveness of asset prices to money surprises since the October 1 979
change in Fed policy. This paper studies the associations between money
announcements and the ex ante volatility of asset prices in th e recent
past. Results indicate that revisions of ex ante asset price volatility,
as measured from prices of stock index, government debt, gold, and foreign
currency options, are significantly correlated with the surprise component
of the weekly M1 release. There is also evidence that money releases
reduce volatility by resolving uncertainty. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Avery, Robert B
Author-Name: Belton, Terrence M
Author-Name: Goldberg, Michael A
Title: Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets.
Journal: Journal of Money, Credit and Banking
Pages: 597-610
Issue: 4
Volume: 20
Year: 1988
Month: November
Abstract:
This study evaluates the potential for bank subordinated notes and
debentures to enhance market discipline by analyzing the sensitivity of
the interest-rate spread between bank-related debt and comparable Treasury
securities to measu res of bank risk. The analysis indicates that the
market discipline benefits of subordinated notes and debentures appear to
be relatively small. Furthermore, even if the bond rating agencies could
induce bankers to behave in a particular way, the findings suggest this
induced behavior may not be viewed by regulators as consistent with their
standards of safety and soundness. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Classical Monetary Theory, New and Old.
Journal: Journal of Money, Credit and Banking
Pages: 409-24
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
The distinctive features of so-called "new classical" monetary theory may
be listed as (1) rational expectations; (2) quantity th eory of money; (3)
interest policy indeterminancy; (4) market clearin g; (5) neutral money;
and (6) monetary policy ineffectiveness. This p aper investigates whether
these features actually represent the tradi tion of classical and
neoclassical economics since Richard Cantillon. The result is largely
negative, "new classical economics" is a mis nomer. Keynes, however, with
all his effort to create a revolution, r emained actually quite close to
the tradition. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tabellini, Guido
Title: Secrecy of Monetary Policy and the Variability of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 425-36
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
This paper addresses the issue of how secrecy of the short-run monetary
policy objectives affects the behavior of the federal-funds rate. Secrecy
is modeled by assuming that financial markets are unc ertain about a
parameter in the Federal Reserve reaction function. Th ey learn over time
about this parameter, by means of Bayes rule, and this learning process is
reflected in the time path of interest rates and of reserve aggregates.
The main result of the paper is that secr ecy tends to increase the
volatility of the funds rate and of reserve aggregates. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Timberlake, Richard H
Title: Private Production of Scrip-Money in the Isolated Community.
Journal: Journal of Money, Credit and Banking
Pages: 437-47
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
This paper examines the appearance of one type of privately-produced
currency, which had the generic label "scrip." This money appeared at
widely different times and places in the United States between 1820 and
1940 in spite of federal laws prohibiting its issue. The most sophistic
ated and best developed example of scrip seems to have occurred in th e
coal mining regions of Appalachia, especially in West Virginia. Thi s
experience and its implications for monetary behavior are examined here. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence H
Title: Accounting for Non-interest-Bearing Currency: A Critique of the Legal Restrictions Theory of Money.
Journal: Journal of Money, Credit and Banking
Pages: 448-56
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
The legal restrictions theory of money, developed by Neil Wallace and
others, implies that all noncommodity currency would be interest bear ing
under laissez faire (if the interest rate on bonds is positive). This note
cites historical evidence to the contrary. It then analyzes the source of
the legal restrictions theory's inapplicability, and o ffers an
alternative computation-cost-based explanation for nonintere st-bearing
currency. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gorton, Gary
Author-Name: Mullineaux, Donald J
Title: The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearinghouses.
Journal: Journal of Money, Credit and Banking
Pages: 457-68
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
During the nineteenth century, deposits increased relative to bank notes,
c ausing increased information-asymmetry problems in banking. This pape r
describes how bank clearinghouses lowered these costs by monitoring bank
activities and establishing mechanisms of managerial control, i n effect
"regulating" bank behavior. Such actions enforced the loca l one-to-one
exchange rate between deposits and specie. Clearinghouse s increased
regulation during financial panics, creating and enforcin g a risk-sharing
device (loan certificates) for addressing panic-rela ted information
problems. This paper concludes that "the market's" capacity to control
bank managers depends on the banking product mix, and more generally, on
information costs. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Maling, Charles
Title: On the Consumers' Surplus of Money Holders and the Measuring of Money's Services.
Journal: Journal of Money, Credit and Banking
Pages: 469-83
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
This paper begins by examining the different consumer-surplus measures
which are implied by the two alternative prices used in constructing money
demand schedules: a nominal interest rate and the inflation rate. The
welfare implications of a simple two-period, consumer-optimization model
are examined in detail and it is concluded that a schedule with the
inflation rate as price will give correct welfare measures. The two-period
analysis and the discussion of its extensions to more periods are found to
shed light on the accuracy of using a nominal interest rate to measure the
marginal value of money's services. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Williamson, Stephen D
Title: Transactions Costs, Inflation, and the Variety of Intermediation Services.
Journal: Journal of Money, Credit and Banking
Pages: 484-98
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
A general-equilibrium model with fixed costs of financial intermediation
and costs of transacting with intermediaries is constructed. This model is
used to show that ignoring fixed costs of in termediation is not innocuous
in Tobin-Baumol-type transactions cost models of money demand. Deflation
is optimal in spite of the fact that an increase in inflation reduces
nominal interest rates and may increase the transactions costs incurred by
all groups of economic agents. Changes in reserve requirements have
ambiguous effects. The authors obtain novel results due to the fact that
the variety of intermediation services is affected by government
intervention. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Woo, Wing Thye
Title: Some Evidence of Speculative Bubbles in the Foreign Exchange Markets.
Journal: Journal of Money, Credit and Banking
Pages: 499-514
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
The authors propose that the poor performance of portfolio models is due
to their exclusion of speculative bubbles. They suggest a new unce
rtainty-bubble solution (as opposed to a risk-bubble solution). Discr
etion is minimized because the trend of the bubble is an exact functi on
of the structural parameters. For three exchange rates, the bubble
-augmented portfolio model passes the usual statistical tests and per
forms better than its VAR equivalent in out-of-sample dynamic simulat ion.
When the model was reestimated with the bubbles removed, and wit h
ordinary dummies in place of the constrained trend, the parameter e
stimates were invariably insignificant. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Takagi, Shinji
Title: Transactions Costs and the Term Structure of Interest Rates in the OTC Bond Market in Japan.
Journal: Journal of Money, Credit and Banking
Pages: 515-27
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
This paper analyzes how the recent expansion of secondary bond trading
reduced the transactions cost and discusses the imp lication of this
reduced transactions cost for the term structure of interest rates in the
over-the-counter (OTC) bond market in Japan. It shows that the increased
trading volume and competition reduced the bid-ask price spreads of bonds
and, as a result, the term structure o f interest rates in the OTC market
converged to the term structure in the Euroyen market. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomson, James B
Title: The Use of Market Information in Pricing Deposit Insurance.
Journal: Journal of Money, Credit and Banking
Pages: 528-37
Issue: 4
Volume: 19
Year: 1987
Month: November
Abstract:
This paper argues that information about the value of the
deposit-insurance guarantee is available from market- generated data. In
the most favorable circumstances, one may construc t an unbiased estimate
of the market value of the deposit guarantee. In less favorable
circumstances, one can at least construct a lower bound against which
estimates of deposit-insurance premia can be comp ared. Without
deposit-insurance reforms, the total guarantee associat ed with federal
deposit insurance includes the guarantee on insured d eposits, a
conditional guarantee on uninsured deposits, and a conditi onal guarantee
of the stockholders' residual claim on the future earn ings of the bank. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mester, Loretta J
Title: Multiple Market Contact between Savings and Loans: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 538-49
Issue: 4
Volume: 19
Year: 1987
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: On "Real' and "Sticky-Price' Theories of the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 397-414
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
After presenting some facts about the growth of government in Western
industrialized countries, possible causes of this development are analyzed
from a public-choice perspective. Next, some empirically tested theories
which seek to explain this growth are discussed. Finally, possible
consequences for efficiency and individual liberty are examined. It is
shown that both the number and size of interest groups (age of democracy)
as stated by Mancur Olson (1982) and the increasing share of government
expenditure in GDP seem to exert a negative influence on the growth rate
of GDP. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mankiw, N Gregory
Author-Name: Summers, Lawrence H
Title: Money Demand and the Effects of Fiscal Policies.
Journal: Journal of Money, Credit and Banking
Pages: 415-29
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
This paper reexamines the choice of the scale variable in the
money-demand function. A variety of evidence suggests that consumer
spending is a better scale variable than GNP. Changing the money- demand
specification along these lines can profoundly affect the standard
Keynesian analysis of a tax cut. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Serletis, Apostolos
Author-Name: Robb, A Leslie
Title: Divisia Aggregation and Substitutability among Monetary Assets.
Journal: Journal of Money, Credit and Banking
Pages: 430-46
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
In this paper the authors estimate the degree of substitutability among
the services of money, checkable deposits, savings deposits, and time
deposits in a quasi-homothetic translog utility framework for Canada. The
four composites mentioned are formed by aggregating more basic assets such
as checkable deposits at banks, checkable deposits at trust companies,
etc. Traditionally the simple-sum aggregation has been used in this
context. The authors investigate both this alternative and Divisia
aggregation of the assets. They find a low degree of substitution among
the services of monetary assets and provide some evidence favoring Divisia
aggregation over simple-sum aggregation. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Richards, Daniel J
Title: Unanticipated Money and the Political Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 447-57
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
Six different series of one-period forecasts for money growth are
generated for each year, 1960 through 1984. The prediction errors are
analyzed to see whet herthe authorities attempted to expand the economy in
election years by unexpectedly raising money growth. While there is no
evidence of attempts to fool the public throughout the entire 1960-84
period, such fooling may have been tried through 1974. It is speculated
that the public discussion of expectations formation and of politicians'
motivations since then may have signaled officials that further attempts
to mislead the public would be prohibitively costly. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gochoco, Maria S
Title: Tests of the Money Neutrality and Rationality Hypotheses: The Case of Japan 1973-1985.
Journal: Journal of Money, Credit and Banking
Pages: 458-66
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
This study examines the Macroeconomic Rational Expectations Hypothesis
for Japan in the period 1973-1985. Monthly, seasonally - unadjusted data
and the empirical methodology utilized by Frederic S. Mishkin ( 1982) are
used to test the hypotheses of money neutrality and rationality of
expectation formation jointly and separately. Two alternative methods of
inducing stationarity in the output data are employed. The tests reject
the joint hypothes es of money neutrality and rationality as well as the
separate hypothesis of money neutrality. The separate hypothesis of
rationality cannot be rejected. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kamas, Linda
Title: The Balance of Payments Offset to Monetary Policy: Monetarist, Portfolio Balance, and Keynesian Estimates for Mexico and Venezuela.
Journal: Journal of Money, Credit and Banking
Pages: 467-81
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
Three balance-of-payments equations are specified and estimated for
Mexico and Venezuela. While a large offset is found for Venezuela, there
is no evidence of a significant offset for Mexico in the 1970s. However,
it is shown that from 1951 to 1970, the offset was close to minus one,
suggesting there was structural change in the 1970s. The estimated offset
for Venezuela in the Keynesian equation is smaller than that in the
monetarist equation, supporting arguments that the latter is biased toward
minus one. However, the long-run offset is minus one in accord ance with
both approaches. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Heaton, Hal
Title: The Relative Yields on Taxable and Tax-Exempt Debt.
Journal: Journal of Money, Credit and Banking
Pages: 482-94
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
A valuation model for corporate tax liabilities is developed and used to
derive a relationship for the relative yields of taxable and tax-exempt
debt. The model incorporates both the incomplete tax loss offset of the
U.S. corporate tax code and the resulting probabilistic marginal tax rate.
The relationship is then tested using regression analysis; the results are
both positive and strong. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Udell, Gregory F
Title: Pricing Returned Check Charges under Asymmetric Information.
Journal: Journal of Money, Credit and Banking
Pages: 495-505
Issue: 4
Volume: 18
Year: 1986
Month: November
Abstract:
Consumer deposit pricing has recently been the subject of close public
scrutiny. Banks have been accused of monopolistically setting fees for
some of their deposit services at levels greater than associated costs.
This paper examines consumer deposit pricing in a world characterized by
imperfect information about a heterogeneous customer population. It is
demonstrated that banks, in order to minimize an adverse selection
problem, utilize a menu of pricing elements including NSF fees, minimum
balance requirements, and deposit hold schedules. As a result, competitive
banks may be deliberately overcharging for some component deposit services
while simultaneously undercharging for others. Copyright 1986 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Milbourne, Ross
Title: Financial Innovation and the Demand for Liquid Assets: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 506-11
Issue: 4
Volume: 18
Year: 1986
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Saurman, David S
Title: Currency Substitution, the Exchange Rate, and the Real Interest Rate (Non)Differential: Shipping the Bad Money In: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 512-18
Issue: 4
Volume: 18
Year: 1986
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Kilbride, Bernard J
Author-Name: McDonald, Bill
Author-Name: Miller, Robert E
Title: A Reexamination of Economies of Scale in Banking Using a Generalized Functional Form: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 519-26
Issue: 4
Volume: 18
Year: 1986
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Barth, James R
Author-Name: Russek, Frank S
Author-Name: Wang, George H K
Title: A Time Series Analysis of the Relationship between the Capital Stock and Federal Debt: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 527-38
Issue: 4
Volume: 18
Year: 1986
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryan, Michael F
Author-Name: Gavin, William T
Title: Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 539-44
Issue: 4
Volume: 18
Year: 1986
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, John
Title: Is Increased Credibility Stabilizing?
Journal: Journal of Money, Credit and Banking
Pages: 155-66
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
Assuming that actual monetary policy is nonaccommodating in the face of
po sitive wage or price shocks, this paper compares the case where the p
ublic is aware that policy is nonaccommodating (the "credible" case ) with
the case where the public believes that policy will be accommo dating (the
"noncredible" case). The analysis is based on the model of J. B. Taylor
(1979), extended to incorporate forward-looking cons umers. The main
finding is that in the event of positive wage or pric e shocks, the
credible case is likely to involve a larger immediate d rop in output than
the noncredible case, followed by a faster recover y. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cook, Timothy
Author-Name: Hahn, Thomas
Title: The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 167-80
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
This paper presents evidence that throughout the 1973-85 period the
Federal Reserve systematically used certain types of discount rate a
nnouncements to signal changes in its policy instrument, the federal funds
rate. Market participants understood the signals contained in d iscount
rate announcements and used them to revise their expectations of the funds
rate. These revisions in funds rate expectations caused movements in
Treasury bill rates. Copyright 1988 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198805%2920%3A2%3C167%3ATICODR%3E2.0.CO%3B2-E&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Boyes, William J
Author-Name: Mounts, William Stewart
Author-Name: Sowell, Clifford
Title: The Federal Reserve as a Bureaucracy: An Examination of Expense-Preference Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 181-90
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
In this paper, the Federal Reserve System is viewed as a bureaucracy with
a bureau's incentive to increase expenses beyond the profit maximizing
point. Moreover, the bureau consists of divisions, the district banks,
that exhibit their own expense-prefer ence behavior. An empirical
investigation of labor demand by the Boar d and district banks reported in
this paper demonstrates that the Fed eral Reserve has engaged in
expense-preference behavior and that the centralization of the monetary
authority amplified this type of behav ior. Copyright 1988 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198805%2920%3A2%3C181%3ATFRAAB%3E2.0.CO%3B2-R&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Evanoff, Douglas D
Title: Branch Banking and Service Accessibility.
Journal: Journal of Money, Credit and Banking
Pages: 191-202
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
Probably the single most meritorious feature associated with liberali zed
branching is the potential for improved customer service. Custome r
convenience resulting from an increased number of banking facilitie s is
one element of this service. This article analyzes the impact of branching
on service accessibility-measured as the number of bank ing offices per
square mile. This measure is considered preferred bec ause it better
incorporates the characteristics of convenience, i.e., spatial features.
The findings consistently indicate that accessibil ity is improved when
branching is allowed. In contrast to previous fi ndings, the results hold
true for both metropolitan and rural areas. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hannan, Timothy H
Author-Name: Hanweck, Gerald A
Title: Bank Insolvency Risk and the Market for Large Certificates of Deposit.
Journal: Journal of Money, Credit and Banking
Pages: 203-11
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
In this paper, the authors employ a new source of bank survey data to
determine whe ther the market for large certificates of deposit exacts a
price for bank risk taking. They find strong evidence that this is in fact
the case. Proxy measures of the likelihood of bank insolvency, the variab
ility of bank returns on assets, and bank capitalization are all foun d to
influence jumbo CD rates in a manner consistent with this hypoth esis.
Area-specific variables are also found to play an important rol e in
explaining observed jumbo CD rates. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chiang, Thomas C
Title: The Forward Rate as a Predictor of the Future Spot Rate--A Stochastic Coefficient Approach.
Journal: Journal of Money, Credit and Banking
Pages: 212-32
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
This paper develops a stochastic coefficient model to examine the
unbiased forward rate hypothesis for the period January 1974 to August
1983. Tests from the full-sample estimations confirm the null hypothesis.
However, the re sults from the Brown-Durbin-Evans (1975) test and the Chow
test indic ate that the exchange-rate behavior departs from parameter
constancy. Using joint-rolling regressions for the subsample estimations,
the a uthor finds evidence that the unbiasedness hypothesis in most cases
s hould be rejected and that the estimated parameters, sensitive to new
information, vary through different subsample periods. The out-of-sa mple
test concludes that incorporation of the stochastic properties o f the
parameters into the model improves accuracy of exchange-rate pr edictions. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lahiri, Kajal
Author-Name: Teigland, Christie
Author-Name: Zaporowski, Mark
Title: Interest Rates and the Subjective Probability Distribution of Inflation Forecasts.
Journal: Journal of Money, Credit and Banking
Pages: 233-48
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
The interst rate effects of the first four moments of the subjective
probability distribution of inflation forecasts from the ASA-NBER survey
are examined over the period 1968:4-1985:4. Using Tre asury bill yields as
the nominal rate variable in the context of a re duced form Fisher
equation, the authors find that inflation uncertain ty, as measured by the
average variance of the probability distributi ons of inflation forecasts,
to be insignificant. However, the average skewness and kurtosis variables
which result from these probability distributions do significantly affect
interest rates. They interpret these effects as accounting for the level
of risk or uncertainty abou t future inflation. Copyright 1988 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198805%2920%3A2%3C233%3AIRATSP%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Economopoulos, Andrew J
Title: Illinois Free Banking Experience.
Journal: Journal of Money, Credit and Banking
Pages: 249-64
Issue: 2
Volume: 20
Year: 1988
Month: May
Abstract:
Recent studies by A. J. Rolnick and W. E. Weber (1983, 1984) suggest that
the conventional view of wildcat banking during the free banking era
misrepresents the actual experience, and that the problems of th e period
were linked to a restriction imposed on the free bank rather than the lack
of regulation. Illinois' free banking experience is re examined to see if
the traditional account of wildcat banking accurat ely portrays the actual
experience and to test the validity of the Ro lnick and Weber assertions.
The Illinois evidence shows that the trad itional accounts of wildcat
banking were exaggerated and that the Rol nick and Weber assertions are
substantiated. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly, Gary Wayne
Title: Some Regulatory Determinants of Bank Risk Behavior: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 265-69
Issue: 2
Volume: 20
Year: 1988
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Douglas W
Title: Explicit Interest and Demand Deposit Service Charges: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 270-74
Issue: 2
Volume: 20
Year: 1988
Month: May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198805%2920%3A2%3C270%3AEIADDS%3E2.0.CO%3B2-R&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Feltenstein, Andrew
Author-Name: Farhadian, Ziba
Title: Fiscal Policy, Monetary Targets, and the Price Level in a Centrally Planned Economy: An Application to the Case of China.
Journal: Journal of Money, Credit and Banking
Pages: 137-56
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
This paper presents a planned-economy monetary model of China. A money
supply equation links changes in broad money to government transactions
evaluated at official prices. The demand for real money balances by
consumers equals the nominal demand for money deflated by an unobserved
true price index. The model explains money demand as the divergence
between the then official and true price indices. Changes in the money
supply are explained by government transactions, while money demand is
explained by real income and the anticipated true rate of inflation. The
true rate of inflation is 2.5 times the official rate. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: Optimal Monetary Policy and Wage Indexation under Alternative Disturbances and Information Structures.
Journal: Journal of Money, Credit and Banking
Pages: 157-80
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
The interdependence between the optimal degree of wage indexation and
optimal monetary policy is analyzed for a small open economy under a
variety of assumptions regarding: (1) relative information available to
private agents and the stabilization authority; and (2 ) the perceived
nature of the disturbances impinging on the economy. The distinctions
between: (1) unanticipated and anticipated disturbances, and (2) permanent
and transitory disturbances, are emphasized. The extent to which
stabilization is achieved is shown to depend upon the nature of the
disturbances and the available information. The policy redundancy issue is
emphasized, implying that optimal rules can frequently be specified in
many equivalent ways. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bordo, Michael D
Author-Name: Choudhri, Ehsan U
Author-Name: Schwartz, Anna J
Title: The Behavior of Money Stock under Interest Rate Control: Some Evidence for Canada.
Journal: Journal of Money, Credit and Banking
Pages: 181-97
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
A widely held view of interest rate control is that under this policy the
demand for M1 determines the behavior of the stock of M1. An alternative
view is that under interest rate control the supply function of M1 is the
residual quantity determined by the banking system given the levels of
bank credit and nontransaction deposits chosen by the nonbank public. The
authors find evidence in favor of the alternative view for the Canadian
case, 1970-84. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cosimano, Thomas F
Title: Reserve Accounting and Variability in the Federal Funds Market.
Journal: Journal of Money, Credit and Banking
Pages: 198-209
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
The federal-funds market is analyzed under the reserve accounting
procedures suggested by Robert D. Laurent (1979) and William Poole (1976).
In general, it is shown that the forecast error for the federal-funds rate
is smaller when the uncertainty arises from future random shocks. However,
the current forecast error for the demand for money has an ambiguous
impact on the forecast error for the federal-funds rate under Laurent or
Poole's procedure. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sweeney, Richard J
Title: Some Macro Implications of Risk.
Journal: Journal of Money, Credit and Banking
Pages: 222-34
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
Using the capital asset pricing model as the financial sector of a
conventional rational-expectations macro model, an increase in expected
inflation reduces the long-run capital stock, contrary to the usual
result. This occurs because the induced fall in real balances increases
equity's share in the market, raises equity's beta and discount rate, and
reduces investment. Increases in the variance of disturbances to aggregate
demand reduce the capital stock, while increases in the variance of
inflation raise the stock. A proportionate increase in both variances
reduces the captial stock. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gapinski, James H
Title: Capital Lessons in Leaning against the Wind.
Journal: Journal of Money, Credit and Banking
Pages: 235-45
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
This paper examines how the nature of capital bears on the effectiveness
of countercyclical policy. Underlying the inquiry is a macro model which
postulates that capital in place differs from capital in design. It also
postulates that fiscal and monetary actions follow asymmetric feedback
rules keyed to unemployment. As the malleability or durability of capital
lessens, the system is observed through simulation to respond more
turbulently when disturbed. To moderate that response, feedback controls
are altered in strength, and although they generally succeed in reducing
system turbulence, their success rate is shown to depend heavily and
complexly upon capital's makeup. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kitchen, John
Author-Name: Denbaly, Mark
Title: Commodity Prices, Money Surprises, and Fed Credibility: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 246-51
Issue: 2
Volume: 19
Year: 1987
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: van der Ploeg, Frederick
Title: Benefits of Contingent Rules for Optimal Taxation of a Monetary Economy: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 252-59
Issue: 2
Volume: 19
Year: 1987
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Dhillon, Upinder S
Author-Name: Shilling, James D
Author-Name: Sirmans, C F
Title: Choosing between Fixed and Adjustable Rate Mortgages: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 260-67
Issue: 2
Volume: 19
Year: 1987
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Darity, William A, Jr
Author-Name: Cottrell, Allin F
Title: Meade's General Theory Model: A Geometric Reprise.
Journal: Journal of Money, Credit and Banking
Pages: 210-21
Issue: 2
Volume: 19
Year: 1987
Month: May
Abstract:
James Meade's 1937 two-sector formalization of Keynes's General Theory is
reconsidered in some detail. This paper developes a geometric scheme that
facilitates the use of comparative statics in working with the Meade model
to demonstrate the richness of its possibilities. The paper also argues
that the Meade model might have provided a superior starting point for the
development of algebraic interpretations of Keynes's system when compared
with John R. Hicks's IS-LL framework, particularly since the Meade model
affords a direct bridge toward James Tobin's monetary transmission
mechanism. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rose, John T
Title: Entry in Commercial Banking, 1962-78: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 247-49
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Schroeter, John R
Author-Name: Smith, Scott L
Title: A Reexamination of the Rationality of the Livingston Price Expectations: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 239-46
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: McClure, J Harold, Jr
Title: Welfare-Maximizing Inflation Rates under Fractional Reserve Banking with and without Deposit Rate Ceilings: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 233-38
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Jung, Woo S
Author-Name: Marshall, Peyton J
Title: Inflation and Economic Growth: Some International Evidence on Structuralist and Distortionist Positions: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 227-32
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, H Youn
Title: Economies of Scale and Economies of Scope in Multiproduct Financial Institutions: Further Evidence from Credit Unions: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 220-26
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Boyes, W J
Author-Name: Hoffman, Dennis
Author-Name: Low, Stuart
Title: Lender Reactions to Information Restrictions: The Case of Banks and ECOA.
Journal: Journal of Money, Credit and Banking
Pages: 211-19
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Takagi, Shinji
Title: Rediscount Policy and Official Capital Flows: A Study of Monetary Control in Central America in the 1950s.
Journal: Journal of Money, Credit and Banking
Pages: 200-210
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho, Yoon Je
Title: Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets.
Journal: Journal of Money, Credit and Banking
Pages: 191-99
Issue: 2
Volume: 18
Year: 1986
Month: May
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Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:2:p:191-99

Template-Type: ReDIF-Article 1.0
Author-Name: Cozier, Barry V
Title: A Model of Output Fluctuations in a Small, Specialized Economy.
Journal: Journal of Money, Credit and Banking
Pages: 179-90
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hubbard, R Glenn
Title: Pension Wealth and Individual Saving: Some New Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 167-78
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hunter, William C
Author-Name: Timme, Stephen G
Title: Technical Change, Organizational Form, and the Structure of Bank Production.
Journal: Journal of Money, Credit and Banking
Pages: 152-66
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Nguyen, Hong V
Title: Money in the Aggregate Production Function: Reexamination and Further Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 141-51
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kimbrough, Kent P
Title: Inflation, Employment, and Welfare in the Presence of Transactions Costs.
Journal: Journal of Money, Credit and Banking
Pages: 127-40
Issue: 2
Volume: 18
Year: 1986
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Marty, Alvin L
Author-Name: Chaloupka, Frank J
Title: Optimal Inflation Rates: A Generalization.
Journal: Journal of Money, Credit and Banking
Pages: 141-44
Issue: 1
Volume: 20
Year: 1988
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Sommariva, Andrea
Author-Name: Tullio, Giuseppe
Title: Notes, Comments, Replies: International Gold Flows in Gold Standard Germany: A Test of the Monetary Approach to the Balance of Payments, 1880-1911.
Journal: Journal of Money, Credit and Banking
Pages: 132-40
Issue: 1
Volume: 20
Year: 1988
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Smith, Donald J
Title: Credit Union Rate and Earnings Retention Decisions Under Uncertainty and Taxation.
Journal: Journal of Money, Credit and Banking
Pages: 119-31
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper presents a model of credit union loan and deposit rate setting
when net income flows are uncertain and subj ect to taxation. Optimal
rates are chosen to maximize the expected va lue of a performance measure
based on a comparison of the credit unio n's rates to alternative rates,
subject to a probabilistic constraint on the net change in capital
reserves relative to a capital adequacy standard. Taxation will alter the
end-of-period trade-off between th e change in capital reserves and the
immediate distribution of surplu s, and would likely affect credit unions
in a nonuniform manner and p erhaps be regressive in nature. Copyright 1988 by Ohio State University Press.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198802%2920%3A1%3C119%3ACURAER%3E2.0.CO%3B2-7&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Tabellini, Guido
Title: Centralized Wage Setting and Monetary Policy in a Reputational Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 102-18
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper analyzes a repeated game between the central bank and a
centralized trade union. The central bank would be better off if it could
commit to a noninflationary strategy. When this commitment is not
enforceable, a noninflationary equilibrium can still be sustained by a
reputational mechanism if the central bank has superior information about
its own objective function. The qualitative properties of this
reputational equilibrium are shown to differ from the cases considered in
the existing literature where the central bank was modeled as playing a
game against competitive labor markets. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas
Title: Monetary Policy Signaling from the Administration to the Federal Reserve.
Journal: Journal of Money, Credit and Banking
Pages: 83-101
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper develops an index of monetary policy signals from the
Administration to the Federal Reserve based on articles which appeared in
the Wall Street Journal in which Administration off icials express a
desire for easier or tighter monetary policy. In reg ressions, the index
has a significant effect on the money supply. In reaction functions, the
index responds to variables which measure the state of the economy. Money
growth does not respond to the same stat e-of-the-economy measures but
does respond to signals from the Admini stration. Further evdience
suggests that the index is Granger-causal with respect to the money
supply. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Alesina, Alberto
Author-Name: Sachs, Jeffrey
Title: Political Parties and the Business Cycle in the United States, 1948-1984.
Journal: Journal of Money, Credit and Banking
Pages: 63-82
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper tests the existence and the extent of a politically induced
busi ness cycle in the United States in the post-World War II period. The
cycle described in this paper is quite different from the traditional
"political business cycle" of William Nordhaus. It is based upon t he
assumption that Republican and Democratic administrations have fol lowed
systematically different monetary policies. The empirical impli cations of
the theory are supported by the data. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Aschauer, David Alan
Title: The Equilibrium Approach to Fiscal Policy.
Journal: Journal of Money, Credit and Banking
Pages: 41-62
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper lays out a simple model for the purpose of bringing together
the various strands of the analysis of fiscal policy in an optimizing ,
competitive equilibrium model. The discussion centers on the critic al
assumptions lying behind the Ricardian equivalence proposition, th e role
of the time profile and composition of public expenditure, and the timing
of distortional taxation. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dotsey, Michael
Title: The Demand for Currency in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 22-40
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
The idea of totally deregulating the financial system and implementing
monetary policy through currency control has received renewed attention.
An important aspect concernin g the desirability of using currency as the
instrument of policy is t he behavior of the demand for currency. This
paper investigates the d emand for currency over the period 1921-80 and
finds that currency be haves in a systematic and explainable manner over
this period. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Leiderman, Leonardo
Author-Name: Razin, Assaf
Title: Testing Ricardian Neutrality with an Intertemporal Stochastic Model.
Journal: Journal of Money, Credit and Banking
Pages: 1-21
Issue: 1
Volume: 20
Year: 1988
Month: February
Abstract:
This paper's purpose is to develop and estimate a stochastic,
intertemporal model of consumption be havior and to use it for testing a
version of the Ricardian-equivalen ce proposition with time-series data.
Two channels that may give rise to deviations from this proposition are
specified: finite horizons a nd liquidity constraints. In addition, the
model incorporates explici tly the roles of taxes, substitution between
public and private consu mption, and different degrees of consumer goods'
durability. The evid ence, based on data for Israel in the first half of
the 1980s, suppor ts the Ricardian neutrality specification, yielding
plausible estimat es for the behavioral parameters of the aggregate
consumption functio n. Copyright 1988 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Williams, Arlington W
Title: The Formation of Price Forecasts in Experimental Markets.
Journal: Journal of Money, Credit and Banking
Pages: 1-18
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
This study utilizes laboratory experimental methods to evaluate the
empirical validity of: (1) "Muthian" rational expectations assumptions,
(2) an adaptive expectations model, and (3) an extrapolative expectations
model. Over 5 00 price forecasts from 146 participants in twelve
experimental double-auction m arkets with a cash reward structure are
analyzed. The forecasting objective is t hemean price over a sequence of
trading periods governed by stationary market parameters. The price
forecasts are found to be inconsistent with strict Muthian rational
expectations and the extrapolative modelis not supported by the data.
However, the forecasts generally support the adaptive expectations model. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Calvo, Guillermo A
Title: Balance of Payments Crises in a Cash-in-Advance Economy.
Journal: Journal of Money, Credit and Banking
Pages: 19-32
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
The author shows that a flexible-prices, Sidrauski-type model with a
cash-in-advance constraint is capable of depicting some of the phenomena
associated with a balance of payments crisis, like the onesrecently
observed in Argentina and Mexico (current-accounts deficits,and
appreciation of the real exchange rat e). It is also shown that these
phenomena become exacerbated as the rate of devaluation (before the crisis
occurs) becomes smaller. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Monetary Policy and Investment Dynamics in Interdependent Economies.
Journal: Journal of Money, Credit and Banking
Pages: 33-45
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
A dynamic two-country model is used to determine the adjustment pat hs of
prices, interest rates, exchange rates, and capital flows aftera change i
n monetary policy. The principal controlling factor is thereaction of
investmen t to capital goods prices (Tobin's q). Monetaryexpansion in one
country produces deflationary pressure abroad. There is an instant decline
in the world interest rate followed by a gradual rise. Exchange rates may
overshoot or undershoot their steady-state level. The same applies to
capital flows, but there is no correspondence between the paths of
exchange rates and capital flows. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruner, Robert F
Author-Name: Simms, John M, Jr
Title: The International Debt Crisis and Bank Security Returns in 1982.
Journal: Journal of Money, Credit and Banking
Pages: 46-55
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
This research investigates the reaction of bank security returns to the
20 August 1982 Mexican request for the rescheduling of its external debt.
Empirical results show that the reaction of bank stocks was rapid and
significantly negative. Within six days of the published announcem ent,
prices had adjusted to reflect levels of individual bank exposure, which
re futes the much longer time impliedin other studies of this event. The
authors c onclude that the marketreaction was essentially efficient,
rational, and orderly. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Campbell, John Y
Title: Money Announcements, the Demand for Bank Reserves, and the Behavior of the Federal Funds Rate within the Statement Week.
Journal: Journal of Money, Credit and Banking
Pages: 56-67
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
The effect of money stock announcements on the federal funds rate hasbeen
attributed informally to the information conveyed by the announcements
about aggregate reserved emand. This "Aggregate Information Hypothesis"
explains the effect without ref erence to Federal Reserve intervention in
the funds market. In this paper, the a uthor provides a formal model of
the Aggregate Information Hypothesis under lagged reserve accounting. The
model relies on imperfect information in the funds ma rket and on
imperfect bank arbitrage of reserve demand between days of the week. Some
stylized facts are presented about funds rate behavior in the period
1980-83. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cothren, Richard
Title: Asymmetric Information and Optimal Bank Reserves.
Journal: Journal of Money, Credit and Banking
Pages: 68-77
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
One traditional argument in favor of bank reserve requirements holds that
since a b ank and its depositors are asymmetrically informed as to the
bank's reserve position and its portfolio, the bank will hold too few
reserves and too risky a port folio. This being the case, presumably a
central banking authority is equipped t o impose and to monitor a minimal
reserve requirement yielding a Pareto superior outcome. This paper
analyzes this position in the context of a formalmodel and shows that at
least for some parameters of the model there is such a case for a minimal
reserve requirement. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Jain, Arvind K
Author-Name: Gupta, Satyadev
Title: Some Evidence on 'Herding' Behavior of U.S. Banks.
Journal: Journal of Money, Credit and Banking
Pages: 78-89
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
The authors examine the international lending decisions of U.S.
commercial banks of different sizes from 1977 to 1982 for evidence ofthe
ex istence of "herding" behavior. Granger-Sims causality tests for the
loans gran ted by the top nine, the next fifteen, and the remaining U.S.
banks provide no c lear evidence of herding between the top nine and the
next fifteen banks. There is, however, evidence that the remaining banks
(mostly small ones) herded behind the top twenty-four banks. Overall, the
analysis presented here points to a very weak herding behavior. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hochman, Shalom
Author-Name: Palmon, Oded
Title: Expected Inflation and the Real Rates of Interest on Taxable and Tax-Exempt Bonds.
Journal: Journal of Money, Credit and Banking
Pages: 90-103
Issue: 1
Volume: 19
Year: 1987
Month: February
Abstract:
This paper analyzes the impact of inflation on rates of return on taxable
corporate bonds and tax-exempt municipal bonds. The paper considers a
differential tax system, where the tax rate depen ds on both the identity
of the investor and the source of income. It also consid ers the
possibility that inflation may induce investors to switch from holding one
asset to holding another. It is demonstrated that while inflation should
increase the (pre-personal tax) real rate of interest on taxable bonds, it
should reduce the real rate of interest on tax-exempt bonds. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Diba, Behzad T
Title: A Critique of Variance Bounds Tests for Monetary Exchange Rate Models: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 104-11
Issue: 1
Volume: 19
Year: 1987
Month: February
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Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:1:p:104-11

Template-Type: ReDIF-Article 1.0
Author-Name: Hall, Thomas E
Author-Name: Noble, Nicholas R
Title: Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 112-16
Issue: 1
Volume: 19
Year: 1987
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Duca, John V
Title: The Spillover Effects of Nominal Wage Rigidity in a Multisector Economy: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 117-21
Issue: 1
Volume: 19
Year: 1987
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198702%2919%3A1%3C117%3ATSEONW%3E2.0.CO%3B2-G&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Gisser, Micha
Author-Name: Goodwin, Thomas H
Title: Crude Oil and the Macroeconomy: Tests of Some Popular Notions: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 95-103
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C95%3ACOATMT%3E2.0.CO%3B2-9&origin=bc
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Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:1:p:95-103

Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Stuart D
Title: The Federal Reserve and the Electoral Cycle: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 88-94
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C88%3ATFRATE%3E2.0.CO%3B2-N&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Boschen, John F
Title: The Information Content of Indexed Bonds.
Journal: Journal of Money, Credit and Banking
Pages: 76-87
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C76%3ATICOIB%3E2.0.CO%3B2-C&origin=bc
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Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:1:p:76-87

Template-Type: ReDIF-Article 1.0
Author-Name: McMillan, Henry M
Title: Nonassignable Pensions and the Price of Risk.
Journal: Journal of Money, Credit and Banking
Pages: 60-75
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C60%3ANPATPO%3E2.0.CO%3B2-L&origin=bc
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Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:1:p:60-75

Template-Type: ReDIF-Article 1.0
Author-Name: Green, Jerry
Author-Name: Shoven, John B
Title: The Effects of Interest Rates on Mortgage Prepayments.
Journal: Journal of Money, Credit and Banking
Pages: 41-59
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C41%3ATEOIRO%3E2.0.CO%3B2-X&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Fenstermaker, J Van
Author-Name: Filer, John E
Title: Impact of the First and Second Banks of the United States and the Suffolk System on New England Bank Money: 1791-1837.
Journal: Journal of Money, Credit and Banking
Pages: 28-40
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C28%3AIOTFAS%3E2.0.CO%3B2-M&origin=bc
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Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:1:p:28-40

Template-Type: ReDIF-Article 1.0
Author-Name: Antoncic, Madelyn
Title: High and Volatile Real Interest Rates: Where Does the Fed Fit In?
Journal: Journal of Money, Credit and Banking
Pages: 18-27
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C18%3AHAVRIR%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Patinkin, Don
Title: Essay on and in the Chicago Tradition: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 116-21
Issue: 1
Volume: 18
Year: 1986
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Parkin, Michael
Title: Essays on and in the Chicago Tradition: A Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 104-16
Issue: 1
Volume: 18
Year: 1986
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoelscher, Gregory
Title: New Evidence on Deficits and Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 1-17
Issue: 1
Volume: 18
Year: 1986
Month: February
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198602%2918%3A1%3C1%3ANEODAI%3E2.0.CO%3B2-8&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Guth, Michael A S
Title: Functional Form in Finished Goods Inventory Investment: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 396-401
Issue: 3
Volume: 19
Year: 1987
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Pearce, Douglas K
Title: Short-term Inflation Expectations: Evidence from a Monthly Survey: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 388-95
Issue: 3
Volume: 19
Year: 1987
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198708%2919%3A3%3C388%3ASIEEFA%3E2.0.CO%3B2-X&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Edison, Hali J
Title: Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate (1890-1978).
Journal: Journal of Money, Credit and Banking
Pages: 376-87
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
This paper tests the Purchasing Power Parity (PPP) hypothesis by
analyzing t he long-run tendency of the dollar/pound exchange rate using
data sin ce 1890. Two different models are considered: (1) a na ive model
and (2) a modified monetary model. The conditions of propor tionality and
symmetry cannot be rejected when using the naive model. The final results
using the monetary model, however, indicate that t he existence of
permanent deviations from PPP cannot be ruled out. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Koray, Faik
Title: Government Debt, Economic Activity, and Transmission of Economic Disturbances.
Journal: Journal of Money, Credit and Banking
Pages: 361-75
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
This paper analyzes the effects of government debt on output and the
trade bala nce in a two-country rational expectations model of the world
economy It is shown that perceived changes in government debt do not
affect the level of economic activity but unperceived changes in the home
country's government debt are correlated positively with its output and
negatively with its trade balance. Unperceived increases in the foreign
country's government debt, however, have a positive impact on the home
country's output and the trade balance. Empirical evidence from the U.S.
is consistent with most of the implications of the model. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pennacchi, George G
Title: A Reexamination of the Over- (or Under-) Pricing of Deposit Insurance.
Journal: Journal of Money, Credit and Banking
Pages: 340-60
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
This study shows how fair deposit insurance premia can be calculated
using data on bank stock prices, interest rate movements, and income and
balance sheet accounts. Fair insurance premia are estimat ed under the
alternative assumptions that the FDIC provides either a "limited-term"
(variable rate) or "unlimited-term" insurance cont ract to banks. The
paper's results suggest that for nearly all of the large commerical banks
in the sample, the actual insurance premium c harged by the FDIC falls
between the bounds of fair limited-term and unlimited-term insurance
premia. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cosimano, Thomas F
Title: The Federal Funds Market under Bank Deregulation.
Journal: Journal of Money, Credit and Banking
Pages: 326-39
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
The introduction of competitive interest rates on deposits is shown to
effect the optimal decisions of banks by altering their optimal forecast
of the federal-funds rate. The movement toward co mpetitive deposit rates
increases the size of the monetary base neces sary for the Fed to maintain
its deposit targets when deposits and the monetary base are substitutes.
In addition there is less uncertainty in the federal-funds market under
competitive deposit rates when deposits and the monetary base are
substitutes, and the source of uncertainty is not from the supply of
deposits. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas M
Title: A Partisanship Theory of Fiscal and Monetary Regimes.
Journal: Journal of Money, Credit and Banking
Pages: 308-25
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
This paper indicates that income redistribution, motivated by the
distributive ideals of liberal political p arties, create unanticipated
disincentives for productive effort. Thi s suggests that newly-elected
liberal parties are likely to engage in monetary surprises in order to
compensate for the adverse effects of these disincentives on real income.
Estimated reaction from function s support these predictions. A measure of
income redistribution, the change in the ratio of the social expenditures
of government to GNP, has a positive significant effect on money growth.
In addition, when the Presidency changes from conservative to liberal,
there is a posit ive and significant increase on money growth. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Roley, V Vance
Title: The Effects of Money Announcements under Alternative Monetary Control Procedures.
Journal: Journal of Money, Credit and Banking
Pages: 292-307
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
The response of interest rates to money announcement surprises is
theoretically exam ined in this paper. In the models developed, not only
changes in oper ating procedures, but also reserve-requirement systems,
are found to potentially affect the response. The response also varies
depending o n the desired degree of monetary control. Moreover, under the
current two-week contemporaneous reserve requirements adopted in February
19 84, the responses in the first and second weeks of the two-week reser
ve maintenance period may differ. Previous empirical results conform to
the predictions of the theoretical models. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Peek, Joe
Author-Name: Wilcox, James A
Title: Monetary Policy Regimes and the Reduced Form for Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 273-91
Issue: 3
Volume: 19
Year: 1987
Month: August
Abstract:
This study investigates whether the recent poor performance and inst
ability of reduced-form interest-rate equations can be accounted for by
changes in monetary policy regimes. The results imply that reduced -form
coefficients move by statistically-significant and economically
-meaningful amounts in response to such policy parameter shifts. Both
in-sample and out-of-sample predictions from the models that allow f or
the endogeneity of the money stock outperform those produced by the
conventional specification. Copyright 1987 by Ohio State University Press.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ladenson, Mark L
Author-Name: Bombara, Kenneth J
Title: Entry in Commercial Banking: 1962-78: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 390-91
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Swofford, James L
Author-Name: Whitney, Gerald A
Title: Flexible Functional Forms and the Utility Approach to the Demand for Money: A Nonparametric Analysis: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 383-89
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Douglas W
Title: Some Regulatory Determinants of Bank Risk Behavior: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 374-82
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Poulsen, Annette B
Title: Japanese Bank Regulation and the Activities of U.S. Offices of Japanese Banks: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 366-73
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Blinder, Alan S
Title: More on the Speed of Adjustment in Inventory Models.
Journal: Journal of Money, Credit and Banking
Pages: 355-65
Issue: 3
Volume: 18
Year: 1986
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198608%2918%3A3%3C355%3AMOTSOA%3E2.0.CO%3B2-8&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Thies, Clifford F
Title: Business Price Expectations: 1947-83.
Journal: Journal of Money, Credit and Banking
Pages: 336-54
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley, Michael D
Author-Name: Jansen, Dennis W
Title: Federal Reserve Operating Procedure in the Eighties: A Dynamic Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 323-35
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Aizenman, Joshua
Author-Name: Frenkel, Jacob A
Title: Supply Shocks, Wage Indexation and Monetary Accommodation.
Journal: Journal of Money, Credit and Banking
Pages: 304-22
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: King, Stephen R
Title: Monetary Transmission: Through Bank Loans or Bank Liabilities?
Journal: Journal of Money, Credit and Banking
Pages: 290-303
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Huang, Roger D
Title: Does Monitization of Federal Debt Matter? Evidence from the Financial Markets.
Journal: Journal of Money, Credit and Banking
Pages: 275-89
Issue: 3
Volume: 18
Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Rush, Mark
Title: Unexpected Money and Unemployment, 1920 to 1983.
Journal: Journal of Money, Credit and Banking
Pages: 259-74
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Year: 1986
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Author-Name: Dewald, William G
Title: Monetary Policy in a Changing Financial Environment: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 565-69
Issue: 4
Volume: 17
Year: 1985
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: On Consequences and Criticisms of Monetary Targeting.
Journal: Journal of Money, Credit and Banking
Pages: 570-97
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Template-Type: ReDIF-Article 1.0
Author-Name: Axilrod, Stephen H
Title: On Consequences and Criticisms of Monetary Targeting: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 598-602
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Template-Type: ReDIF-Article 1.0
Author-Name: Poole, William
Title: On Consequences and Criticisms of Monetary Targeting: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 602-05
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: On Consequences and Criticisms of Monetary Targeting, or Monetary Targeting: Dead at Last? Comment.
Journal: Journal of Money, Credit and Banking
Pages: 605-09
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Template-Type: ReDIF-Article 1.0
Author-Name: Roley, V Vance
Title: Money Demand Predictability.
Journal: Journal of Money, Credit and Banking
Pages: 611-41
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafer, R W
Title: Money Demand Predictability: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 642-46
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Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David
Title: Money Demand Predictability: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 647-53
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Dwyer, Gerald P, Jr
Title: Federal Deficits, Interest Rates, and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 655-81
Issue: 4
Volume: 17
Year: 1985
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Barro, Robert J
Title: Federal Deficits, Interest Rates, and Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 682-85
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Blinder, Alan S
Title: Federal Deficits, Interest Rates, and Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 685-89
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Year: 1985
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Merrick, John J, Jr
Author-Name: Saunders, Anthony
Title: Bank Regulation and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 691-717
Issue: 4
Volume: 17
Year: 1985
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chase, Samuel
Title: Bank Regulation and Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 718-21
Issue: 4
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Pyle, David H
Title: Bank Regulation and Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 722-24
Issue: 4
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Year: 1985
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dewald, William G
Title: Eighth Annual Economic Policy Conference: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 571-75
Issue: 4
Volume: 16
Year: 1984
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Santomero, Anthony M
Title: Modeling the Banking Firm: A Survey.
Journal: Journal of Money, Credit and Banking
Pages: 576-602
Issue: 4
Volume: 16
Year: 1984
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: De Vany, Arthur S
Title: Modeling the Banking Firm: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 603-09
Issue: 4
Volume: 16
Year: 1984
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldfeld, Stephen M
Title: Modeling the Banking Firm: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 609-16
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Year: 1984
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert, R Alton
Title: Bank Market Structure and Competition: A Survey.
Journal: Journal of Money, Credit and Banking
Pages: 617-44
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Heggestad, Arnold A
Title: Bank Market Structure and Competition: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 645-50
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Peltzman, Sam
Title: Bank Market Structure and Competition: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 650-56
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Schmidt, Peter J
Title: Bank Market Structure and Competition: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 656-60
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Aliber, Robert Z
Title: International Banking: A Survey.
Journal: Journal of Money, Credit and Banking
Pages: 661-78
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Goodman, Laurie S
Title: International Banking: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 678-84
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Template-Type: ReDIF-Article 1.0
Author-Name: Houthakker, Hendrik S
Title: International Banking: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 684-90
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray, John D
Title: International Banking: A Survey: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 690-95
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Hvidding, James M
Title: Models of Inflation Expectations Formation: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 534-38
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Merris, Randall C
Title: Explicit Interest and Demand Deposit Service Charges: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 528-33
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Michael A
Title: The Relevance of Margin Regulations: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 521-27
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Template-Type: ReDIF-Article 1.0
Author-Name: Dornbusch, Rudiger
Author-Name: Pechman, Clarice
Title: The Bid-Ask Spread in the Black Market for Dollars in Brazil: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 517-20
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Template-Type: ReDIF-Article 1.0
Author-Name: Karamouzis, Nicholas
Title: An Evaluation of M1 Forecasting Errors by the Federal Reserve Staff in the 1970s: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 512-16
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Goodhart, Charles A E
Author-Name: Smith, Richard G
Title: The Impact of News on Financial Markets in the United Kingdom: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 507-11
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Template-Type: ReDIF-Article 1.0
Author-Name: Aharony, Joseph
Author-Name: Saunders, Anthony
Author-Name: Swary, Itzhak
Title: The Effects of the International Banking Act on Domestic Bank Profitability and Risk.
Journal: Journal of Money, Credit and Banking
Pages: 493-506
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Template-Type: ReDIF-Article 1.0
Author-Name: Webb, Steven B
Title: Government Debt and Inflationary Expectations as Determinants of the Money Supply in Germany, 1919-23.
Journal: Journal of Money, Credit and Banking
Pages: 479-92
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Melvin, Michael
Title: The Choice of an Exchange Rate System and Macroeconomic Stability.
Journal: Journal of Money, Credit and Banking
Pages: 467-78
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Husted, Steven
Author-Name: Kitchen, John
Title: Some Evidence on the International Transmission of U.S. Money Supply Announcement Effects.
Journal: Journal of Money, Credit and Banking
Pages: 456-66
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Template-Type: ReDIF-Article 1.0
Author-Name: Rose, Andrew K
Title: An Alternative Approach to the American Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 439-55
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Template-Type: ReDIF-Article 1.0
Author-Name: Frankel, Jeffrey A
Author-Name: Hardouvelis, Gikas A
Title: Commodity Prices, Money Surprises and Fed Credibility.
Journal: Journal of Money, Credit and Banking
Pages: 425-38
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahking, Francis W
Title: International Currency Substitution: A Reexamination of Britain's Econometric Evidence: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 546-56
Issue: 4
Volume: 16
Year: 1984
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Lane, Timothy D
Title: Money Supply Control and Lagged Reserve Accounting: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 536-46
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Peterson, Richard L
Author-Name: Black, Dan A
Title: Consumer Credit Search: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 527-35
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Fishe, Raymond P H
Title: On Testing Hypotheses Using the Livingston Price Expectations Data: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 520-27
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed, Ehsan
Author-Name: Johannes, James M
Title: St. Louis Equation Restrictions and Criticisms Revisited: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 514-20
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Template-Type: ReDIF-Article 1.0
Author-Name: Montgomery, Edward
Title: Aggregate Dynamics and Staggered Contracts: A Test of the Importance of Spillover Effects: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 505-14
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Template-Type: ReDIF-Article 1.0
Author-Name: Benavie, Arthur
Author-Name: Froyen, Richard T
Title: Optimal Combination Monetary Policies: A Two-Stage Process.
Journal: Journal of Money, Credit and Banking
Pages: 497-505
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Template-Type: ReDIF-Article 1.0
Author-Name: Williams, Jeffrey C
Title: Fractional Reserve Banking in Grain.
Journal: Journal of Money, Credit and Banking
Pages: 488-96
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Template-Type: ReDIF-Article 1.0
Author-Name: Tybout, James R
Title: Interest Control and Credit Allocation in Developing Countries.
Journal: Journal of Money, Credit and Banking
Pages: 474-87
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Template-Type: ReDIF-Article 1.0
Author-Name: Shah, Anup
Title: Crowding Out, Capital Accumulation, the Stock Market, and Money-financed Fiscal Policy.
Journal: Journal of Money, Credit and Banking
Pages: 461-73
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus, Alan J
Author-Name: Shaked, Israel
Title: The Valuation of FDIC Deposit Insurance Using Option-pricing Estimates.
Journal: Journal of Money, Credit and Banking
Pages: 446-60
Issue: 4
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Author-Name: James, Christopher M
Title: Market Evidence on the Effective Maturity of Bank Assets and Liabilities.
Journal: Journal of Money, Credit and Banking
Pages: 435-45
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon, Robert J
Title: The Short-run Demand for Money: A Reconsideration.
Journal: Journal of Money, Credit and Banking
Pages: 403-34
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Gendreau, Brian C
Title: The Implicit Return on Bankers' Balances.
Journal: Journal of Money, Credit and Banking
Pages: 411-24
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Template-Type: ReDIF-Article 1.0
Author-Name: O'Hara, Maureen
Title: Tax-Exempt Financing: Some Lessons from History.
Journal: Journal of Money, Credit and Banking
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Template-Type: ReDIF-Article 1.0
Author-Name: Attfield, Clifford L F
Author-Name: Duck, Nigel W
Title: The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates.
Journal: Journal of Money, Credit and Banking
Pages: 442-54
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard, David H
Author-Name: Johnson, Karen H
Title: The Behavior of Monetary Aggregates in Major Industrialized Countries.
Journal: Journal of Money, Credit and Banking
Pages: 455-68
Issue: 4
Volume: 15
Year: 1983
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Blejer, Mario I
Title: On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina.
Journal: Journal of Money, Credit and Banking
Pages: 469-82
Issue: 4
Volume: 15
Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert, R Alton
Title: Economies of Scale in Correspondent Banking.
Journal: Journal of Money, Credit and Banking
Pages: 483-88
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Rotemberg, Julio J
Title: Supply Shocks, Sticky Prices, and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 489-98
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Ochs, Jack
Author-Name: Rush, Mark
Title: The Persistence of Interest-Rate Effects on the Demand for Currency.
Journal: Journal of Money, Credit and Banking
Pages: 499-505
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: Monetary Policy: Rules, Targets, and Shocks.
Journal: Journal of Money, Credit and Banking
Pages: 506-18
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Eltis, Walter
Title: A Neoclassical Analysis of Macroeconomic Policy: A Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 519-26
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Lomax, David F
Title: Competition and Credit Control [and] Monetary Control in the United Kingdom: A Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 527-32
Issue: 4
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Stiglitz, Joseph E
Title: Credit Markets and the Control of Capital.
Journal: Journal of Money, Credit and Banking
Pages: 133-52
Issue: 2
Volume: 17
Year: 1985
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Boschen, John F
Title: Employment and Output Effects of Observed and Unobserved Monetary Growth.
Journal: Journal of Money, Credit and Banking
Pages: 153-63
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, Daniel L
Author-Name: Batten, Dallas S
Title: Lag-Length Selection and Tests of Granger Causality between Money and Income.
Journal: Journal of Money, Credit and Banking
Pages: 164-78
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Katsimbris, George M
Title: The Relationship between the Inflation Rate, Its Variability, and Output Growth Variability: Disaggregated International Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 179-88
Issue: 2
Volume: 17
Year: 1985
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hancock, Diana
Title: Bank Profitability, Interest Rates, and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 189-202
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Year: 1985
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Horngren, Lars
Title: Regulatory Monetary Policy and Uncontrolled Financial Intermediaries.
Journal: Journal of Money, Credit and Banking
Pages: 203-19
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Ihori, Toshihiro
Title: On the Welfare Cost of Permanent Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 220-31
Issue: 2
Volume: 17
Year: 1985
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: de Leeuw, Frank
Author-Name: Holloway, Thomas M
Title: The Measurement and Significance of the Cyclically Adjusted Federal Budget and Debt.
Journal: Journal of Money, Credit and Banking
Pages: 232-42
Issue: 2
Volume: 17
Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Langohr, Herwig
Author-Name: Santomero, Anthony M
Title: The Extent of Equity Investment by European Banks: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 243-52
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Karafiath, Imre
Title: A Stochastic Model of the Competitive Banking Firm with Lagged and Contemporaneous Reserve Accounting.
Journal: Journal of Money, Credit and Banking
Pages: 253-57
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Inchul
Title: Exchange Market Pressure in Korea: An Application of the Girton-Roper Monetary Model.
Journal: Journal of Money, Credit and Banking
Pages: 258-63
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Hein, Scott E
Title: The Response of Short-term Interest Rates to Weekly Money Announcements: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 264-71
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Roley, V Vance
Title: Reply [The Response of Short-term Interest Rates to Weekly Money Announcements: A Note].
Journal: Journal of Money, Credit and Banking
Pages: 271-73
Issue: 2
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Walsh, Carl E
Title: Interest Rate Volatility and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 133-50
Issue: 2
Volume: 16
Year: 1984
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: O'Brien, James M
Title: The Information Value of the FOMC Policy Directive under the New Operating Procedures.
Journal: Journal of Money, Credit and Banking
Pages: 151-64
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Ladenson, Mark L
Author-Name: Bombara, Kenneth J
Title: Entry in Commercial Banking: 1962-78.
Journal: Journal of Money, Credit and Banking
Pages: 165-74
Issue: 2
Volume: 16
Year: 1984
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayor, Thomas H
Author-Name: Pearl, Lawrence R
Title: Life-Cycle Effects, Structural Change and Long-Run Movements in the Velocity of Money.
Journal: Journal of Money, Credit and Banking
Pages: 175-84
Issue: 2
Volume: 16
Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Hetzel, Robert L
Title: Estimating Money Demand Functions.
Journal: Journal of Money, Credit and Banking
Pages: 185-93
Issue: 2
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Connolly, Michael B
Author-Name: Taylor, Dean
Title: The Exact Timing of the Collapse of an Exchange Rate Regime and Its Impact on the Relative Price of Traded Goods.
Journal: Journal of Money, Credit and Banking
Pages: 194-207
Issue: 2
Volume: 16
Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Obstfeld, Maurice
Title: Balance-of-Payments Crises and Devaluation.
Journal: Journal of Money, Credit and Banking
Pages: 208-17
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Maccini, Louis J
Author-Name: Rossana, Robert J
Title: Joint Production, Quasi-Fixed Factors of Production, and Investement in Finished Goods Inventories.
Journal: Journal of Money, Credit and Banking
Pages: 218-36
Issue: 2
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Year: 1984
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheehey, Edmund J
Title: The Neutrality of Money in the Short Run: Some Tests: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 237-41
Issue: 2
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Miller, Edward M
Title: Bank Deposits in the Monetary Theory of Keynes: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 242-46
Issue: 2
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafer, R W
Author-Name: Hein, Scott E
Title: Financial Innovations and the Interest Elasticity of Money Demand: Some Historical Evidence: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 247-52
Issue: 2
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Year: 1984
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Template-Type: ReDIF-Article 1.0
Author-Name: Benavie, Arthur
Author-Name: Froyen, Richard T
Title: Combination Monetary Policies to Stabilize Price and Output under Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 186-98
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Canarella, Giorgio
Author-Name: Garston, Neil
Title: Monetary and Public Debt Shocks: Tests and Efficient Estimates.
Journal: Journal of Money, Credit and Banking
Pages: 199-211
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cothren, Richard
Title: On a Trigger Mechanism for Indexing Wages: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 233-36
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Gramlich, Edward M
Title: Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts.
Journal: Journal of Money, Credit and Banking
Pages: 155-73
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hercowitz, Zvi
Title: Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve.
Journal: Journal of Money, Credit and Banking
Pages: 139-54
Issue: 2
Volume: 15
Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Lawrence R
Author-Name: Friedman, Edward
Author-Name: Able, Stephen
Title: Money in the Wharton Quarterly Model.
Journal: Journal of Money, Credit and Banking
Pages: 237-59
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Merrick, John J, Jr
Title: Financial Market Efficiency, the Decomposition of "Anticipated" versus "Unanticipated" Money Growth, and Further Tests of the Relation between Money and Real Output: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 222-32
Issue: 2
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Year: 1983
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Template-Type: ReDIF-Article 1.0
Author-Name: Orgler, Yair E
Author-Name: Taggart, Robert A, Jr
Title: Implications of Corporate Capital Structure Theory for Banking Institutions: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 212-21
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ortiz, Guillermo
Title: Currency Substitution in Mexico: The Dollarization Problem.
Journal: Journal of Money, Credit and Banking
Pages: 174-85
Issue: 2
Volume: 15
Year: 1983
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Moshe
Title: Scale Economies in Banking: A Methodological Note.
Journal: Journal of Money, Credit and Banking
Pages: 96-102
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Chan, Yuk-Shee
Author-Name: Kanatas, George
Title: Asymmetric Valuations and the Role of Collateral in Loan Agreements.
Journal: Journal of Money, Credit and Banking
Pages: 84-95
Issue: 1
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Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Smirlock, Michael
Title: Evidence on the (Non) Relationship between Concentration and Profitability in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 69-83
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Edwards, Sebastian
Title: Money, the Rate of Devaluation, and Interest Rates in a Semiopen Economy: Colombia, 1968-82.
Journal: Journal of Money, Credit and Banking
Pages: 59-68
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory, Allan W
Author-Name: Raynauld, Jacques
Title: An Econometric Model of Canadian Monetary Policy over the 1970s.
Journal: Journal of Money, Credit and Banking
Pages: 43-58
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Fackler, James S
Title: An Empirical Analysis of the Markets for Goods, Money, and Credit.
Journal: Journal of Money, Credit and Banking
Pages: 28-42
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: McGee, Robert T
Author-Name: Stasiak, Richard T
Title: Does Anticipated Monetary Policy Matter? Another Look.
Journal: Journal of Money, Credit and Banking
Pages: 16-27
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Gottfries, Nils
Title: Multiple Perfect Foresight Equilibriums and Convergence of Learning Processes.
Journal: Journal of Money, Credit and Banking
Pages: 111-17
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Year: 1985
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Template-Type: ReDIF-Article 1.0
Author-Name: Batten, Dallas S
Author-Name: Ott, Mack
Title: The Interrelationship of Monetary Policies under Floating Exchange Rates: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 103-10
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Fischer, Stanley
Title: Supply Shocks, Wage Stickiness, and Accommodation.
Journal: Journal of Money, Credit and Banking
Pages: 1-15
Issue: 1
Volume: 17
Year: 1985
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Forbes, Ronald W
Author-Name: Leonard, Paul A
Title: The Effects of Statutory Portfolio Constraints on Tax-Exempt Interest Rates: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 92-99
Issue: 1
Volume: 16
Year: 1984
Month: February
Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:1:p:92-99

Template-Type: ReDIF-Article 1.0
Author-Name: Laurent, Robert D
Title: A Reply [Reserve Requirements: Are They Lagged in the Wrong Direction?].
Journal: Journal of Money, Credit and Banking
Pages: 89-92
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Kopecky, Kenneth J
Title: Monetary Control under Reverse Lag and Contemporaneous Reserve Accounting: A Comparison [Reserve Requirements: Are They Lagged in the Wrong Direction?].
Journal: Journal of Money, Credit and Banking
Pages: 81-88
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Weintraub, Robert E
Title: Money in the Wharton Quarterly Model: A Rejoinder.
Journal: Journal of Money, Credit and Banking
Pages: 79-80
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Lawrence R
Title: Money in the Wharton Quarterly Model: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 76-79
Issue: 1
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Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Weintraub, Robert E
Title: Money in the Wharton Quarterly Model: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 69-75
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Jeffrey A
Title: Estimation of Economies of Scale in Banking Using a Generalized Functional Form.
Journal: Journal of Money, Credit and Banking
Pages: 53-68
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Ewis, Nabil A
Author-Name: Fisher, Douglas
Title: The Translog Utility Function and the Demand for Money in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 34-52
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Author-Name: Miller, Marcus H
Title: The Effects of Government Expenditure on the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 16-33
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Balles, John J
Title: The Federal Reserve: The Role of Reserve Banks.
Journal: Journal of Money, Credit and Banking
Pages: 110-17
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Shaffer, Sherrill
Title: Cross-Subsidization in Checking Accounts: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 100-109
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Timberlake, Richard H, Jr
Title: The Central Banking Role of Clearinghouse Associations.
Journal: Journal of Money, Credit and Banking
Pages: 1-15
Issue: 1
Volume: 16
Year: 1984
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Peek, Joe
Title: Capital Gains and Personal Saving Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 1-23
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Molho, Lazaros E
Title: On Testing the Efficacy of Selective Credit Controls.
Journal: Journal of Money, Credit and Banking
Pages: 120-22
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Author-Name: Hoehn, James G
Title: Instrument Choice for Money Stock Control with Contemporaneous and Lagged Reserve Requirements: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 96-101
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Author-Name: Nathan, Harold
Title: Mortgage Rates and Regulation Q: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 107-15
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Kidwell, David S
Author-Name: Koch, Timothy W
Title: Market Segmentation and the Term Structure of Municipal Yields.
Journal: Journal of Money, Credit and Banking
Pages: 40-55
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Gehr, Adam K, Jr
Author-Name: Berry, Thomas
Title: FNMA Auction Results as a Forecaster of Residential Mortgage Yields: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 116-19
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Edwards, Sebastian
Title: Floating Exchange Rates in Less-Developed Countries: A Monetary Analysis of the Peruvian Experience, 1950-54.
Journal: Journal of Money, Credit and Banking
Pages: 73-81
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Connolly, Michael B
Title: Optimum Currency Pegs for Latin America.
Journal: Journal of Money, Credit and Banking
Pages: 56-72
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Capie, Forrest
Author-Name: Webber, Alan
Title: Total Coin and Coin in Circulation in the United Kingdom, 1868-1914.
Journal: Journal of Money, Credit and Banking
Pages: 24-39
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Bull, Clive
Author-Name: Frydman, Roman
Title: The Derivation and Interpretation of the Lucas Supply Function.
Journal: Journal of Money, Credit and Banking
Pages: 82-95
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Braswell, Ronald
Author-Name: Nosari, E Joe
Author-Name: Sumners, Dewitt L
Title: A Comparison of the True Interest Costs of Competitive and Negotiated Underwritings in the Municipal Bond Market: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 102-06
Issue: 1
Volume: 15
Year: 1983
Month: February
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Simon J
Title: The Effects of Government Expenditure on the Term Structure of Interest Rates: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 397-400
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwang, Hae-shin
Title: The Term Structure of Interest Rates in Money Demand: A Reevaluation: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 391-96
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Thornton, John
Title: The Role of Rediscount Quotas: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 387-90
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Jansen, Dennis W
Title: Real Balances in an Ad Hoc Keynesian Model and Policy Ineffectiveness: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 378-86
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Beranek, William
Author-Name: Humphrey, Thomas M
Author-Name: Timberlake, Richard H, Jr
Title: Fisher, Thornton, and the Analysis of the Inflation Premium: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 370-77
Issue: 3
Volume: 17
Year: 1985
Month: August
Handle: RePEc:mcb:jmoncb:v:17:y:1985:i:3:p:370-77

Template-Type: ReDIF-Article 1.0
Author-Name: Buckley, Robert M
Author-Name: Gross, David J
Title: Selective Credit Policies and the Mortgage Market: Cross-sectional Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 358-70
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas, Lee R
Title: Portfolio Theory and Currency Substitution.
Journal: Journal of Money, Credit and Banking
Pages: 347-57
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoffman, Dennis L
Author-Name: Schlagenhauf, Don E
Title: The Impact of News and Alternative Theories of Exchange Rate Determination.
Journal: Journal of Money, Credit and Banking
Pages: 328-46
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles M
Author-Name: Flood, Robert P
Title: Exchange Rate Dynamics, Sticky Prices and the Current Account.
Journal: Journal of Money, Credit and Banking
Pages: 312-27
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: VanHoose, David D
Title: Bank Market Structure and Monetary Control.
Journal: Journal of Money, Credit and Banking
Pages: 298-311
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Girton, Lance
Author-Name: Nattress, Dayle
Title: Monetary Innovations and Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 289-97
Issue: 3
Volume: 17
Year: 1985
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Bull, Clive
Author-Name: Frydman, Roman
Title: A Reply [The Derivation and Interpretation of the Lucas Supply Function].
Journal: Journal of Money, Credit and Banking
Pages: 377-79
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C377%3ATDAIOT%3E2.0.CO%3B2-Q&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Kimbrough, Kent P
Title: The Derivation and Interpretation of the Lucas Supply Function: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 367-77
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C367%3ATDAIOT%3E2.0.CO%3B2-T&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Boughton, James M
Author-Name: Wicker, Elmus R
Title: A Reply [The Behavior of the Currency-Deposit Ratio during the Great Depression].
Journal: Journal of Money, Credit and Banking
Pages: 366-67
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C366%3ATBOTCR%3E2.0.CO%3B2-7&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Trescott, Paul B
Title: The Behavior of the Currency-Deposit Ratio during the Great Depression: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 362-65
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C362%3ATBOTCR%3E2.0.CO%3B2-B&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Choi, Sang-Rim
Author-Name: Tschoegl, Adrian E
Title: Bank Employment in the World's Largest Banks: An Update: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 359-62
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C359%3ABEITWL%3E2.0.CO%3B2-K&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:359-62

Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Title: The Academic Preparation of Economists Employed by Commercial and Investment Banks: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 351-59
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C351%3ATAPOEE%3E2.0.CO%3B2-W&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:351-59

Template-Type: ReDIF-Article 1.0
Author-Name: Liu, Pu
Author-Name: Thakor, Anjan V
Title: Interest Yields, Credit Ratings, and Economic Characteristics of State Bonds: An Empirical Analysis: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 344-51
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C344%3AIYCRAE%3E2.0.CO%3B2-G&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:344-51

Template-Type: ReDIF-Article 1.0
Author-Name: Papadia, Francesco
Title: Estimates of Ex Ante Real Rates of Interest in the EEC Countries and in the United States, 1973-82: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 335-44
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C335%3AEOEARR%3E2.0.CO%3B2-8&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:335-44

Template-Type: ReDIF-Article 1.0
Author-Name: King, Thomas
Title: Thrift Institution Deposits: The Influence of MMCs and MMMFs: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 328-34
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C328%3ATIDTIO%3E2.0.CO%3B2-A&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Pearce, Douglas K
Title: An Empirical Analysis of Expected Stock Price Movements.
Journal: Journal of Money, Credit and Banking
Pages: 317-27
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C317%3AAEAOES%3E2.0.CO%3B2-I&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:317-27

Template-Type: ReDIF-Article 1.0
Author-Name: Stulz, Rene M
Title: Currency Preferences, Purchasing Power Risks, and the Determination of Exchange Rates in an Optimizing Model.
Journal: Journal of Money, Credit and Banking
Pages: 302-16
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C302%3ACPPPRA%3E2.0.CO%3B2-E&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:302-16

Template-Type: ReDIF-Article 1.0
Author-Name: Marston, Richard C
Title: Real Wages and the Terms of Trade: Alternative Indexation Rules for an Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 285-301
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C285%3ARWATTO%3E2.0.CO%3B2-M&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:285-301

Template-Type: ReDIF-Article 1.0
Author-Name: Cukierman, Alex
Author-Name: Leiderman, Leonardo
Title: Price Controls and the Variability of Relative Prices.
Journal: Journal of Money, Credit and Banking
Pages: 271-84
Issue: 3
Volume: 16
Year: 1984
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198408%2916%3A3%3C271%3APCATVO%3E2.0.CO%3B2-F&origin=bc
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Handle: RePEc:mcb:jmoncb:v:16:y:1984:i:3:p:271-84

Template-Type: ReDIF-Article 1.0
Author-Name: Auernheimer, Leonardo
Title: The Revenue-Maximizing Inflation Rate and the Treatment of the Transition to Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 368-76
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C368%3ATRIRAT%3E2.0.CO%3B2-6&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:368-76

Template-Type: ReDIF-Article 1.0
Author-Name: Siegel, Jeremy J
Title: Technological Change and the Superneutrality of Money.
Journal: Journal of Money, Credit and Banking
Pages: 363-67
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C363%3ATCATSO%3E2.0.CO%3B2-I&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:363-67

Template-Type: ReDIF-Article 1.0
Author-Name: Flannery, Mark J
Title: Interest Rates and Bank Profitability: Additional Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 355-62
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C355%3AIRABPA%3E2.0.CO%3B2-A&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:355-62

Template-Type: ReDIF-Article 1.0
Author-Name: Roley, V Vance
Title: The Response of Short-Term Interest Rates to Weekly Money Announcements.
Journal: Journal of Money, Credit and Banking
Pages: 344-54
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C344%3ATROSIR%3E2.0.CO%3B2-5&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:344-54

Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Title: Monetary Variability: United States and Japan.
Journal: Journal of Money, Credit and Banking
Pages: 339-43
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C339%3AMVUSAJ%3E2.0.CO%3B2-O&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:339-43

Template-Type: ReDIF-Article 1.0
Author-Name: Kaen, Fred R
Author-Name: Hachey, George A
Title: Eurocurrency and National Money Market Interest Rates: An Empirical Investigation of Causality.
Journal: Journal of Money, Credit and Banking
Pages: 327-38
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C327%3AEANMMI%3E2.0.CO%3B2-5&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:327-38

Template-Type: ReDIF-Article 1.0
Author-Name: Grieves, Robin
Title: The Demand for Consumer Durables.
Journal: Journal of Money, Credit and Banking
Pages: 316-26
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C316%3ATDFCD%3E2.0.CO%3B2-V&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:316-26

Template-Type: ReDIF-Article 1.0
Author-Name: Greenfield, Robert L
Author-Name: Yeager, Leland B
Title: A Laissez-Faire Approach to Monetary Stability.
Journal: Journal of Money, Credit and Banking
Pages: 302-15
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C302%3AALATMS%3E2.0.CO%3B2-N&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:302-15

Template-Type: ReDIF-Article 1.0
Author-Name: Engle, Robert F
Title: Estimates of the Variance of U.S. Inflation Based upon the ARCH Model.
Journal: Journal of Money, Credit and Banking
Pages: 286-301
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C286%3AEOTVOU%3E2.0.CO%3B2-O&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:286-301

Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, Roger T
Author-Name: Woglom, Geoffrey
Title: Estimating Models with Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 275-85
Issue: 3
Volume: 15
Year: 1983
Month: August
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198308%2915%3A3%3C275%3AEMWRE%3E2.0.CO%3B2-Z&origin=bc
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Handle: RePEc:mcb:jmoncb:v:15:y:1983:i:3:p:275-85

Template-Type: ReDIF-Article 1.0
Author-Name: Dimand, Robert W
Title: David Hume on Canadian Paper Money: An Overlooked Contribution.
Journal: Journal of Money, Credit and Banking
Pages: 783-87
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
The philosopher David Hume is renowned in international monetary
economics for his 1752 analysis of the specie-flow mechanism of
international adjustment. He has been viewed in the literature as an
abstract theorist, writing without direct practical experience of public
policy or monetary affairs. This paper shows Hume in the unfamiliar role
of a British diplomat negotiating the settlement of the outstanding paper
money of New France after the British conquest of Canada.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:783-87

Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Soyoung
Title: Monetary Policy, Foreign Exchange Policy, and Delayed Overshooting.
Journal: Journal of Money, Credit and Banking
Pages: 775-82
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
This paper provides an explanation for "delayed overshooting" puzzle
based on foreign exchange policy's reaction to monetary policy, for Canada
in which ample interactions between monetary and foreign exchange policies
are found. Foreign exchange policy reaction mitigates the initial effects
of monetary policy shocks on the exchange rate. As the effects of the
monetary policy shocks are more prolonged than that of the foreign
exchange policy reaction, the maximum effect is found in delay.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:775-82

Template-Type: ReDIF-Article 1.0
Author-Name: Anari, Ali
Author-Name: Kolari, James
Author-Name: Mason, Joseph
Title: Bank Asset Liquidation and the Propagation of the U.S. Great Depression.
Journal: Journal of Money, Credit and Banking
Pages: 753-73
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
We hypothesize that financial disintermediation during and after the
Great Depression arose from the slow liquidation of failed-bank deposits.
Empirical results from incorporating the stock of failed national bank
deposits for the period 1921-40 in vector autoregression (VAR) models
suggest that the stock of deposits in closed banks undergoing liquidation
is as important as money stock in terms of explaining output changes over
forecast horizons from one to three years. Hence, we infer that the
dynamic effects of banking sector shocks were cumulative and pervasive
during and after the Depression.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:753-73

Template-Type: ReDIF-Article 1.0
Author-Name: Hutchison, Michael M
Author-Name: Noy, Ilan
Title: How Bad Are Twins? Output Costs of Currency and Banking Crises.
Journal: Journal of Money, Credit and Banking
Pages: 725-52
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
We investigate the output effects of banking and currency crises in
emerging markets, focusing on whether "twin crises" entail especially
large losses. Recent literature emphasizes the costs of financial crises,
and suggests that twin crises are particularly damaging to the real
economy. Using a panel data set for 1975-97, we find that currency
(banking) crises are very costly, reducing output by about 5%-8% (8%-10%)
over a 2--4 year period. The cumulative loss of both types of crises is
therefore very large. We do not find, however, additional feedbacks or
interactive effects associated with twin crises further damaging the
economy.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:725-52

Template-Type: ReDIF-Article 1.0
Author-Name: Lloyd-Ellis, Huw
Author-Name: Zhan, Shiqiang
Author-Name: Zhu, Xiaodong
Title: Tax Smoothing with Stochastic Interest Rates: A Reassessment of Clinton's Fiscal Legacy.
Journal: Journal of Money, Credit and Banking
Pages: 699-724
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
The return to "sound" fiscal policy after the high budget deficits of the
1980s and early 1990s has been hailed by many as the Clinton
administration's most important achievement. We evaluate post-war, U.S.
fiscal policy using a generalized tax-smoothing model that allows for
stochastic interest rates and growth rates. We show that contrary to
conventional wisdom, the evolution of the U.S. debt-GDP ratio during the
1980s was remarkably consistent with the tax-smoothing paradigm. In fact,
a more substantial departure occurred during the late 1990s, when the
debt-GDP ratio fell more rapidly than predicted by optimal tax smoothing.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:699-724

Template-Type: ReDIF-Article 1.0
Author-Name: Hess, Alan C
Author-Name: Kamara, Avraham
Title: Conditional Time-Varying Interest Rate Risk Premium: Evidence from the Treasury Bill Futures Market.
Journal: Journal of Money, Credit and Banking
Pages: 679-98
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
Existing studies of the term structure of interest rates often use spot
Treasury rates to represent default-free interest rates. However, part of
the premium in Treasury rates is compensation for the risk that
short-sellers may default. Since Treasury bill futures are default-free,
they provide cleaner data to estimate the interest rate risk premium. The
mean excess return in default-free Treasury bill futures is zero. This
suggests that the interest rate risk premium could be economically
negligible. We find that although the mean unconditional premium is zero,
futures returns contain economically and statistically significant
time-varying conditional interest rate risk premiums. The conditional
premium depends significantly positively on its own conditional variance
and its conditional covariance with the equity premium. The conditional
premium is large in the volatile 1979-82 period, but small afterwards.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:679-98

Template-Type: ReDIF-Article 1.0
Author-Name: Meade, Ellen E
Author-Name: Sheets, D Nathan
Title: Regional Influences on FOMC Voting Patterns.
Journal: Journal of Money, Credit and Banking
Pages: 661-77
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
This paper looks at the monetary policy decisions of the U.S. Federal
Reserve and asks whether observed voting patterns have been driven
entirely by national concerns, or whether regional factors have also
played a role. We find that Fed policymakers take into account
developments in regional unemployment when casting votes on monetary
policy. These results are robust to different specifications of the voting
equation. This research is relevant for the Fed, and it may also be
relevant for Europe's fledgling central bank in Frankfurt in light of
regional differences within the euro area.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:661-77

Template-Type: ReDIF-Article 1.0
Author-Name: Fair, Ray C
Title: Estimates of the Effectiveness of Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 645-60
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
This paper examines various interest rate rules, as well as policies
derived by solving optimal control problems, for their ability to dampen
economic fluctuations caused by random shocks. A tax rate rule is also
considered. A multicountry econometric model is used for the experiments.
The results differ sharply from those obtained using recent models in
which the coefficient on inflation in the nominal interest rate rule must
be greater than one in order for the economy to be stable.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:645-60

Template-Type: ReDIF-Article 1.0
Author-Name: Jallath-Coria, Eduardo
Author-Name: Mukhopadhyay, Tridas
Author-Name: Yaron, Amir
Title: How Well Do Mexican Banks Manage Their Reserves?
Journal: Journal of Money, Credit and Banking
Pages: 623-43
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
In this paper we investigate how well banks manage their reserves. The
optimal policy takes into account expected foregone interest on excess
reserves and penalty costs for going below required reserves. Using a
unique panel data set on daily clearing house settlements of a
cross-section of Mexican banks we estimate the deposit uncertainty banks
face, and in turn their optimal reserve behavior. The most important
variables in forecasting the deposit uncertainty are the interbank
fund-transfers of the day, certain calendar dates, and the interest rate
differential between the money market rate and the discount rate-a measure
reflecting the bank's opportunity cost of money holdings. For most banks,
the model's prediction accord relatively well with the observed reserve
behavior of banks. The model produces reserve costs that are significantly
smaller relative to the case when reserves are set via a simple rule of
thumb. Furthermore, alternative motives for holding reserves (such as
liquidity and reputation effects) do not seem to explain why certain banks
hold relatively large reserves.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:623-43

Template-Type: ReDIF-Article 1.0
Author-Name: Bottazzi, Laura
Author-Name: Manasse, Paolo
Title: Asymmetric Information and Monetary Policy in Common Currency Areas.
Journal: Journal of Money, Credit and Banking
Pages: 603-21
Issue: 4
Volume: 37
Year: 2005
Month: August
Abstract:
In a common currency area, the common central bank sets a uniform rate of
inflation across countries, taking into account the area's economic
conditions. Suppose countries in recession favor a more expansionary
policy than countries in expansion: when national business cycles are not
fully synchronized, a conflict of interest between members arises. If
member governments have an informational advantage over the state of their
domestic economy, such conflict may create an adverse selection problem:
national authorities overemphasize their shocks in order to shape the
common policy towards their needs. This creates an inefficiency over and
above the one-policy-fits-all cost discussed in the optimal currency area
literature. In order to minimize this extra-burden of asymmetric
information, monetary policy must over-react to large symmetric shocks and
under-react to asymmetric shocks of different sizes.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:4:p:603-21

Template-Type: ReDIF-Article 1.0
Author-Name: Ghossoub, Edgar A
Author-Name: Reed, Robert R
Title: Money and Specialization in a Neoclassical Growth Model.
Journal: Journal of Money, Credit and Banking
Pages: 969-75
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
This paper studies the links between money, specialization, and capital
accumulation in a neoclassical growth framework. For tractability, the
transactions role of money is introduced through a cash-in-advance
constraint. In contrast to the standard cash-in-advance model, an
individual's reliance on money balances for transactions is endogenous
through the choice of specialization. Although the cash-in-advance
constraint only applies to consumption, the model exhibits a reverse-Tobin
effect. We conclude by discussing the implications of the model for the
welfare costs of inflation.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:969-75

Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Dror
Title: Famous Myths of "Fiat Money".
Journal: Journal of Money, Credit and Banking
Pages: 957-67
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
The paper re-evaluates the conventional wisdom regarding the existence of
moneys that supposedly circulated without any legal status or intrinsic
value. Economists call these objects "fiat money." I re-examine the most
famous examples of such objects from primitive societies, such as the
stone money of Yap and seashells, which have been cited by some of the
most prominent monetary economists. I find that actually none of these
cases is an evidence of "fiat money." A general conclusion is that one
needs to seriously study the society in question before making a claim
that it has used "fiat money."
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:957-67

Template-Type: ReDIF-Article 1.0
Author-Name: Engel, Charles
Title: Some New Variance Bounds for Asset Prices.
Journal: Journal of Money, Credit and Banking
Pages: 949-55
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
When equity prices are determined as the discounted sum of current and
expected future dividends, Shiller (1981) and LeRoy and Porter (1981)
derived a relationship between the variance of the price of equities,
p[subscript t] and the variance of the ex post realized discounted sum of
current and future dividends: p[superscript * subscript t]:
Var(p[superscript * subscript t]) >= Var(p[subscript t]). The literature
has long since recognized that this variance bound is valid only when
dividends follow a stationary process. Others, notably West (1988), derive
variance bounds that apply when dividends are nonstationary. West shows
that the variance in innovations in p[subscript t] must be less than the
variance of innovations in a forecast of the discounted sum of current and
future dividends constructed by the econometrician, p-hat[subscript t].
Here we derive a new variance bound when dividends are stationary or have
a unit root, that sheds light on the discussion in the 1980s of the
Shiller variance bound: Var(p[subscript t] - p[subscript t - 1]) >=
Var(p[superscript * subscript t] - p[superscript * subscript t - 1])! We
also derive a variance bound related to the West bound:
Var(p-hat[subscript t] - p-hat[subscript t - 1]) >= Var(p[subscript t] -
p[subscript t - 1]).
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:949-55

Template-Type: ReDIF-Article 1.0
Author-Name: Glennon, Dennis
Author-Name: Nigro, Peter
Title: Measuring the Default Risk of Small Business Loans: A Survival Analysis Approach.
Journal: Journal of Money, Credit and Banking
Pages: 923-47
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
In this paper we report that, although medium-maturity loans originated
under the SBA 7(a) loan guarantee program are targeted to small firms that
fail to obtain credit through conventional channels, the default
experience is comparable to that of a large percentage of loans held by
larger commercial banks. We establish that the default behavior of these
loans is time sensitive--as a loan seasons, the likelihood of default
increases initially, peaks in the second year, and declines thereafter.
Using a discrete-time hazard framework, we show that the likelihood of
default is conditional on borrower, lender, and loan characteristics, and
changes in economic conditions.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:923-47

Template-Type: ReDIF-Article 1.0
Author-Name: Petrucci, Alberto
Author-Name: Phelps, Edmund S
Title: Capital Subsidies versus Labor Subsidies: A Trade-Off between Capital and Employment?
Journal: Journal of Money, Credit and Banking
Pages: 907-22
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
This paper examines the effects of factor subsidies on capital formation
and employment in an OLG small open economy model of wealth accumulation.
Two cases are explored, one with neoclassical wages and one with
incentive-wages. We show that in the neoclassical model a capital subsidy
spurs capital and causes a temporary increase in manhours which vanishes
in the long-run, while a labor subsidy may temporarily increase inputs,
but is neutral for steady state capital and labor. In the incentive-wage
economy, a capital subsidy boosts investment and aggravates unemployment,
while a labor subsidy stimulates employment and will in some conditions
depress capital formation.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:907-22

Template-Type: ReDIF-Article 1.0
Author-Name: Rapach, David E
Author-Name: Wohar, Mark E
Title: Regime Changes in International Real Interest Rates: Are They a Monetary Phenomenon?
Journal: Journal of Money, Credit and Banking
Pages: 887-906
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
In this paper, we use the Bai and Perron (1998, 2001, 2003) methodology
to test for multiple structural breaks in the mean real interest rate for
13 industrialized countries. We find extensive evidence of structural
breaks in the mean real interest rate for all 13 countries. In an attempt
to explain the breaks in international real interest rates, we also test
for multiple structural breaks in the mean inflation rate for the 13
countries. Once again, we find extensive evidence of structural breaks in
the mean inflation rate for all of the countries. Interestingly, the
breaks in inflation rates and real interest rates often coincide, with
increases (decreases) in the mean inflation rate as we move from one
regime to the next typically associated with decreases (increases) in the
mean real interest rate.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:887-906

Template-Type: ReDIF-Article 1.0
Author-Name: Lo, Ming Chien
Author-Name: Piger, Jeremy
Title: Is the Response of Output to Monetary Policy Asymmetric? Evidence from a Regime-Switching Coefficients Model.
Journal: Journal of Money, Credit and Banking
Pages: 865-86
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
This paper investigates regime switching in the response of U.S. output
to a monetary policy action. We find substantial, statistically
significant, time variation in this response that corresponds to "high
response" and "low response" regimes. We then investigate whether the
timing of the regime shifts are consistent with three particular
manifestations of asymmetry by modeling the transition probabilities
governing the switching process as functions of state variables. We find
strong evidence that policy actions taken during recessions have larger
effects than those taken during expansions. We find less evidence of
asymmetry related to the direction or size of the policy action.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:865-86

Template-Type: ReDIF-Article 1.0
Author-Name: Nessen, Marianne
Author-Name: Vestin, David
Title: Average Inflation Targeting.
Journal: Journal of Money, Credit and Banking
Pages: 837-63
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
The analysis of this paper demonstrates that when the Phillips curve has
forward-looking components, a goal for average inflation--i.e., targeting
a j-period average of one-period inflation rates--will cause inflation
expectations to change in a way that improves the short-run trade-off
faced by the monetary policymaker. Average inflation targeting is thus an
example of a "modified" loss function, which when implemented in a
discretionary fashion results in more efficient outcomes from the
standpoint of the true social objective (inflation targeting under
commitment), than the discretionary pursuit of the true objective itself.
In purely forward-looking models, average inflation targeting is dominated
by price level targeting. But we also demonstrate in a micro-founded model
where the Phillips curve has both forward- and backward-looking components
that there are cases when the average inflation target provides more
efficient outcomes than both "ordinary" one-period inflation targeting and
price level targeting.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:837-63

Template-Type: ReDIF-Article 1.0
Author-Name: Jung, Taehun
Author-Name: Teranishi, Yuki
Author-Name: Watanabe, Tsutomu
Title: Optimal Monetary Policy at the Zero-Interest-Rate Bound.
Journal: Journal of Money, Credit and Banking
Pages: 813-35
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
What should a central bank do when faced with a weak aggregate demand
even after reducing the short-term nominal interest rate to zero? To
address this question, we solve a central bank's intertemporal
loss-minimization problem, in which the non-negativity constraint on
nominal interest rates is explicitly considered. We find that the optimal
path is characterized by policy inertia, in the sense that a zero interest
rate policy should be continued for a while even after the natural rate of
interest returns to a positive level. By making such a commitment, the
central bank is able to achieve higher expected inflation, lower long-term
nominal interest rates, and a weaker domestic currency in the adverse
periods when the natural rate of interest significantly deviates from a
steady-state level.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:813-35

Template-Type: ReDIF-Article 1.0
Author-Name: Blinder, Alan S
Author-Name: Morgan, John
Title: Are Two Heads Better than One? Monetary Policy by Committee.
Journal: Journal of Money, Credit and Banking
Pages: 789-811
Issue: 5
Volume: 37
Year: 2005
Month: October
Abstract:
Two experiments were conducted to test the common hypothesis that groups
make decisions more slowly than individuals. One of these experiments
imitates real-life monetary policy decisions. In both cases, the
hypothesis is found wanting: groups are not slower than individuals. In
both experiments, we also find that group decisions are on average better
than individual decisions. This holds regardless of whether the groups
make decisions by unanimity or majority rule. Simple mechanical theories
of group decisionmaking--that the group follows its average player, median
player, or best player--do not explain the results. Group interactions
seem to matter.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:5:p:789-811

Template-Type: ReDIF-Article 1.0
Author-Name: Orphanides, Athanasios
Author-Name: van Norden, Simon
Title: The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time.
Journal: Journal of Money, Credit and Banking
Pages: 583-601
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
A stable predictive relationship between inflation and the output gap,
often referred to as a Phillips curve, provides the basis for
countercyclical monetary policy in many models. In this paper, we evaluate
the usefulness of alternative univariate and multivariate estimates of the
output gap for predicting inflation. Many of the ex post output gap
measures we examine appear to be quite useful for predicting inflation.
However, forecasts using real-time estimates of the same measures do not
perform nearly as well. The relative usefulness of real-time output gap
estimates diminishes further when compared to simple bivariate forecasting
models which use past inflation and output growth. Forecast performance
also appears to be unstable over time, with models often performing
differently over periods of high and low inflation. These results call
into question the practical usefulness of the output gap concept for
forecasting inflation.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:583-601

Template-Type: ReDIF-Article 1.0
Author-Name: Chou, Ray Yeutien
Title: Forecasting Financial Volatilities with Extreme Values: The Conditional Autoregressive Range (CARR) Model.
Journal: Journal of Money, Credit and Banking
Pages: 561-82
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
We propose a dynamic model for the high/low range of asset prices within
fixed time intervals: the Conditional Autoregressive Range Model
(henceforth CARR). The evolution of the conditional range is specified in
a fashion similar to the conditional variance models as in GARCH and is
very similar to the Autoregressive Conditional Duration (ACD) model of
Engle and Russell (1998). Extreme value theories imply that the range is
an efficient estimator of the local volatility, e.g., Parkinson (1980).
Hence, CARR can be viewed as a model of volatility. Out-of-sample
volatility forecasts using the S&P500 index data show that the CARR model
does provide sharper volatility estimates compared with a standard GARCH
model.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:561-82

Template-Type: ReDIF-Article 1.0
Author-Name: Cristadoro, Riccardo
Author-Name: Forni, Mario
Author-Name: Reichlin, Lucrezia
Author-Name: Veronese, Giovanni
Title: A Core Inflation Indicator for the Euro Area.
Journal: Journal of Money, Credit and Banking
Pages: 539-60
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
This paper proposes a new core inflation indicator for the euro area,
obtained by "cleaning" monthly price changes from short-run volatility,
idiosyncratic, and measurement errors. We use a factor model to "project"
monthly inflation on a large panel of time series. Exploiting multivariate
information we obtain a satisfactory degree of smoothing without using
backward looking moving averages, which induce a time delay in the signal.
The indicator forecasts inflation and is a useful tool for policy makers.
It outperforms other commonly used predictors at 6 months and longer
horizons. It tracks past policy interventions of the ECB.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:539-60

Template-Type: ReDIF-Article 1.0
Author-Name: Shintani, Mototsugu
Title: Nonlinear Forecasting Analysis Using Diffusion Indexes: An Application to Japan.
Journal: Journal of Money, Credit and Banking
Pages: 517-38
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
This paper extends the diffusion index (DI) forecast approach of Stock
and Watson (1998, 2002) to the case of possibly nonlinear dynamic factor
models. When the number of series is large, a two-step procedure based on
the method of principal components is useful since it allows wide variety
of nonlinearity in the factors. The factors extracted from a large
Japanese data suggest some evidence of nonlinear structure. Furthermore,
both the linear and nonlinear DI forecasts in Japan outperform traditional
time series forecasts, while the linear DI forecast, in most cases,
performs as well as the nonlinear DI forecast.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:517-38

Template-Type: ReDIF-Article 1.0
Author-Name: Groen, Jan J J
Title: Exchange Rate Predictability and Monetary Fundamentals in a Small Multi-country Panel.
Journal: Journal of Money, Credit and Banking
Pages: 495-516
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
In this paper a panel of vector error-correction models based on a common
long-run relationship is utilized to test whether the Euro exchange rates
of Canada, Japan, and the United States have a long-run link with monetary
fundamentals. We use both exchange relationships relative to the full EMU
area (with synthetic aggregates for the pre-EMU period) and relative to
Germany solely. Compared to existing cointegration frameworks our approach
provides more evidence that the aforementioned exchange rates are
consistent with a rational expectations-based monetary exchange rate model
based on a common long-run relationship, albeit with a long-run impact of
relative income that is higher than predicted by the theory. As a next
step we analyze the out-of-sample fit of this common long-run exchange
rate model relative to naive random walk-based forecasts. These
forecasting evaluations indicate that the monetary fundamentals-based
common long-run model is superior to both random walk-based forecasts and
standard cointegrated VAR model-based forecasts, especially at horizons of
2 to 4 years.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:495-516

Template-Type: ReDIF-Article 1.0
Author-Name: McCracken, Michael W
Author-Name: Sapp, Stephen G
Title: Evaluating the Predictability of Exchange Rates Using Long-Horizon Regressions: Mind Your p's and q's!
Journal: Journal of Money, Credit and Banking
Pages: 473-94
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
Since the breakdown of the Bretton Woods agreement, researchers have used
a wide variety of structural models to try to predict exchange rate
movements. Unfortunately, finding consistent evidence that these models
outperform a random walk has proven elusive. In this paper, we investigate
the impact different methods of inference may have had on these
conclusions. Using p-values based on recently developed tests of forecast
accuracy and encompassing, as well as q-values designed to mitigate
multiple testing problems, we provide stronger evidence consistent with
these models having superior predictive ability. Our results suggest that
previous studies' inability to detect predictive ability may have been
influenced by the statistics used and the manner in which they were
employed.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:473-94

Template-Type: ReDIF-Article 1.0
Author-Name: Sarno, Lucio
Author-Name: Thornton, Daniel L
Author-Name: Valente, Giorgio
Title: Federal Funds Rate Prediction.
Journal: Journal of Money, Credit and Banking
Pages: 449-71
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
We examine the forecasting performance of a range of time-series models
of the daily U.S. effective federal funds (FF) rate recently proposed in
the literature. We find that: (1) most of the models and predictor
variables considered produce satisfactory one-day-ahead forecasts of the
FF rate, (2) the best forecasting model is a simple univariate model where
the future FF rate is forecast using the current difference between the FF
rate and its target, and (3) combining the forecasts from various models
generally yields modest improvements on the best performing model. These
results have a natural interpretation and clear policy implications.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:449-71

Template-Type: ReDIF-Article 1.0
Author-Name: Mavroeidis, Sophocles
Title: Identification Issues in Forward-Looking Models Estimated by GMM, with an Application to the Phillips Curve.
Journal: Journal of Money, Credit and Banking
Pages: 421-48
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
Limited-information methods are commonly used to estimate forward-looking
models with rational expectations, such as the "New Keynesian Phillips
Curve" of Galf and Gertler (1999). In this paper, we address issues of
identification that have been overlooked due to the incompleteness of the
single-equation formulation. We show that problems of weak instruments may
arise, depending on the properties of the "exogenous" variables, and that
they are empirically relevant. We also uncover a link between
identification and dynamic mis-specification, and examine the (lack of)
power of Hansen's (1982) J test to detect invalid over-identifying
restrictions. With regards to the New Phillips curve, we find that
problems of identification cannot be ruled out, and they deserve further
attention.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:421-48

Template-Type: ReDIF-Article 1.0
Author-Name: Faust, Jon
Author-Name: Rogers, John H
Author-Name: Wright, Jonathan H
Title: News and Noise in G-7 GDP Announcements.
Journal: Journal of Money, Credit and Banking
Pages: 403-19
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
Revisions to GDP announcements are known to be quite large in all G-7
countries; quarterly growth rate revisions are regularly more than a full
percentage point at an annualized rate. We examine the predictability of
these revisions using standard statistical tests of whether the
preliminary announcement is a rational forecast of the subsequently
revised data. Previous work suggests that U.S. GDP revisions are largely
unpredictable, as would be the case if the revisions reflect news not
available at the time that the preliminary number is produced. We find
that the degree of predictability varies throughout the G-7. Although we
find little predictability in U.S. revisions, the data revisions for
several foreign countries are highly predictable. We also perform a simple
real-time forecasting exercise showing that for several countries, the
predictability of data revision could be used to generate improved
preliminary data.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:403-19

Template-Type: ReDIF-Article 1.0
Author-Name: Robertson, John C
Author-Name: Tallman, Ellis W
Author-Name: Whiteman, Charles H
Title: Forecasting Using Relative Entropy.
Journal: Journal of Money, Credit and Banking
Pages: 383-401
Issue: 3
Volume: 37
Year: 2005
Month: June
Abstract:
The paper describes a relative entropy procedure for imposing
restrictions on simulated forecast distributions from a variety of models.
Starting from an empirical forecast distribution for some variables of
interest, the technique generates a new empirical distribution that
satisfies a set of moment restrictions not used in the construction of the
original. The new distribution is informationally as close as possible to
the original in the sense of minimizing the Kullback-Leibler Information
Criterion, or relative entropy. We illustrate the technique with an
example related to monetary policy that shows how to introduce
restrictions from economic theory into a model's forecasts.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:3:p:383-401

Template-Type: ReDIF-Article 1.0
Author-Name: Daniels, Joseph P
Author-Name: Nourzad, Farrokh
Author-Name: Vanhoose, David D
Title: Openness, Central Bank Independence, and the Sacrifice Ratio.
Journal: Journal of Money, Credit and Banking
Pages: 371-79
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
Traditional explanations of the negative correlation between openness and
inflation presume that an inverse relationship between the degree of
openness and the sacrifice ratio reduces the inflation bias of
discretionary monetary policy. Temple (2002) concludes, however, that such
a relationship fails to emerge in cross-country data. Our analysis of the
same cross-country data considered by Temple indicates that once the
degree of central bank independence and its interaction with greater
openness is considered, there is an unambiguous positive relationship
between openness and the sacrifice ratio. In addition, increased openness
lessens the positive effect of central bank independence on the sacrifice
ratio.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:371-79

Template-Type: ReDIF-Article 1.0
Author-Name: Lopez, Claude
Author-Name: Murray, Christian J
Author-Name: Papell, David H
Title: State of the Art Unit Root Tests and Purchasing Power Parity.
Journal: Journal of Money, Credit and Banking
Pages: 361-69
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
Although the question of whether Purchasing Power Parity (PPP) holds in
the long run has been extensively studied, the answer is still
controversial. Some of the strongest evidence is provided by Taylor
(2002), who concludes that long-run PPP held over the twentieth century.
We argue that this conclusion is quite sensitive to the use of sub-optimal
lag selection in unit root tests. Using superior lag selection methods, we
find that long run PPP held for the real exchange rates of only 9 out of
the 16 industrialized countries in Taylor's sample with the U.S. dollar as
the base currency.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:361-69

Template-Type: ReDIF-Article 1.0
Author-Name: Tirtiroglu, Dogan
Author-Name: Daniels, Kenneth N
Author-Name: Tirtiroglu, Ercan
Title: Deregulation, Intensity of Competition, Industry Evolution, and the Productivity Growth of U.S. Commercial Banks.
Journal: Journal of Money, Credit and Banking
Pages: 339-60
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
We study the influence of the evolution in intrastate and interstate
deregulations on the total factor productivity growth of U.S. commercial
banking during 1971-95. We consider statewide deregulations in intrastate
branching, intrastate multibank holding company (MBHC), interstate
multibank holding company, and interstate MBHC de novo branching
regulations. Results indicate that (1) long-standing banking restrictions
negatively affected banks' productivity growth, and (2) relaxing
restrictions on intrastate branching expansion had a positive long-run
influence upon banks' productivity growth. The effect of interstate MBHC
deregulations is largely short run, and it is negative in the long run for
interstate MBHC de novo branching deregulations.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:339-60

Template-Type: ReDIF-Article 1.0
Author-Name: Apel, Mikael
Author-Name: Friberg, Richard
Author-Name: Hallsten, Kerstin
Title: Microfoundations of Macroeconomic Price Adjustment: Survey Evidence from Swedish Firms.
Journal: Journal of Money, Credit and Banking
Pages: 313-38
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
This paper presents the results of a survey on price-setting behavior
conducted on a large random sample of Swedish firms. The median firm
adjusts the price once a year. State- and time-dependent price setting are
about equally important. The four highest-ranked explanations for price
rigidity in this study (implicit contracts, sluggish costs, explicit
contracts, and the kinked demand curve) have close correspondents among
the top five places in two similar large-scale surveys carried out in the
UK and the U.S. The results point to the importance of the long-term
relations with customers for the rigidity of prices (the estimated share
of sales that go to regular customers is more than 80%).
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:313-38

Template-Type: ReDIF-Article 1.0
Author-Name: Rudd, Jeremy
Author-Name: Whelan, Karl
Title: Does Labor's Share Drive Inflation?
Journal: Journal of Money, Credit and Banking
Pages: 297-312
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
A number of researchers have recently argued that the new-Keynesian
Phillips curve matches the empirical behavior of inflation well when the
labor income share is used as a driving variable, but fits poorly when
deterministically detrended output is used. The theoretical motivation for
these results rests on the idea that the output gap--the deviation between
actual and potential output--is better captured by the labor income share,
in turn implying that central banks should raise interest rates in
response to increases in this variable. We show that the empirical
evidence generally suggests that the labor share version of the
new-Keynesian Phillips curve is a very poor model of price inflation. We
conclude that there is little reason to view the labor income share as a
good measure of the output gap, or as an appropriate variable for
incorporation in a monetary policy rule.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:297-312

Template-Type: ReDIF-Article 1.0
Author-Name: Wolman, Alexander L
Title: Real Implications of the Zero Bound on Nominal Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 273-96
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
If monetary policy succeeds in keeping average inflation very low,
nominal interest rates may occasionally be constrained by the zero lower
bound. The degree to which this constraint has real implications depends
on the monetary policy feedback rule and the structure of price setting.
Policy rules that make the price level stationary lead to small real
distortions from the zero bound. If policy imparts persistence into the
inflation rate, the real implications of the zero bound are large in the
presence of backward-looking price setting and small if prices are set to
maximize profits.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:273-96

Template-Type: ReDIF-Article 1.0
Author-Name: Rudebusch, Glenn D
Title: Assessing the Lucas Critique in Monetary Policy Models.
Journal: Journal of Money, Credit and Banking
Pages: 245-72
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
Empirical estimates of monetary policy rules suggest that the behavior of
U.S. monetary policymakers changed during the past few decades. However,
for that same time period, statistical analyses of lagged representations
of the economy, such as VARs, often have not rejected the null of
structural stability. These two sets of empirical results appear to
contradict the Lucas critique. This paper reconciles these results with
the Lucas critique by showing that the apparent policy invariance of
reduced forms is consistent with the magnitude of historical policy shifts
and the relative insensitivity of the reduced forms of plausible
forward-looking macroeconomic specifications to policy shifts.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:245-72

Template-Type: ReDIF-Article 1.0
Author-Name: Jappelli, Tullio
Author-Name: Pagano, Marco
Author-Name: Bianco, Magda
Title: Courts and Banks: Effects of Judicial Enforcement on Credit Markets.
Journal: Journal of Money, Credit and Banking
Pages: 223-44
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
The cost of enforcing contracts is a key determinant of market
performance. We document this point with reference to the credit market in
a model of opportunistic debtors and inefficient courts. According to the
model, improvements in judicial efficiency should reduce credit
constraints and increase lending, with an ambiguous effect on interest
rates that depends on banking competition and on the type of judicial
reform. These predictions are supported by panel data on Italian
provinces. In provinces with longer trials or large backlogs of pending
trials, credit is less widely available.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:223-44

Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N
Author-Name: Frame, W Scott
Author-Name: Miller, Nathan H
Title: Credit Scoring and the Availability, Price, and Risk of Small Business Credit.
Journal: Journal of Money, Credit and Banking
Pages: 191-222
Issue: 2
Volume: 37
Year: 2005
Month: April
Abstract:
We find that small business credit scoring (SBCS) is associated with
expanded quantities, higher average prices, and greater average risk
levels for small business credits under $100,000, after controlling for
bank size and other differences across banks. We also find that: 1)
bank-specific and industry learning curves are important; 2) SBCS effects
differ for banks that adhere to "rules" versus "discretion" in using the
technology; and 3) SBCS effects differ for larger credits. The data do not
support two alternative explanations of the main results under which the
findings primarily represent statistical artifacts, rather than
significant changes in lending behavior.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:191-222

Template-Type: ReDIF-Article 1.0
Author-Name: Razin, Assaf
Title: Aggregate Supply, Investment in Capacity, and Potential Output.
Journal: Journal of Money, Credit and Banking
Pages: 179-90
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
The New-Keynesian aggregate supply derives from micro-foundations, an
inflation-dynamics model very much like the tradition in the monetary
literature. Inflation is primarily affected by: (1) economic slack, (2)
expectations, (3) supply shocks, and (4) the persistence of inflation.
This paper extends the New-Keynesian aggregate supply relationship to
include also investment in capacity. Potential output, denned as the
flexible-price equilibrium output depends endogenously on investment in
capacity, on the pricing policy of firms. New-Keynesian theory stresses
the notion that the pricing decisions are based on expected movements in
marginal costs. In the absence of investment in capacity, inflation is
related to movements in real marginal costs, and the latter is uniquely
associated with movements in the output gap. In the presence of investment
in capacity, the unique link between fluctuations in marginal costs and
fluctuations in output gaps breaks down. Implications for central bank
targeting of potential output and for the estimation of the Phillips curve
are pointed out.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:179-90

Template-Type: ReDIF-Article 1.0
Author-Name: Howitt, Peter
Author-Name: Mayer-Foulkes, David
Title: R&D, Implementation, and Stagnation: A Schumpeterian Theory of Convergence Clubs.
Journal: Journal of Money, Credit and Banking
Pages: 147-77
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
We use Schumpeterian growth theory to account for the divergence in
per-capita income that has taken place between countries since the
mid-19th century, as well as for the convergence that took place amongst
the richest countries during the second half of the 20th century. The
argument is based on the premise that technological change underwent a
fundamental transformation in the 19th century, associated with new
scientific ideas and the increasingly scientific content of new
technologies. Countries then sorted themselves into three convergence
groups (R&D, implementation, and stagnation). A country's group membership
depends on initial conditions as well as on fundamentals.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:147-77

Template-Type: ReDIF-Article 1.0
Author-Name: Chrystal, K Alec
Author-Name: Mizen, Paul
Title: A Dynamic Model of Money, Credit, and Consumption: A Joint Model for the UK Household Sector.
Journal: Journal of Money, Credit and Banking
Pages: 119-43
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
Previous research has investigated consumers' expenditure and money
demand as separable equations. We estimate them jointly as driven by the
same influences. Credit is also included as a potential third variable
that might provide a source of additional information about the monetary
transmission mechanism. Consumption, money, and lending equations are
modelled as an interdependent system, and the significance of lending for
consumption and money is tested. The results using UK household sector
data show that a stable credit equation does exist in parallel with money
demand and consumption equations, and that interactions modelled in a
conditional vector equilibrium correction system are favoured over
independent equations.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:119-43

Template-Type: ReDIF-Article 1.0
Author-Name: Clarke, George
Author-Name: Cull, Robert
Author-Name: Martinez Peria, Maria Soledad
Author-Name: Sanchez, Susana M
Title: Bank Lending to Small Businesses in Latin America: Does Bank Origin Matter?
Journal: Journal of Money, Credit and Banking
Pages: 83-118
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
Recently, foreign bank participation has increased significantly in
developing countries, fueling concerns that foreign banks might extend
credit only to certain sectors, leaving customers like small businesses
unattended. Using bank-level data for four Latin American countries during
the mid-1990s, we investigate whether bank origin affects the share and
growth of lending to small businesses. While, on average, foreign banks
seem to lend less to small businesses, regression results reveal
significant differences between small and large foreign banks. In general,
we find that the latter surpass large domestic banks in their share and
growth of lending to small businesses.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:83-118

Template-Type: ReDIF-Article 1.0
Author-Name: Cull, Robert
Author-Name: Senbet, Lemma W
Author-Name: Sorge, Marco
Title: Deposit Insurance and Financial Development.
Journal: Journal of Money, Credit and Banking
Pages: 43-82
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
This paper provides empirical evidence on the impact of deposit insurance
on financial development and stability, broadly defined to include the
level of banking activity and the stability of the banking sector. We use
a unique dataset capturing a variety of deposit insurance features across
countries, such as coverage, premium structure, etc., and synthesize
available information by means of principal component indices. This paper
specifically addresses sample selection concerns by estimating a
generalized Tobit model both via maximum likelihood and the Heckman
two-step method. The empirical construct is guided by recent theories of
banking regulation that employ an agency framework. The basic moral hazard
problem is the incentive for depository institutions to engage in
excessively high-risk activities, relative to socially optimal outcomes,
in order to increase the option value of their deposit insurance
guarantee. The overall empirical evidence is consistent with the
likelihood that generous government-funded deposit insurance might have a
negative impact on financial development and growth in the long run,
except in countries where the rule of law is well established and bank
supervisors are granted sufficient discretion and independence from legal
reprisals. Insurance premium requirements on member banks, even when
risk-adjusted, are instead found to have little effect in restraining
banks' risk-taking behavior.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:43-82

Template-Type: ReDIF-Article 1.0
Author-Name: Parente, Stephen L
Author-Name: Rios-Rull, Jose-Victor
Title: The Success and Failure of Reforms in Transition Economies.
Journal: Journal of Money, Credit and Banking
Pages: 23-42
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
This paper argues that an important reason why Russia's performance and
China's performance under capitalism have differed dramatically is that
different arrangements governing the determination of prices and work
practices evolved during the transition process. In Russia, the
arrangement, which conferred monopoly rights to industry groups leftover
from socialism, prevented the adoption of better technology. In China, the
arrangement that evolved contained no such monopoly elements. The key
factor in determining which arrangement evolved was the strength of the
central government. We put forth a model that implements these ideas and
provide evidence in support of this theory.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:23-42

Template-Type: ReDIF-Article 1.0
Author-Name: Eichenbaum, Martin
Author-Name: Fisher, Jonas D M
Title: Fiscal Policy in the Aftermath of 9/11.
Journal: Journal of Money, Credit and Banking
Pages: 1-22
Issue: 1
Volume: 37
Year: 2005
Month: February
Abstract:
This paper investigates the nature of U.S. fiscal policy in the aftermath
of 9/11. We argue that the recent declines in the government surplus and
tax rates cannot be accounted for by either the state of the U.S. economy
as of 9/11 or as the typical response of fiscal policy to a large
exogenous rise in military expenditures. Our evidence suggests that, had
tax rates responded in the way they "normally" do to a large fiscal shock,
aggregate output would have been lower and the surplus would not have
changed by much. Our results do not bear directly on the desirability of
the decline in tax rates or the surplus after 9/11.
Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:1:p:1-22

Template-Type: ReDIF-Article 1.0
Author-Name: Kooreman, Peter
Author-Name: Faber, Riemer P
Author-Name: Hofmans, Heleen M J
Title: Charity Donations and the Euro Introduction: Some Quasi-Experimental Evidence on Money Illusion.
Journal: Journal of Money, Credit and Banking
Pages: 1121-24
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
We compare the revenues of a house-to-house collection for a charity
before and after the introduction of the euro in a ceteris paribus
setting. We find strong evidence of money illusion, supplementing earlier
econometric, experimental, and survey evidence on its existence.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1121-24

Template-Type: ReDIF-Article 1.0
Author-Name: Carlstrom, Charles T
Author-Name: Fuerst, Timothy S
Title: Hyperinflationary Equilibria and Timing: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 1115-20
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
It is well known that hyperinflationary equilibria typically exist in an
infinite-horizon monetary model with an exogenous money growth rule. This
note demonstrates the effect of money demand timing on the nature of these
equilibria.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1115-20

Template-Type: ReDIF-Article 1.0
Author-Name: Walsh, Carl E
Title: Robustly Optimal Instrument Rules and Robust Control: An Equivalence Result.
Journal: Journal of Money, Credit and Banking
Pages: 1105-13
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
Giannoni and Woodford (2003a, 2003b) and Hansen and Sargent (2003, 2004)
have recently developed different notions of robust policy, and both
approaches have been applied in the context of optimal monetary policy. In
this note, I demonstrate that both approaches lead to exactly the same
implicit instrument rule for the policy maker in a standard,
forward-looking, new Keynesian model. Despite the equivalence of the
policy rules, the two approaches predict different macroeconomic behavior
because of difference assumptions about the formation of expectations.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1105-13

Template-Type: ReDIF-Article 1.0
Author-Name: Dejuan, Joseph P
Author-Name: Seater, John J
Author-Name: Wirjanto, Tony S
Title: A Direct Test of the Permanent Income Hypothesis with an Application to the U.S. States.
Journal: Journal of Money, Credit and Banking
Pages: 1091-1103
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
This paper tests the prediction of the permanent income hypothesis (PIH)
that news about future income induce a revision in consumption equal to
the revision in permanent income. We use time-series data from 48
contiguous U.S. states to perform the test. The empirical results provide
some support for the PIH across states.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1091-1103

Template-Type: ReDIF-Article 1.0
Author-Name: Goddard, John
Author-Name: Molyneux, Phil
Author-Name: Wilson, John O S
Title: Dynamics of Growth and Profitability in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 1069-90
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
Dynamic panel and cross-sectional regressions are used to estimate growth
and profit equations for a sample of commercial, savings, and co-operative
banks from five major European Union countries during the mid-1990s.
Methodologically, the paper unifies the growth and profit strands in the
previous empirical literature. The growth regressions reveal little or no
evidence of mean-reversion in bank sizes. Profit is an important
prerequisite for future growth. Banks that maintain a high capital-assets
ratio tend to grow slowly, and growth is linked to macroeconomic
conditions. Otherwise, there are few systematic influences on bank growth.
The persistence of profit appears higher for savings and co-operative
banks than for commercial banks. Banks that maintain high capital-assets
or liquidity ratios tend to record relatively low profitability. There is
some evidence of a positive association between concentration and
profitability, but little evidence of a link between bank-level
x-inefficiency and profitability.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1069-90

Template-Type: ReDIF-Article 1.0
Author-Name: Krainer, John
Author-Name: Lopez, Jose A
Title: Incorporating Equity Market Information into Supervisory Monitoring Models.
Journal: Journal of Money, Credit and Banking
Pages: 1043-67
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
We examine whether equity market variables, such as stock returns and
equity-based default probabilities, are useful to U.S. bank supervisors
for assessing the condition of domestic bank holding companies. We develop
a model of supervisory ratings that combines supervisory and equity market
information. We find that the model's forecasts anticipate supervisory
rating changes by up to four quarters. Relative to simply using
supervisory variables, the inclusion of equity market variables in the
model does not improve forecast accuracy. However, we argue that equity
market information should still be useful for forecasting supervisory
ratings and should be incorporated into supervisory monitoring models.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1043-67

Template-Type: ReDIF-Article 1.0
Author-Name: Bonomo, Marco
Author-Name: Carvalho, Carlos
Title: Endogenous Time-Dependent Rules and Inflation Inertia.
Journal: Journal of Money, Credit and Banking
Pages: 1015-41
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
In this paper, we endogenize fixed price time-dependent rules to examine
the output effects of monetary disinflation. We derive the optimal rules
in and out of inflationary steady states, and develop a methodology to
aggregate individual pricing rules which vary through time. Because of
strategic complementarities, we have to solve both problems
simultaneously. This allows us to reassess the output costs of monetary
disinflations, including aspects such as the roles of the initial level of
inflation, and of the degree of strategic complementarity in price.
Finally, we relax the strict assumption of pure time-dependent rules by
allowing price-setters to re-evaluate their rules at the time disinflation
is announced.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1015-41

Template-Type: ReDIF-Article 1.0
Author-Name: Hurst, Erik
Author-Name: Stafford, Frank
Title: Home Is Where the Equity Is: Mortgage Refinancing and Household Consumption.
Journal: Journal of Money, Credit and Banking
Pages: 985-1014
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
Applying a permanent income model with exogenous liquidity constraints
and mortgage behavior, household refinancing when mortgage interest rates
are historically high and rising, a persistent empirical puzzle, is
explained. Using data from the Panel Study of Income Dynamics, households
experiencing an unemployment shock and having limited initial liquid
assets to draw upon are shown to have been 25% more likely to refinance,
1991-94. On average, such liquidity-constrained households converted over
two-thirds of every dollar of equity they removed into current consumption
as mortgage rates plummeted, 1991-94, producing an estimated expenditure
stimulus of at least $28 billion.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:985-1014

Template-Type: ReDIF-Article 1.0
Author-Name: Ireland, Peter N
Title: Money's Role in the Monetary Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 969-83
Issue: 6
Volume: 36
Year: 2004
Month: December
Abstract:
A small, structural model of the monetary business cycle implies that
real money balances enter into a correctly-specified, forward-looking IS
curve if and only if they enter into a correctly-specified,
forward-looking Phillips curve. The model also implies that empirical
measures of real balances must be adjusted for shifts in money demand to
accurately isolate and quantify the dynamic effects of money on output and
inflation. Maximum likelihood estimates of the model's parameters take
both these considerations into account, but still suggest that money plays
a minimal role in the monetary business cycle.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:969-83

Template-Type: ReDIF-Article 1.0
Author-Name: Ito, Takatoshi
Author-Name: Harada, Kimie
Title: Credit Derivatives Premium as a New Japan Premium.
Journal: Journal of Money, Credit and Banking
Pages: 965-68
Issue: 5
Volume: 36
Year: 2004
Month: October
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:965-68

Template-Type: ReDIF-Article 1.0
Author-Name: Ramey, Valerie A
Author-Name: Vine, Daniel J
Title: Why Do Real and Nominal Inventory-Sales Ratios Have Different Trends?
Journal: Journal of Money, Credit and Banking
Pages: 959-63
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
This note explains the diverging trends between real and nominal
aggregate inventory-sales ratios. The combined effect of two features of
the data explains the divergence. First, while aggregate sales include
both goods and services, inventories include only goods. Second, there has
been a strong secular decrease in the relative price of goods. The
combination of these two factors causes the real and nominal aggregate
inventory-sales ratios to have different trends.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:959-63

Template-Type: ReDIF-Article 1.0
Author-Name: Adams, Robert M
Author-Name: Bauer, Paul W
Author-Name: Sickles, Robin C
Title: Scale Economies, Scope Economies, and Technical Change in Federal Reserve Payment Processing.
Journal: Journal of Money, Credit and Banking
Pages: 943-58
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
In the past decade, the U.S. economy has witnessed a tremendous surge in
the usage of electronic payment processing services and an increased
importance of the firms that provide these services. In this paper, we
estimate scale economies, scope economies, and technical change in the
Federal Reserve's provision of payments processing from 1990 to 2000. We
find considerable scale economies and evidence of some scope economies for
the provision of automated clearinghouse, Fedwire, and Book-Entry services
no matter whether we specify a separable quadratic or a translog cost
function. In addition, we find that disembodied technical change also
contributed to the overall reduction in costs throughout the 1990s.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:943-58

Template-Type: ReDIF-Article 1.0
Author-Name: Clarke, Margaret Z
Title: Geographic Deregulation of Banking and Economic Growth.
Journal: Journal of Money, Credit and Banking
Pages: 929-42
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
State-level U.S. data for 1965 through 1994 are used to test for the
effect of bank deregulation on economic growth. In particular, this study
tests whether intrastate branch and interstate bank deregulation, measured
by the activities of banks and bank holding companies, expedites growth in
real per capita income through its effect on the size of banking markets.
The empirical analysis supports the hypothesis that such deregulation
enhances short-run economic growth.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:929-42

Template-Type: ReDIF-Article 1.0
Author-Name: Elder, John
Title: Another Perspective on the Effects of Inflation Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 911-28
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
This paper examines the effects of inflation uncertainty on real economic
activity by utilizing a flexible, dynamic, multivariate framework that
accommodates possible interaction between the conditional means and
variances. The empirical model is based on a familiar identified vector
autoregressive framework, modified to accommodate multivariate generalized
autoregressive conditional heteroskedasticity. Our empirical model is
preferred to the baseline VAR by likelihood based information criteria,
and it retains the important dynamics of the underlying VAR. We find that
an average shock to inflation uncertainty has tended to reduce output
growth over three months by about 22 basis points.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:911-28

Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: The Transitional Dynamics of Fiscal Policy: Long-Run Capital Accumulation and Growth.
Journal: Journal of Money, Credit and Banking
Pages: 883-910
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
This paper analyzes the effects of fiscal policies in a non-scale growing
economy with public and private capital. The equilibrium dynamics are
characterized and we contrast the dynamic effects of government
expenditure on investment and expenditure on consumption under four
alternative modes of tax financing. Most of our attention focuses on the
numerical simulations of a calibrated economy. The results emphasize the
lengthy transition periods, which implies that policies have sizeable
level effects, leading to substantial welfare effects, even though
long-run growth rates are unaffected. The paper highlights the
intertemporal dimensions of fiscal policy and the tradeoffs these involve
for economic performance, especially growth and welfare.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:883-910

Template-Type: ReDIF-Article 1.0
Author-Name: Stiroh, Kevin J
Title: Diversification in Banking: Is Noninterest Income the Answer?
Journal: Journal of Money, Credit and Banking
Pages: 853-82
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
This paper assesses potential diversification benefits in the U.S.
banking industry from the steady shift toward activities that generate fee
income, trading revenue, and other types of noninterest income. In the
aggregate, declining volatility of net operating revenue reflects reduced
volatility of net interest income, not diversification benefits from
noninterest income, which is quite volatile and increasingly correlated
with net interest income. At the bank level, greater reliance on
noninterest income, particularly trading revenue, is associated with lower
risk-adjusted profits and higher risk. This suggests few obvious
diversification benefits from the ongoing shift toward noninterest income.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:853-82

Template-Type: ReDIF-Article 1.0
Author-Name: Billett, Matthew T
Author-Name: Garfinkel, Jon A
Title: Financial Flexibility and the Cost of External Finance for U.S. Bank Holding Companies.
Journal: Journal of Money, Credit and Banking
Pages: 827-52
Issue: 5
Volume: 36
Year: 2004
Month: October
Abstract:
This paper models a bank with access to two segmented capital markets,
the market for insured deposits and the market for uninsured claims. We
illustrate how higher costs of accessing either market leads to lower firm
values and a greater incentive to carry liquid assets. We test our model
on a sample of large banking firms, and label banks with relatively lower
costs of accessing the two markets as more "financially flexible." Our two
key findings are (1) banks with greater financial flexibility have greater
value, and (2) banks with greater financial flexibility devote a smaller
percentage of assets to cash and marketable securities, consistent with
the notion that financial flexibility reduces the sensitivity of firm
profits to internal wealth shocks, thus reducing the firm's need to carry
financial slack.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:5:p:827-52

Template-Type: ReDIF-Article 1.0
Author-Name: Murray, Christian J
Author-Name: Nelson, Charles R
Title: The Great Depression and Output Persistence: A Reply to Papell and Prodan.
Journal: Journal of Money, Credit and Banking
Pages: 429-32
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:429-32

Template-Type: ReDIF-Article 1.0
Author-Name: Papell, David H
Author-Name: Prodan, Ruxandra
Title: The Uncertain Unit Root in U.S. Real GDP: Evidence with Restricted and Unrestricted Structural Change.
Journal: Journal of Money, Credit and Banking
Pages: 423-27
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:423-27

Template-Type: ReDIF-Article 1.0
Author-Name: Chappell, Henry W, Jr
Author-Name: McGregor, Rob Roy
Author-Name: Vermilyea, Todd
Title: Majority Rule, Consensus Building, and the Power of the Chairman: Arthur Burns and the FOMC.
Journal: Journal of Money, Credit and Banking
Pages: 407-22
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
This paper investigates decision making within the Federal Open Market
Committee of the Federal Reserve, focusing on the competing pressures of
majority rule, consensus building, and the power of the Chairman. To
undertake this analysis, we have constructed an original data set
recording desired federal funds rates for each member of the Committee
over the 1970-78 period. Our results confirm a disproportionate influence
of the Chairman in the policy process; they also confirm that other voting
members of the Committee have an impact on policy choices. Estimates
indicate that the Chairman exercises 40% to 50% of the voting weight in
Committee decisions.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:407-22

Template-Type: ReDIF-Article 1.0
Author-Name: Demiralp, Selva
Author-Name: Jorda, Oscar
Title: The Response of Term Rates to Fed Announcements.
Journal: Journal of Money, Credit and Banking
Pages: 387-405
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
In February 4, 1994 the Federal Reserve began the practice of announcing
changes in the targeted level for the federal funds rate immediately after
such decisions were made. This paper investigates to what extent the
policy of "the announcement" affected a key ingredient in the monetary
transmission mechanism: the term structure of nominally risk-free,
Treasury securities. We find that term rates react much more in unison
during announcement days than at any other time. Moreover, the practice of
circumscribing almost all changes in the federal funds rate target to
Federal Open Market Committee (FOMC) meeting dates regiments the formation
of market expectations in the overnight rate and the price discovery
process of term rates, thus facilitating the Fed's goal of controlling
long-term rates.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:387-405

Template-Type: ReDIF-Article 1.0
Author-Name: Schaling, Eric
Title: The Nonlinear Phillips Curve and Inflation Forecast Targeting: Symmetric versus Asymmetric Monetary Policy Rules.
Journal: Journal of Money, Credit and Banking
Pages: 361-86
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
We study a simple, small dynamic economy that a policymaker is attempting
to control via use of a monetary policy rule. The model features a convex
Phillips curve, in that positive deviations of aggregate demand from
potential are more inflationary than negative deviations are
disinflationary. Using dynamic optimization techniques, we find that the
form of the optimal monetary policy reaction function is asymmetric. We
show that in the optimal rule the interest rate is a nonlinear function of
the deviation of inflation from its target and of output from potential.
With asymmetry, optimal monetary policy becomes more active as uncertainty
about the impact of policy increases. We thus provide an important and
novel theoretical reason why increased uncertainty can lead to more
aggressive rather than toward more cautious optimal policies.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:361-86

Template-Type: ReDIF-Article 1.0
Author-Name: Kim, Chang-Jin
Author-Name: Morley, James C
Author-Name: Nelson, Charles R
Title: Is There a Positive Relationship between Stock Market Volatility and the Equity Premium?
Journal: Journal of Money, Credit and Banking
Pages: 339-60
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
This paper investigates whether evidence for a positive relationship
between stock market volatility and the equity premium is more decisive
when the volatility feedback effects of large and persistent changes in
market volatility are taken into account. The analysis has two components.
First, a log-linear present value framework is employed to derive a formal
model of volatility feedback under the assumption of Markov-switching
market volatility. Second, the model is estimated for a variety of
assumptions about information available to economic agents. The empirical
results suggest the existence of a negative and significant volatility
feedback effect, supporting a positive relationship between stock market
volatility and the equity premium.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:339-60

Template-Type: ReDIF-Article 1.0
Author-Name: Kozicki, Sharon
Author-Name: Hoffman, Barak
Title: Rounding Error: A Distorting Influence on Index Data.
Journal: Journal of Money, Credit and Banking
Pages: 319-38
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
Rounding error is an important source of measurement error that is common
in index data. The problem can be traced to rounding that occurs to limit
the number of digits after the decimal place to be reported in rebased
index data. Rounding error introduces distortions that affect variance
properties, alter the lag distributions of time series models, and cause a
systematic bias in estimated coefficients. For instance, spuriously choppy
inflation rates are obtained when constructed using the official CPI,
rebased with 1982-84 = 100. Fortunately, the distortions can be generally
avoided by using versions of data that have greater precision.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:319-38

Template-Type: ReDIF-Article 1.0
Author-Name: Nelson, Edward
Author-Name: Nikolov, Kalin
Title: Monetary Policy and Stagflation in the UK.
Journal: Journal of Money, Credit and Banking
Pages: 293-318
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
The volatile behavior of inflation, output, and interest rates in the
United Kingdom prior to the 1990s helps discriminate between rival
explanations for the outbreak of stagflation. We examine alternative
hypotheses with a New Keynesian model of aggregate demand and inflation
determination, estimated on quarterly UK data for 1959-2000. Our model
features IS and Phillips curves based on optimizing behavior, and fully
incorporates the distinction between detrended output and the output gap
stressed by optimizing analysis. Using simulations of our model as well as
information on the "real-time" views of policymakers, we test alternative
explanations for the outbreak of inflation in the United Kingdom in the
1960s and 1970s. We find that inaccurate estimates of the degree of excess
demand in the economy contributed significantly to the outbreak. But we
also find a major role for the failure at the time to recognize the
importance of monetary policy, as opposed to nonmonetary devices, in
controlling inflation.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:293-318

Template-Type: ReDIF-Article 1.0
Author-Name: Ergungor, O Emre
Title: Comment on "Bank Competition and Access to Finance: International Evidence" by Thorsten Beck, Asli Demirguc-Kunt, and Vojislav Maksimovic.
Journal: Journal of Money, Credit and Banking
Pages: 649-54
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:649-54

Template-Type: ReDIF-Article 1.0
Author-Name: Beck, Thorsten
Author-Name: Demirguc-Kunt, Asli
Author-Name: Maksimovic, Vojislav
Title: Bank Competition and Access to Finance: International Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 627-48
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
Using a unique database for 74 countries and for firms of small, medium,
and large size we assess the effect of banking market structure on the
access of firms to bank finance. We find that bank concentration increases
obstacles to obtaining finance, but only in countries with low levels of
economic and institutional development. A larger share of foreign-owned
banks and an efficient credit registry dampen the effect of concentration
on financing obstacles, while the effect is exacerbated by more
restrictions on banks' activities, more government interference in the
banking sector, and a larger share of government-owned banks.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:627-48

Template-Type: ReDIF-Article 1.0
Author-Name: Strahan, Philip E
Title: Comment on "Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation" by Asli Demirguc-Kunt, Luc Laeven, and Ross Levine.
Journal: Journal of Money, Credit and Banking
Pages: 623-26
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:623-26

Template-Type: ReDIF-Article 1.0
Author-Name: Demirguc-Kunt, Asli
Author-Name: Laeven, Luc
Author-Name: Levine, Ross
Title: Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation.
Journal: Journal of Money, Credit and Banking
Pages: 593-622
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
This paper examines the impact of bank regulations, market structure, and
national institutions on bank net interest margins and overhead costs
using data on over 1400 banks across 72 countries while controlling for
bank-specific characteristics. The data indicate that tighter regulations
on bank entry and bank activities boost the cost of financial
intermediation. Inflation also exerts a robust, positive impact on bank
margins and overhead costs. While concentration is positively associated
with net interest margins, this relationship breaks down when controlling
for regulatory impediments to competition and inflation. Furthermore, bank
regulations become insignificant when controlling for national indicators
of economic freedom or property rights protection, while these
institutional indicators robustly explain cross-bank net interest margins
and overhead expenditures. Thus, bank regulations cannot be viewed in
isolation; they reflect broad, national approaches to private property and
competition.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:593-622

Template-Type: ReDIF-Article 1.0
Author-Name: Shaffer, Sherrill
Title: Comment on "What Drives Bank Competition? Some International Evidence" by Stijn Claessens and Luc Laeven.
Journal: Journal of Money, Credit and Banking
Pages: 585-92
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:585-92

Template-Type: ReDIF-Article 1.0
Author-Name: Claessens, Stijn
Author-Name: Laeven, Luc
Title: What Drives Bank Competition? Some International Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 563-83
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
Using bank-level data, we apply the Panzar and Rosse (1987) methodology
to estimate the extent to which changes in input prices are reflected in
revenues earned by specific banks in 50 countries' banking systems. We
then relate this competitiveness measure to indicators of countries'
banking system structures and regulatory regimes. We find systems with
greater foreign bank entry and fewer entry and activity restrictions to be
more competitive. We find no evidence that our competitiveness measure
negatively relates to banking system concentration. Our findings confirm
that contestability determines effective competition especially by
allowing (foreign) bank entry and reducing activity restrictions on banks.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:563-83

Template-Type: ReDIF-Article 1.0
Author-Name: Rosen, Richard J
Title: Comment on "Real Effects of Bank Competition" by Nicola Cetorelli.
Journal: Journal of Money, Credit and Banking
Pages: 559-62
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:559-62

Template-Type: ReDIF-Article 1.0
Author-Name: Cetorelli, Nicola
Title: Real Effects of Bank Competition.
Journal: Journal of Money, Credit and Banking
Pages: 543-58
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
Does banking market power contribute to the formation of nonfinancial
industries populated by few, large firms, or does it instead enhance
industry entry? Theoretical arguments could be made to support either
side. The banking industry of European Union (EU) countries has been
significantly deregulated in the early 1990s. Under the old regime,
cross-border expansions were heavily constrained, while after
deregulation, banks from EU countries have instead been allowed to branch
freely into other EU countries. Concurrently to the process of
deregulation, European banking industries have also experienced a
significant process of consolidation. Exploiting such significant
innovations affecting the banking industries of EU countries, this paper
explores whether changes in bank competition have in fact played a role on
the market structure of nonfinancial industries. Empirical evidence is
derived from a panel of manufacturing industries in 29 OECD countries,
both EU and non-EU members, adopting a methodology that allows controlling
for other determinants of industry market structure common across
industries, across countries or related to time passing. The evidence
suggests that the overall process of enhanced competition in EU banking
markets has led to markets in nonfinancial sectors characterized by lower
average firm size.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:543-58

Template-Type: ReDIF-Article 1.0
Author-Name: Haber, Stephen
Title: Comment on "How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America" by Maria Soledad Martinez Peria and Ashoka Mody.
Journal: Journal of Money, Credit and Banking
Pages: 539-42
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:539-42

Template-Type: ReDIF-Article 1.0
Author-Name: Martinez Peria, Maria Soledad
Author-Name: Mody, Ashoka
Title: How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America.
Journal: Journal of Money, Credit and Banking
Pages: 511-37
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:511-37

Template-Type: ReDIF-Article 1.0
Author-Name: Thakor, Anjan V
Title: Comment on "Crises in Competitive versus Monopolistic Banking Systems" by John H. Boyd, Gianni De Nicolo, and Bruce D. Smith.
Journal: Journal of Money, Credit and Banking
Pages: 507-09
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:507-09

Template-Type: ReDIF-Article 1.0
Author-Name: Boyd, John H
Author-Name: De Nicolo, Gianni
Author-Name: Smith, Bruce D
Title: Crises in Competitive versus Monopolistic Banking Systems.
Journal: Journal of Money, Credit and Banking
Pages: 487-506
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:487-506

Template-Type: ReDIF-Article 1.0
Author-Name: Kahn, Charles M
Title: Comment on "Competition and Financial Stability" by Franklin Allen and Douglas Gale.
Journal: Journal of Money, Credit and Banking
Pages: 481-86
Issue: 3
Volume: 36
Year: 2004
Month: June
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:481-86

Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Franklin
Author-Name: Gale, Douglas
Title: Competition and Financial Stability.
Journal: Journal of Money, Credit and Banking
Pages: 453-80
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
Competition policy in the banking sector is complicated by the necessity
of maintaining financial stability. Greater competition may be good for
(static) efficiency, but bad for financial stability. From the point of
view of welfare economics, the relevant question is: what are the
efficient levels of competition and financial stability? We use a variety
of models to address this question and find that different models provide
different answers. The relationship between competition and stability is
complex: sometimes competition increases stability. In addition, in a
second-best world, concentration may be socially preferable to perfect
competition and perfect stability may be socially undesirable.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:453-80

Template-Type: ReDIF-Article 1.0
Author-Name: Berger, Allen N, et al
Title: Bank Concentration and Competition: An Evolution in the Making.
Journal: Journal of Money, Credit and Banking
Pages: 433-51
Issue: 3
Volume: 36
Year: 2004
Month: June
Abstract:
The consolidation of banks around the world in recent years is
intensifying public policy debates on the influences of concentration and
competition on the performance of banks. In light of these developments,
this paper first reviews the existing literature on the impact of bank
concentration and competition. Second, the paper summarizes the main
findings of the papers in this special issue of the JMCB within the
context of this active literature. Finally, the paper suggests some
directions for future research.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:433-51

Template-Type: ReDIF-Article 1.0
Author-Name: Bernanke, Ben S
Author-Name: Gertler, Mark
Author-Name: Watson, Mark W
Title: Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 287-91
Issue: 2
Volume: 36
Year: 2004
Month: April
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:287-91

Template-Type: ReDIF-Article 1.0
Author-Name: Hamilton, James D
Author-Name: Herrera, Ana Maria
Title: Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 265-86
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
A recent paper by Bernanke, Gertler, and Watson (1997) suggests that
monetary policy could be used to eliminate any recessionary consequences
of an oil price shock. This paper challenges this conclusion on two
grounds. First, we question whether the Federal Reserve actually has the
power to implement such a policy; for example, we consider it unlikely
that additional money creation would have succeeded in reducing the Fed
funds rate by 900 basis points relative to the values seen in 1974.
Second, we point out that the size of the effect that Bernanke, Gertler,
and Watson attribute to oil shocks is substantially smaller than that
reported by other researchers, primarily due to their choice of a shorter
lag length than that used by other researchers. We offer evidence in favor
of the longer lag length employed by previous research and show that under
this specification, even the aggressive Federal Reserve policies proposed
would not have succeeded in averting a downturn.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:265-86

Template-Type: ReDIF-Article 1.0
Author-Name: Smith, Julie K
Title: Weighted Median Inflation: Is This Core Inflation?
Journal: Journal of Money, Credit and Banking
Pages: 253-63
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
This paper investigates core inflation defined as the best predictor of
inflation. I compare forecasts obtained using the mean, weighted median,
trimmed mean, and less food and energy inflation rates for the consumer
price index and the personal consumption expenditure deflator for the
current U.S. monetary policy regime. Another issue addressed is that of
the systematic bias that exists due to the differences in means of these
measures. I test whether correcting for this bias can lead to better
inflation forecasts. This paper finds that adjusting for bias improves
forecasting and that the weighted median is a better forecaster than the
alternative measures and thus is a good measure of core inflation.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:253-63

Template-Type: ReDIF-Article 1.0
Author-Name: Bonaccorsi di Patti, Emilia
Author-Name: Dell'Ariccia, Giovanni
Title: Bank Competition and Firm Creation.
Journal: Journal of Money, Credit and Banking
Pages: 225-51
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
We investigate the effects of competition in the financial sector on the
creation of firms in the nonfinancial sector, explicitly allowing for
heterogeneous effects across borrowers characterized by different degrees
of asymmetric information. We find evidence of a bell-shaped relationship
between bank competition and firm creation. In addition, consistently with
theories arguing that competition may reduce the availability of credit to
informationally opaque firms, we find that bank competition results less
favorable to the emergence of new firms in industrial sectors where
informational asymmetries are more important.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:225-51

Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Linda, et al
Title: The Role of Bank Advisors in Mergers and Acquisitions.
Journal: Journal of Money, Credit and Banking
Pages: 197-224
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
This paper looks at the role of commercial banks and investment banks as
financial advisors. In their role as lenders and advisors, banks can be
viewed as serving a certification function. However, banks acting as both
lenders and advisors face a potential conflict of interest that may
mitigate or offset any certification effect. Overall, we find evidence of
a net certification effect for target firms but conflicts of interest for
acquirers. In particular, target firms earn higher abnormal returns when
the target's own bank is hired as merger advisor, consistent with the
bank's role as certifier of the (more informationally opaque) target's
value to the acquirer. In contrast, we find no net certification role for
acquirers. There are at least two possible reasons for this. First,
certification of value may be less important for acquirers because it is
the target firm that must be priced in a merger. Second, acquirers may
utilize commercial bank advisors in order to obtain access to bank loans
to finance activities in the postmerger period. Thus, an acquirer may
choose its own bank (with whom it has had a prior lending relationship) as
an advisor in a merger. However, this choice weakens the certification
effect and creates a potential conflict of interest because the advisor's
merger advice may be distorted by considerations related to the bank's
past and future lending activity.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:197-224

Template-Type: ReDIF-Article 1.0
Author-Name: Andersen, Torben M
Author-Name: Toulemonde, Eric
Title: Adapting Prices or Quantities in the Presence of Adjustment Costs?
Journal: Journal of Money, Credit and Banking
Pages: 177-96
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
It is often hypothesized that costs of adjusting both price and
quantities may have important implications for the macroeconomic
adjustment process, not least to nominal shocks. We analyse this in an
explicit intertemporal general equilibrium model considering the
empirically relevant case of fixed costs of adjusting prices and fixed and
variable costs of adjusting quantities. We find that the presence of both
price and quantity adjustment costs changes the response to shocks
significantly. It is an implication that "small" shocks do not support the
"menu-cost case" but rather both fixed prices and quantities (rationing).
A numerical analysis based on available evidence on adjustment costs is
used to illustrate the likelihood that the various adjustment patterns
actually arise.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:177-96

Template-Type: ReDIF-Article 1.0
Author-Name: Orphanides, Athanasios
Title: Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches.
Journal: Journal of Money, Credit and Banking
Pages: 151-75
Issue: 2
Volume: 36
Year: 2004
Month: April
Abstract:
I estimate a forward-looking monetary policy reaction function for the
Federal Reserve for the periods before and after Paul Volcker's
appointment as Chairman in 1979, using information that was available to
the FOMC in real time from 1966 to 1995. The results suggest broad
similarities in policy and point to a forward-looking approach to policy
consistent with a strong reaction to inflation forecasts during both
periods. This contradicts the hypothesis, based on analysis with ex post
constructed data, that the instability of the Great Inflation was the
result of weak FOMC policy responses to expected inflation. A difference
is that prior to Volcker's appointment, policy was too activist in
reacting to perceived output gaps that retrospectively proved
overambitious. Drawing on contemporaneous accounts of FOMC policy, I
discuss the implications of the findings for alternative explanations of
the Great Inflation and the improvement in macroeconomic stability since
then.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:2:p:151-75

Template-Type: ReDIF-Article 1.0
Author-Name: Gwin, Carl R
Author-Name: Taylor, Beck A
Title: The Role of Search Costs in Determining the Relationship between Inflation and Profit Margins.
Journal: Journal of Money, Credit and Banking
Pages: 139-49
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
Previous empirical studies have found a negative relationship between
inflation and industry profit margins. Recent theoretical findings,
however, suggest that buyer search costs can significantly impact this
relationship. We use an actual measure of search cost that varies across
wholesale industries to estimate the impact of these costs on the
relationship between inflation and markups. Using firm-level data from 57
industries, we show that margins increase during inflation if search costs
become sufficiently high. Our findings reconcile the theoretical and
empirical literatures on this topic.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:139-49

Template-Type: ReDIF-Article 1.0
Author-Name: Guthrie, Graeme
Author-Name: Wright, Julian
Title: The Optimal Design of Interest Rate Target Changes.
Journal: Journal of Money, Credit and Banking
Pages: 115-37
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
Most central banks currently implement monetary policy by targeting a
short-term interest rate. This paper asks: "What is the optimal form for
such interest rate targeting, given the objectives facing central banks?"
We find the optimal rule is for the central bank to change the target rate
whenever the deviation between its preferred rate and the current target
rate reaches some critical level, and in this case the target rate is
changed by a discrete amount in the direction of its preferred rate.
Despite the simplicity of this rule, we are able to replicate a number of
puzzling features of interest rate targeting observed in practice, as well
as explain some dynamic properties of market interest rates.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:115-37

Template-Type: ReDIF-Article 1.0
Author-Name: Bullard, James
Author-Name: Waller, Christopher J
Title: Central Bank Design in General Equilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 95-113
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
We study the effects of alternative institutional arrangements for the
determination of monetary policy in the context of a capital-theoretic,
general equilibrium economy. We consider three institutional arrangements
for determining monetary policy. The first, unconditional majority voting,
always leads to a substantial inflation bias. The second, a simple form of
bargaining which we interpret as a policy board, generally improves on the
unconditional majority voting outcome. Finally, we consider a
constitutional rule which always achieves the social optimum.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:95-113

Template-Type: ReDIF-Article 1.0
Author-Name: Jung, Yongseung
Title: Catching Up with the Joneses in a Sticky Price Model.
Journal: Journal of Money, Credit and Banking
Pages: 73-93
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
This paper examines the effect of introducing external habit formation
into Calvo-type and Taylor-type sticky price models. The paper shows that
external habit formation improves the performance of sticky price models
in explaining the selected variables at nearly all frequencies. While each
model has diverse successes and failures, the Taylor-type sticky price
model seems to capture more closely the hump-shaped spectra of the
selected real variables of the data than the Calvo-type sticky price
model.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:73-93

Template-Type: ReDIF-Article 1.0
Author-Name: Souleles, Nicholas S
Title: Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys.
Journal: Journal of Money, Credit and Banking
Pages: 39-72
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
The household data underlying the Michigan Index of Consumer Sentiment
are used to test the rationality of consumer expectations and their
usefulness in forecasting expenditure. The results can be interpreted as
characterizing the shocks that hit different types of households over
time. Expectations are found to be biased and inefficient, at least ex
post. People underestimated the disinflation of the early 1980s and the
severity of recent business cycles. People's forecast errors are also
systematically correlated with their demographic characteristics, in part
because of time-varying, group-level shocks. Further, sentiment helps
forecast consumption growth. Some of this rejection of the permanent
income hypothesis is due to the systematic demographic components in
forecast errors.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:39-72

Template-Type: ReDIF-Article 1.0
Author-Name: Davis, Michael C
Author-Name: Hamilton, James D
Title: Why Are Prices Sticky? The Dynamics of Wholesale Gasoline Prices.
Journal: Journal of Money, Credit and Banking
Pages: 17-37
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
The menu-cost interpretation of sticky prices implies that the
probability of a price change should depend on the past history of prices
and fundamentals only through the gap between the current price and the
frictionless price. We find that this prediction is broadly consistent
with the behavior of nine Philadelphia gasoline wholesalers. Nevertheless,
we reject the menu-cost model as a literal description of these firms'
behavior, arguing instead that price stickiness arises from strategic
considerations of how customers and competitors will react to price
changes.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:17-37

Template-Type: ReDIF-Article 1.0
Author-Name: Benhabib, Jess
Title: Interest Rate Policy in Continuous Time with Discrete Delays.
Journal: Journal of Money, Credit and Banking
Pages: 1-15
Issue: 1
Volume: 36
Year: 2004
Month: February
Abstract:
We study the design of monetary policy in a continuous-time framework
with delays. More explicitly, we consider a linear, flexible-price model
where inflation and nominal interest rates change continuously, but where
nominal rates are set by the Central Bank in response to a lagged
inflation measure, and where the measure of inflation can be constructed
as a flexible distributed delay. Therefore, the Central Bank has, in
addition to the choice of an "active" or "passive" response to inflation,
two additional parameters to select: the lag of the inflation measure, and
the coefficient for the distributed delay to construct the inflation
measure. The pure continuous-time and discrete-time frameworks emerge as
special cases of our differential-delay system. This richer framework also
allows us to reconcile results on the local uniqueness and multiplicity of
equilibria that are obtained in the two pure cases, to uncover special
assumptions embedded in the pure cases, and to prescribe effective policy
options to avoid the problem of local indeterminacy and its unintended
consequences.
Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:1:p:1-15

Template-Type: ReDIF-Article 1.0
Author-Name: Backus, David
Author-Name: Purvis, Douglas
Title: An Integrated Model of Household Flow-of-Funds Allocations.
Journal: Journal of Money, Credit and Banking
Pages: 400-421
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Backus, David, et al
Title: A Model of U.S. Financial and Nonfinancial Economic Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 259-93
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C259%3AAMOUFA%3E2.0.CO%3B2-S&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciccolo, John
Author-Name: Fromm, Gary
Title: 'q,' Corporate Investment, and Balance Sheet Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 294-307
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C294%3A%27CIABS%3E2.0.CO%3B2-4&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Crary, David
Author-Name: Fromm, Gary
Author-Name: Kelenson, Milton
Title: Financial and Nonfinancial Data for Detailed U.S. Industries.
Journal: Journal of Money, Credit and Banking
Pages: 308-16
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Duesenberry, James S
Title: Comment on A Model of U.S. Financial and Nonfinancial Economic Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 317-20
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: The Determination of Long-Term Interest Rates: Implications for Fiscal and Monetary Policies.
Journal: Journal of Money, Credit and Banking
Pages: 331-52
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C331%3ATDOLIR%3E2.0.CO%3B2-M&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldfeld, Stephen M
Title: Comment on A Model of U.S. Financial and Nonfinancial Economic Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 320-24
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
Handle: RePEc:mcb:jmoncb:v:12:y:1980:i:2:p:320-24

Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Title: Analysis of the Impact of Capital-Specific Policies or Legislation: Application to Reforms of the Tax-Exempt Market.
Journal: Journal of Money, Credit and Banking
Pages: 377-99
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Comment on Analysis of the Impact of Capital-Specific Policies or Legislation and An Integrated Model of Household Flow-of-Funds Allocations.
Journal: Journal of Money, Credit and Banking
Pages: 422-25
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Modigliani, Franco
Title: Comment on The Determination of Long-Term Interest Rates: Implications for Monetary and Fiscal Policies.
Journal: Journal of Money, Credit and Banking
Pages: 370-73
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Parkin, Michael
Title: Comment on A Model of U.S. Financial and Nonfinancial Economic Behavior.
Journal: Journal of Money, Credit and Banking
Pages: 325-30
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C325%3AAMOUFA%3E2.0.CO%3B2-3&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Pesando, James E
Title: Comment on The Determination of Long-Term Interest Rates: Implications for Monetary and Fiscal Policies and The Role of Commercial Banks' Portfolio Behavior in the Determination of Security Treasury Yields.
Journal: Journal of Money, Credit and Banking
Pages: 373-76
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
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Template-Type: ReDIF-Article 1.0
Author-Name: Rasche, Robert H
Title: Comment on Analysis of the Impact of Capital-Specific Policies or Legislation.
Journal: Journal of Money, Credit and Banking
Pages: 425-28
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C425%3AAOTIOC%3E2.0.CO%3B2-C&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Roley, V Vance
Title: The Role of Commercial Banks' Portfolio Behavior in the Determination of Treasury Security Yields.
Journal: Journal of Money, Credit and Banking
Pages: 353-69
Issue: 2
Volume: 12
Year: 1980
Month: Special Issue May
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198005%2912%3A2%3C353%3ATROCBP%3E2.0.CO%3B2-C&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Anderson, Richard G
Author-Name: Rasche, Robert H
Title: What Do Money Market Models Tell Us about How to Implement Monetary Policy?
Journal: Journal of Money, Credit and Banking
Pages: 796-828
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Auerbach, Irving M
Title: Comment on "Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism".
Journal: Journal of Money, Credit and Banking
Pages: 761-67
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C761%3AFRPIRV%3E2.0.CO%3B2-6&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Barnett, William A
Title: The Optimal Level of Monetary Aggregation.
Journal: Journal of Money, Credit and Banking
Pages: 687-710
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Black, Stanley W
Title: The Effects of Alternative Monetary Control Procedures on Exchange Rates and Output.
Journal: Journal of Money, Credit and Banking
Pages: 746-60
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C746%3ATEOAMC%3E2.0.CO%3B2-8&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryant, Ralph C
Title: Federal Reserve Control of the Money Stock.
Journal: Journal of Money, Credit and Banking
Pages: 597-625
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C597%3AFRCOTM%3E2.0.CO%3B2-D&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Author-Name: Dewald, William G
Title: Current Issues in the Conduct of U.S. Monetary Policy: Introduction.
Journal: Journal of Money, Credit and Banking
Pages: 565-74
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: The Choice among Monetary Aggregates as Targets and Guides for Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 661-86
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Farr, Helen T
Author-Name: Porter, Richard D
Title: Comment on "What Do Money Market Models Tell Us about How to Implement Monetary Policy?".
Journal: Journal of Money, Credit and Banking
Pages: 857-68
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C857%3AWDMMMT%3E2.0.CO%3B2-T&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Fellner, William
Title: Criteria for Useful Targeting: Money versus the Base and Other Variables.
Journal: Journal of Money, Credit and Banking
Pages: 641-60
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C641%3ACFUTMV%3E2.0.CO%3B2-J&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism.
Journal: Journal of Money, Credit and Banking
Pages: 721-45
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C721%3AFRPIRV%3E2.0.CO%3B2-I&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldfeld, Stephen M
Title: Comment on "The Optimal Level of Monetary Aggregation".
Journal: Journal of Money, Credit and Banking
Pages: 716-20
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C716%3ATOLOMA%3E2.0.CO%3B2-S&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamburger, Michael J
Title: Comment on: "The Choice among Monetary Aggregates as Targets and Guides for Monetary Policy" [and] "Criteria for Useful Targeting: Money versus and the Base and Other Variables".
Journal: Journal of Money, Credit and Banking
Pages: 711-15
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C711%3ATCAMAA%3E2.0.CO%3B2-O&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Judd, John P
Author-Name: Scadding, John L
Title: Comment on "What Do Money Market Models Tell Us about How to Implement Monetary Policy?".
Journal: Journal of Money, Credit and Banking
Pages: 868-77
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C868%3AWDMMMT%3E2.0.CO%3B2-P&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Lindsey, David E
Title: Comment on "How Regulations Affect Monetary Control".
Journal: Journal of Money, Credit and Banking
Pages: 788-95
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C788%3AHRAMCC%3E2.0.CO%3B2-T&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Makin, John H
Title: Comment on: "Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism" [and] "The Effects of Alternative Monetary Control Procedures on Exchange Rates and Output".
Journal: Journal of Money, Credit and Banking
Pages: 768-74
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C768%3AFRPIRV%3E2.0.CO%3B2-%23&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Meltzer, Allan H
Title: Comment on "Federal Reserve Control of the Money Stock".
Journal: Journal of Money, Credit and Banking
Pages: 632-40
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C632%3AFRCOTM%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Nelson, Charles R
Title: Comment on "Policy Robustness: Specification and Simulation of a Monthly Money Market Model".
Journal: Journal of Money, Credit and Banking
Pages: 877-80
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulus, John D
Title: Comment on "Federal Reserve Operating Procedures: A Survey and Evaluation of the Historical Record since October 1979".
Journal: Journal of Money, Credit and Banking
Pages: 626-32
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C626%3AFROPAS%3E2.0.CO%3B2-K&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierce, James L
Title: How Regulations Affect Monetary Control.
Journal: Journal of Money, Credit and Banking
Pages: 775-87
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C775%3AHRAMC%3E2.0.CO%3B2-E&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Poole, William
Title: Federal Reserve Operating Procedures: A Survey and Evaluation of the Historical Record since October 1979.
Journal: Journal of Money, Credit and Banking
Pages: 575-96
Issue: 4
Volume: 14
Year: 1982
Month: November
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198211%2914%3A4%3C575%3AFROPAS%3E2.0.CO%3B2-7&origin=bc
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Handle: RePEc:mcb:jmoncb:v:14:y:1982:i:4:p:575-96

Template-Type: ReDIF-Article 1.0
Author-Name: Tinsley, Peter A, et al
Title: Policy Robustness: Specification and Simulation of a Monthly Money Market Model.
Journal: Journal of Money, Credit and Banking
Pages: 829-56
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Barro, Robert J
Title: Federal Deficit Policy and the Effects of Public Debt Shocks.
Journal: Journal of Money, Credit and Banking
Pages: 747-62
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Burmeister, Edwin
Title: On Some Conceptual Issues in Rational Expectations Modeling.
Journal: Journal of Money, Credit and Banking
Pages: 800-816
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: Reflections on Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 826-32
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fellner, William
Title: The Valid Core of Rationality Hypotheses in the Theory of Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 763-87
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Haberler, Gottfried
Title: Critical Notes on Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 833-36
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas, Robert E, Jr
Title: Methods and Problems in Business Cycle Theory.
Journal: Journal of Money, Credit and Banking
Pages: 696-715
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: Rational Expectations and Macroeconomic Stabilization Policy: An Overview.
Journal: Journal of Money, Credit and Banking
Pages: 716-46
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Okun, Arthur M
Title: Rational-Expectations-with-Misperceptions as a Theory of the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 817-25
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198011%2912%3A4%3C817%3ARAATOT%3E2.0.CO%3B2-F&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: Are New Classical Models Plausible Enough to Guide Policy?
Journal: Journal of Money, Credit and Banking
Pages: 788-99
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198011%2912%3A4%3C788%3AANCMPE%3E2.0.CO%3B2-Z&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Umbeck, John
Author-Name: Chatfield, Robert E
Title: The Structure of Contracts and Transaction Costs: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 511-16
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Schwartz, Anna J
Title: Reflections on the Gold Commission Report.
Journal: Journal of Money, Credit and Banking
Pages: 538-51
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Osborne, Dale K
Title: The Cost of Servicing Demand Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 479-93
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Noble, Nicholas R
Title: Granger Causality and Expectational Rationality: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 532-37
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Madura, Jeff
Author-Name: Nosari, E Joe
Title: Optimal Portfolio of Foreign Currencies with Borrowing and Lending: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 531
Issue: 4
Volume: 14
Year: 1982
Month: November
Handle: RePEc:mcb:jmoncb:v:14:y:1982:i:4:p:531

Template-Type: ReDIF-Article 1.0
Author-Name: Hagemann, Robert P
Title: The Variability of Inflation Rates across Household Types.
Journal: Journal of Money, Credit and Banking
Pages: 494-510
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Bhandari, Jagdeep S
Title: Informational Efficiency and the Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 457-78
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Author-Name: Hanweck, Gerald A
Author-Name: Humphrey, David B
Title: Scale Economies in Banking: A Restructuring and Reassessment.
Journal: Journal of Money, Credit and Banking
Pages: 435-56
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Batavia, Bala
Author-Name: Lash, Nicholas A
Title: The Impact of Bank Portfolio Composition on GNP: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 517-24
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen, Stuart D
Title: Klein's Price Variability Terms in the U.S. Demand for Money: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 525-30
Issue: 4
Volume: 14
Year: 1982
Month: November
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Template-Type: ReDIF-Article 1.0
Author-Name: Singleton, Kenneth J
Title: Maturity-Specific Disturbances and the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 603-14
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Salemi, Michael K
Title: Expected Exchange Depression and the Demand for Money in Hyperinflation Germany.
Journal: Journal of Money, Credit and Banking
Pages: 592-602
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198011%2912%3A4%3C592%3AEEDATD%3E2.0.CO%3B2-N&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Saidi, Nasser H
Title: Fluctuating Exchange Rates and the International Transmission of Economic Disturbances.
Journal: Journal of Money, Credit and Banking
Pages: 575-91
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198011%2912%3A4%3C575%3AFERATI%3E2.0.CO%3B2-X&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthews, Kent
Author-Name: Minford, Patrick
Title: Private Sector Expenditure and Financial Asset Accumulation in the U.K.
Journal: Journal of Money, Credit and Banking
Pages: 644-53
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Horvitz, Paul M
Title: A Reconsideration of the Role of Bank Examination: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 654-59
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198011%2912%3A4%3C654%3AAROTRO%3E2.0.CO%3B2-9&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Gupta, Kanhaya L
Title: Some Controversial Aspects of the Demand for Money: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 660-65
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Lawrence G
Author-Name: Saunders, Anthony
Title: The Causes of U.S. Bank Expansion Overseas: The Case of Great Britain.
Journal: Journal of Money, Credit and Banking
Pages: 630-43
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Finnerty, John D
Title: Real Money Balances and the Firm's Production Function: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 666-71
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fildes, Robert A
Author-Name: Fitzgerald, M Desmond
Title: Efficiency and Premiums in the Short-Term Money Market.
Journal: Journal of Money, Credit and Banking
Pages: 615-29
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Choudhri, Ehsan U
Author-Name: Kochin, Levis A
Title: The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression.
Journal: Journal of Money, Credit and Banking
Pages: 565-74
Issue: 4
Volume: 12
Year: 1980
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: White, Betsy Buttrill
Author-Name: Woodbury, John R, III
Title: Exchange Rate Systems and International Capital Market Integration.
Journal: Journal of Money, Credit and Banking
Pages: 175-83
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Spindt, Paul A
Author-Name: Tarhan, Vefa
Title: Liquidity Structure Adjustment Behavior of Large Money Center Banks.
Journal: Journal of Money, Credit and Banking
Pages: 198-208
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberts, Gordon S
Title: Term Premiums in the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 184-97
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Price, Kelly
Author-Name: Brick, John R
Title: Daily Interest Rate Relationships: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 215-20
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Melnik, Arie
Author-Name: Ofer, Aharon R
Title: Competitive Commission Rates, Execution Quality, and Customer's Market Power: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 221-27
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayne, Lucille S
Title: Bank Holding Company Characteristics and the Upstreaming of Bank Funds: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 209-14
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Masson, Paul R
Title: Portfolio Balance and Exchange Rate Stability: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 228-30
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Huffman, Wallace E
Author-Name: Lothian, James R
Title: Money in the United Kingdom, 1833-80.
Journal: Journal of Money, Credit and Banking
Pages: 155-74
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Berkman, Neil G
Title: The New Monetary Aggregates: A Critical Appraisal.
Journal: Journal of Money, Credit and Banking
Pages: 135-54
Issue: 2
Volume: 12
Year: 1980
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Barnett, William A
Title: The New Monetary Aggregates: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 485-89
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Blinder, Alan S
Title: Monetary Accommodation of Supply Shocks under Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 425-38
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryant, John
Title: Bank Collapse and Depression.
Journal: Journal of Money, Credit and Banking
Pages: 454-64
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fethke, Gary C
Author-Name: Policano, Andrew J
Title: Long-Term Contracts and the Effectiveness of Demand and Supply Policies.
Journal: Journal of Money, Credit and Banking
Pages: 439-53
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Frenkel, Jacob A
Title: Adjustment Lags versus Information Lags: A Test of Alternative Explanations of the Phillips Curve Phenomenon: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 490-93
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Grossman, Jacob
Title: The "Rationality" of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises.
Journal: Journal of Money, Credit and Banking
Pages: 409-24
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Logue, Dennis E
Author-Name: Sweeney, Richard James
Title: Inflation and Real Growth: Some Empirical Results: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 497-501
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Nelson, Charles R
Title: Adjustment Lags versus Information Lags: A Test of Alternative Explanations of the Phillips Curve Phenomenon: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 494-96
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Phaup, E Dwight
Title: A Reinterpretation of the Modern Theory of Forward Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 477-84
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Verbrugge, James A
Author-Name: Jahera, John S, Jr
Title: Expense-Preference Behavior in the Savings and Loan Industry.
Journal: Journal of Money, Credit and Banking
Pages: 465-76
Issue: 4
Volume: 13
Year: 1981
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Baltensperger, Ernst
Title: Reserve Requirements and Economic Stability.
Journal: Journal of Money, Credit and Banking
Pages: 205-15
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Gertler, Mark
Author-Name: Grinols, Earl L
Title: Unemployment, Inflation, and Common Stock Returns.
Journal: Journal of Money, Credit and Banking
Pages: 216-33
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hetzel, Robert L
Title: The Oct. 1979 Regime of Monetary Control and the Behavior of the Money Supply in 1980.
Journal: Journal of Money, Credit and Banking
Pages: 234-51
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Klovland, Jan Tore
Title: The Stability of the Demand for Money in the Interwar Years: The Case of Norway, 1925-39.
Journal: Journal of Money, Credit and Banking
Pages: 252-64
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mills, Terence C
Author-Name: Wood, Geoffrey E
Title: Econometric Evaluation of Alternative Money Stock Series, 1880-1913.
Journal: Journal of Money, Credit and Banking
Pages: 265-77
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Smith, Gary
Title: Monetarism, Bondism, and Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 278-86
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: Money and Finance in the Macroeconomic Process.
Journal: Journal of Money, Credit and Banking
Pages: 171-204
Issue: 2
Volume: 14
Year: 1982
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Barrett, Richard N
Title: Purchasing Power Parity and the Equilibrium Exchange Rate: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 227-33
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Beedles, William L
Author-Name: Buschmann, Nancy K
Title: Describing Bank Equity Returns: The Year-by-Year Record.
Journal: Journal of Money, Credit and Banking
Pages: 241-47
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Brittain, Bruce
Title: International Currency Substitution and the Apparent Instability of Velocity in Some Western European Economies and in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 135-55
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Dwyer, Gerald P, Jr
Title: The Effects of the Banking Acts of 1933 and 1935 on Capital Investment in Commercial Banking.
Journal: Journal of Money, Credit and Banking
Pages: 192-204
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Landskroner, Yoram
Author-Name: Liviatan, Nissan
Title: Risk Premia and the
Journal: Journal of Money, Credit and Banking
Pages: 205-14
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: McMillin, W Douglas
Title: A Dynamic Analysis of the Impact of Fiscal Policy on the Money Supply: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 221-26
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Modeste, Nelson C
Title: Exchange Market Pressure during the 1970s in Argentina: An Application of the Girton-Roper Monetary Model: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 234-40
Issue: 2
Volume: 13
Year: 1981
Month: May
Handle: RePEc:mcb:jmoncb:v:13:y:1981:i:2:p:234-40

Template-Type: ReDIF-Article 1.0
Author-Name: Turnbull, Stuart M
Title: Measurement of the Real Rate of Interest and Related Problems in a World of Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 177-91
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: Monetary Policy and Foreign Price Disturbances under Flexible Exchange Rates: A Stochastic Approach.
Journal: Journal of Money, Credit and Banking
Pages: 156-76
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Woglom, Geoffrey
Title: A Reexamination of the Role of Stocks in the Consumption Function and the Transmission Mechanism: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 215-20
Issue: 2
Volume: 13
Year: 1981
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Wihlborg, Clas
Title: Interest Rates, Exchange Rate Adjustments and Currency Risks: An Empirical Study, 1967-75.
Journal: Journal of Money, Credit and Banking
Pages: 58-75
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Seater, John J
Title: On the Estimation of Permanent Income: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 76-83
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Saurman, David S
Title: Transactions Costs, Foreign Exchange Demands, and the Expected Rates of Change of Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 20-32
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Richardson, David H
Author-Name: Wu, Mickey T C
Title: Tests of the Goods Market Integration Hypothesis: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 92-97
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goodman, Laurie S
Title: Bank Foreign Exchange Operations: A Portfolio Approach: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 84-91
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Title: Monetary Policy: Theory and Practice.
Journal: Journal of Money, Credit and Banking
Pages: 98-118
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fischer, Stanley
Author-Name: Huizinga, John
Title: Inflation, Unemployment, and Public Opinion Polls.
Journal: Journal of Money, Credit and Banking
Pages: 1-19
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ebrill, Liam P
Author-Name: Possen, Uri M
Title: Inflation and the Taxation of Equity in Corporations and Owner-Occupied Housing.
Journal: Journal of Money, Credit and Banking
Pages: 33-47
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bordo, Michael D
Author-Name: Choudhri, Ehsan U
Title: Currency Substitution and the Demand for Money: Some Evidence for Canada.
Journal: Journal of Money, Credit and Banking
Pages: 48-57
Issue: 1
Volume: 14
Year: 1982
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Yawitz, Jess B
Author-Name: Marshall, William J
Title: Measuring the Effect of Callability on Bond Yields.
Journal: Journal of Money, Credit and Banking
Pages: 60-71
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stauffer, Robert F
Title: The Bank Failures of 1930-31: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 109-13
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Nelson, Charles R
Title: Adjustment Lags versus Information Lags: A Test of Alternative Explanations of the Phillips Curve Phenomenon.
Journal: Journal of Money, Credit and Banking
Pages: 1-11
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: Sluggish Price Adjustments and the Effectiveness of Monetary Policy under Rational Expectations: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 103-04
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hetzel, Robert L
Title: The Federal Reserve System and Control of the Money Supply in the 1970s.
Journal: Journal of Money, Credit and Banking
Pages: 31-43
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Girton, Lance
Author-Name: Roper, Don E
Title: Theory and Implications of Currency Substitution.
Journal: Journal of Money, Credit and Banking
Pages: 12-30
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Frydman, Roman
Title: Sluggish Price Adjustments and the Effectiveness of Monetary Policy under Rational Expectations: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 94-102
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cargill, Thomas F
Title: A Tribute to Clark Warburton, 1896-1979: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 89-93
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Beenstock, Michael
Author-Name: Longbottom, J Andrew
Title: The Term Structure of Interest Rates in a Small Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 44-59
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ballendux, Frans J
Author-Name: Jonkhart, Marius J L
Title: A Possible Error in the Expectations Theory: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 105-06
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Arzac, Enrique R
Author-Name: Schwartz, Robert A
Author-Name: Whitcomb, David K
Title: The Leverage Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 72-88
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Amihud, Yakov
Title: A Possible Error in the Expectations Theory: A Rejoinder.
Journal: Journal of Money, Credit and Banking
Pages: 107-08
Issue: 1
Volume: 13
Year: 1981
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray, John D
Author-Name: White, Robert W
Title: Economies of Scale and Deposit-Taking Financial Institutions in Canada: A Study of British Columbia Credit Unions.
Journal: Journal of Money, Credit and Banking
Pages: 58-70
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lieberman, Charles
Title: The Long-Run and Short-Run Demand for Money, Revisited.
Journal: Journal of Money, Credit and Banking
Pages: 43-57
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levi, Maurice D
Title: Money and Corporate Earnings.
Journal: Journal of Money, Credit and Banking
Pages: 84-93
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Michael A
Title: The Membership Problem of the Federal Reserve: An Alternative Proposal.
Journal: Journal of Money, Credit and Banking
Pages: 17-29
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Campbell, Tim S
Title: On the Extent of Segmentation in the Municipal Securities Market.
Journal: Journal of Money, Credit and Banking
Pages: 71-83
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: Imported Inflation, 1973-74 and the Accommodation Issue.
Journal: Journal of Money, Credit and Banking
Pages: 1-16
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Abrams, Richard K
Author-Name: Froyen, Richard
Author-Name: Waud, Roger N
Title: Monetary Policy Reaction Functions, Consistent Expectations, and the Burns Era.
Journal: Journal of Money, Credit and Banking
Pages: 30-42
Issue: 1
Volume: 12
Year: 1980
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Author-Name: Bhandari, Jagdeep S
Title: The Degree of Capital Mobility and the Stability of an Open Economy under Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 303-26
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Seater, John J
Title: Are Future Taxes Discounted?
Journal: Journal of Money, Credit and Banking
Pages: 376-89
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Saidi, Nasser H
Title: Expectations, International Business Cycles and the Balance of Payments.
Journal: Journal of Money, Credit and Banking
Pages: 327-46
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Douglas W
Title: Kalman Filters and the Target Values of Monetary Aggregates.
Journal: Journal of Money, Credit and Banking
Pages: 365-75
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Levin, Fred J
Author-Name: Meulendyke, Ann-Marie
Title: Monetary Policy: Theory and Practice: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 399-403
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Khan, Mohsin S
Author-Name: Knight, Malcolm D
Title: Unanticipated Monetary Growth and Inflationary Finance.
Journal: Journal of Money, Credit and Banking
Pages: 347-64
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Title: Monetary Policy: Theory and Practice: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 404-06
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: Interest Rate Implications for Fiscal and Monetary Policies: A Postscript on the Government Budget Constraint: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 407-12
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Amihud, Yakov
Author-Name: Mendelson, Haim
Title: Relative Price Dispersion and Economic Shocks: An Inventory-Adjustment Approach.
Journal: Journal of Money, Credit and Banking
Pages: 390-98
Issue: 3
Volume: 14
Year: 1982
Month: August
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheehey, Edmund J
Title: Monetary Policy and the Balance of Payments in Brazil and Chile: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 547-49
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Selden, Larry
Title: A New Approach to the Joint Consumption-Portfolio Problem.
Journal: Journal of Money, Credit and Banking
Pages: 429-47
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schenk, Robert E
Title: On Finding Determinants of Money-Stock Cycles.
Journal: Journal of Money, Credit and Banking
Pages: 502-12
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Miller, Norman C
Author-Name: Atkinson, Sherry S
Title: Monetary Policy and the Balance of Payments in Brazil and Chile: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 550-51
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Luckett, Dudley G
Author-Name: Potts, Glenn T
Title: Monetary Policy and Partisan Politics: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 540-46
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Krugman, Paul
Title: Vehicle Currencies and the Structure of International Exchange.
Journal: Journal of Money, Credit and Banking
Pages: 513-26
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kent, Richard J
Title: Credit Rationing and the Home Mortgage Market.
Journal: Journal of Money, Credit and Banking
Pages: 488-501
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert, R Alton
Author-Name: Rasche, Robert H
Title: Federal Reserve Bank Membership: Effects on Bank Profits.
Journal: Journal of Money, Credit and Banking
Pages: 448-61
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gambs, Carl M
Title: State Reserve Requirements and Bank Cash Assets.
Journal: Journal of Money, Credit and Banking
Pages: 462-70
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fried, Joel
Author-Name: Howitt, Peter
Title: Credit Rationing and Implicit Contract Theory.
Journal: Journal of Money, Credit and Banking
Pages: 471-87
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bosworth, Barry P
Title: Nonmonetary Aspects of Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 527-39
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Aoki, Masanao
Title: The Role of Fiscal Policy in a Financially Disaggregated Macroeconomic Model: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 552-56
Issue: 3
Volume: 12
Year: 1980
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rose, John T
Author-Name: Rutz, Roger D
Title: Organizational Form and Risk in Bank-Affiliated Mortgage Companies: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 375-80
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Maris, Brian A
Title: Indirect Evidence on the Efficacy of Selective Credit Controls: The Case of Consumer Credit.
Journal: Journal of Money, Credit and Banking
Pages: 388-90
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levy, Haim
Title: Optimal Portfolio of Foreign Currencies with Borrowing and Lending.
Journal: Journal of Money, Credit and Banking
Pages: 325-41
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent, Robert D
Title: Reserve Requirements, Deposit Insurance and Monetary Control.
Journal: Journal of Money, Credit and Banking
Pages: 314-24
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, Herbert M
Author-Name: Schlagenhauf, Don E
Title: FNMA Auction Results as a Forecaster of Residential Mortgage Yields.
Journal: Journal of Money, Credit and Banking
Pages: 352-64
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johannes, James M
Author-Name: Rasche, Robert H
Title: Can the Reserves Approach to Monetary Control Really Work?
Journal: Journal of Money, Credit and Banking
Pages: 298-313
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Lawrence G
Author-Name: Saunders, Anthony
Title: The Growth of Organizational Forms of Foreign Banks in the U.S.: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 365-74
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gale, William A
Title: Temporal Variability of United States Consumer Price Index.
Journal: Journal of Money, Credit and Banking
Pages: 273-97
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuddington, John T
Title: Money, Income, and Causality in the United Kingdom: An Empirical Reexamination.
Journal: Journal of Money, Credit and Banking
Pages: 342-51
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Corbo, Vittorio
Title: Inflation Expectations and the Specification of Demand for Money Equations: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 381-87
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chappell, David
Title: On the Revenue Maximizing Rate of Inflation: A Comment [Monetary Dynamics, Growth, and the Efficiency of Inflationary Finance].
Journal: Journal of Money, Credit and Banking
Pages: 391-92
Issue: 3
Volume: 13
Year: 1981
Month: Aug.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28198108%2913%3A3%3C391%3AOTRMRO%3E2.0.CO%3B2-F&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherman, Lawrence F
Author-Name: Sprenkle, Case M
Author-Name: Stanhouse, Bryan E
Title: Reserve Requirements and Control of the Money Supply: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 486-93
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Savage, Donald T
Title: Bank Home Office Protection Laws and Intercity Branching in Statewide Branch Banking States: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 500-505
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Porzecanski, Arturo C
Title: Patterns of Monetary Policy in Latin America.
Journal: Journal of Money, Credit and Banking
Pages: 427-37
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pesando, James E
Title: On the Random Walk Characteristics of Short- and Long-Term Interest Rates in an Efficient Market.
Journal: Journal of Money, Credit and Banking
Pages: 457-66
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pearce, Douglas K
Title: Comparing Survey and Rational Measures of Expected Inflation: Forecast Performance and Interest Rate Effects.
Journal: Journal of Money, Credit and Banking
Pages: 447-56
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mixon, J Wilson, Jr
Author-Name: Pratt, Leila J
Author-Name: Wallace, Myles S
Title: Cross-National Money to Income Causality: U.S. Money to U.K. Income.
Journal: Journal of Money, Credit and Banking
Pages: 419-26
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawler, Thomas A
Title: Federal Reserve Policy Strategy and Interest Rate Seasonality: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 494-99
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hannan, Timothy
Title: Limit Pricing and the Banking Industry.
Journal: Journal of Money, Credit and Banking
Pages: 438-46
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Haas, Richard D
Author-Name: Alexander, William E
Title: A Model of Exchange Rates and Capital Flows: The Canadian Floating Rate Experience.
Journal: Journal of Money, Credit and Banking
Pages: 467-82
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gendreau, Brian C
Title: Bankers' Balances, Demand Deposit Interest, and Agricultural Credit before the Banking Act of 1933: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 506-14
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Finkler, Steven A
Title: What Is Money? The Goldsmith Myth Revisited: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 483-85
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
File-URL: http://links.jstor.org/sici?sici=0022-2879%28197911%2911%3A4%3C483%3AWIMTGM%3E2.0.CO%3B2-2&origin=bc
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Template-Type: ReDIF-Article 1.0
Author-Name: Feige, Edgar L
Author-Name: McGee, Robert
Title: Has the Federal Reserve Shifted from a Policy of Interest Rate Targets to a Policy of Monetary Aggregate Targets?
Journal: Journal of Money, Credit and Banking
Pages: 381-404
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Boughton, James M
Author-Name: Wicker, Elmus R
Title: The Behavior of the Currency-Deposit Ratio during the Great Depression.
Journal: Journal of Money, Credit and Banking
Pages: 405-18
Issue: 4
Volume: 11
Year: 1979
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wilford, D Sykes
Author-Name: Zecher, J Richard
Title: Monetary Policy and the Balance of Payments in Mexico, 1955-75.
Journal: Journal of Money, Credit and Banking
Pages: 340-48
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sorensen, Eric H
Title: Negotiated Municipal Bond Underwritings: Implications for Efficiency: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 366-70
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Short, Eugenie Dudding
Title: A New Look at Real Money Balances as a Variable in the Production Function.
Journal: Journal of Money, Credit and Banking
Pages: 326-39
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Nguyen, Duc-Tho
Author-Name: Turnovsky, Stephen J
Title: Monetary and Fiscal Policies in an Inflationary Economy: A Simulation Approach.
Journal: Journal of Money, Credit and Banking
Pages: 259-83
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lombra, Raymond
Author-Name: Struble, Frederick
Title: Monetary Aggregate Targets and the Volatility of Interest Rates: A Taxonomic Discussion.
Journal: Journal of Money, Credit and Banking
Pages: 284-300
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent, Robert D
Title: Reserve Requirements: Are They Lagged in the Wrong Direction?
Journal: Journal of Money, Credit and Banking
Pages: 301-10
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Krugman, Paul
Title: A Model of Balance-of-Payments Crises.
Journal: Journal of Money, Credit and Banking
Pages: 311-25
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hester, Donald D
Title: Customer Relationships and Terms of Loans: Evidence from a Pilot Survey: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 349-57
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brillembourg, Arturo
Author-Name: Khan, Mohsin S
Title: The Relationship between Money, Income, and Prices: Has Money Mattered Historically? A Note.
Journal: Journal of Money, Credit and Banking
Pages: 358-65
Issue: 3
Volume: 11
Year: 1979
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullock, Gordon
Title: When Is Inflation Not Inflation: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 219-21
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Tanner, J Ernest
Title: An Empirical Investigation of Tax Discounting: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 214-18
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Savage, Donald T
Author-Name: Humphrey, David Burras
Title: Branching Laws and Banking Offices: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 227-30
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillips, Llad
Author-Name: Pippenger, John
Title: The Term Structure of Interest Rates in the MIT-PENN-SSRC Model: Reality or Illusion?
Journal: Journal of Money, Credit and Banking
Pages: 151-64
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Nguyen, Anh Nga
Title: Monetary Policy, Inflation, and Devaluation: A Case Study of the Philippines: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 235-42
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, Douglas W
Title: Explicit and Implicit Demand Deposit Interest: Substitutes or Complements from the Bank's Point of View?
Journal: Journal of Money, Credit and Banking
Pages: 182-91
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonung, Lars
Title: Knut Wicksell and Gustav Cassel on Secular Movements in Prices.
Journal: Journal of Money, Credit and Banking
Pages: 165-81
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinevetter, Bernd
Title: Liquidity Creation in the Euromarkets: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 231-34
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: Substitution and Expectation Effects on Long-Term Borrowing Behavior and Long-Term Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 131-50
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Bildersee, John S
Title: Bid-Ask Price Spreads in the Agency Bond Market: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 209-13
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Bhattacharya, Sudipto
Title: Welfare and Savings Effects of Indexation.
Journal: Journal of Money, Credit and Banking
Pages: 192-201
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ang, James S
Author-Name: Chua, Jess H
Author-Name: Bowling, Clinton H
Title: The Profiles of Late-Paying Consumer Loan Borrowers: An Exploratory Study: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 222-26
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Amihud, Yakov
Title: A Possible Error in the Expectations Theory: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 243-45
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Akhtar, M A
Author-Name: Putnam, Bluford H
Author-Name: Wilford, D Sykes
Title: Fiscal Constraints, Domestic Credit, and International Reserve Flows in the United Kingdom, 1952-71: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 202-08
Issue: 2
Volume: 11
Year: 1979
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Vrooman, John
Title: Does the St. Louis Equation Even Believe in Itself? A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 111-17
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullio, Giuseppe
Title: Monetary Equilibrium and Balance-of-Payments Adjustment: An Empirical Test of the U.S. Balance of Payments, 1951-73.
Journal: Journal of Money, Credit and Banking
Pages: 68-79
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Smith, Gary
Author-Name: Starnes, William
Title: A Short-Run Two-Sector Model with Immobile Capital.
Journal: Journal of Money, Credit and Banking
Pages: 47-67
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Money Supply Theory with Competitively Determined Deposit Rates and Activity Charges.
Journal: Journal of Money, Credit and Banking
Pages: 22-31
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Murphy, Neil B
Author-Name: Mandell, Lewis
Title: Consumer Response to Restructured Financial Institutions: The Case of Maine: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 91-98
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael, Robert T
Title: Variation across Households in the Rate of Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 32-46
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Luan, David C
Author-Name: Miller, Norman C
Title: A Monetary Approach to International Capital Flows Applied to the United States: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 87-90
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laufenberg, Daniel E
Title: Optimal Reserve Requirement Ratios against Bank Deposits for Short-Run Monetary Control: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 99-105
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamburger, Michael J
Author-Name: Zwick, Burton
Title: The Efficacy of Selective Credit Policies: An Alternative Test: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 106-10
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gultekin, Bulent
Author-Name: Santomero, Anthony M
Title: Indexation, Expectations, and Stability.
Journal: Journal of Money, Credit and Banking
Pages: 1-21
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cornell, Bradford
Title: Do Money Supply Announcements Affect Short-Term Interest Rates? A Note.
Journal: Journal of Money, Credit and Banking
Pages: 80-86
Issue: 1
Volume: 11
Year: 1979
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ritter, Lawrence S
Title: On the Fundamental Role of Transactions Costs in Monetary Theory: Two Illustrations from Casino Gambling: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 522-28
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: McCallum, Bennett T
Title: Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy.
Journal: Journal of Money, Credit and Banking
Pages: 418-36
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Marty, Alvin L
Title: Inflation, Taxes, and the Public Debt.
Journal: Journal of Money, Credit and Banking
Pages: 437-52
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levy, Haim
Author-Name: Sarnat, Marshall
Title: Exchange Rate Risk and the Optimal Diversification of Foreign Currency Holdings.
Journal: Journal of Money, Credit and Banking
Pages: 453-63
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Harberger, Arnold C
Title: A Primer on Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 505-21
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham, David R
Author-Name: Humphrey, David Burras
Title: Bank Examination Data as Predictors of Bank Net Loan Losses.
Journal: Journal of Money, Credit and Banking
Pages: 491-504
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fry, Maxwell J
Title: Money and Capital or Financial Deepening in Economic Development?
Journal: Journal of Money, Credit and Banking
Pages: 464-75
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fix, Robert F
Author-Name: Sivesind, Charles M
Title: An Assessment of the Income Stabilization Impact of Monetary Policy in Twelve Industrialized Countries.
Journal: Journal of Money, Credit and Banking
Pages: 476-90
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fair, Ray C
Title: A Criticism of One Class of Macroeconomic Models with Rational Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 411-17
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Buiter, Willem H
Author-Name: Armstrong, Clive A
Title: A Didactic Note on the Transactions Demand for Money and Behavior towards Risk: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 529-38
Issue: 4
Volume: 10
Year: 1978
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niho, Yoshio
Author-Name: Makin, John H
Title: A Solution to the Inverse Problem of Optimal Control: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 371-77
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Makin, John H
Title: Anticipated Inflation and Interest Rates in an Open Economy.
Journal: Journal of Money, Credit and Banking
Pages: 275-89
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ibrahim, I B
Author-Name: Williams, Raburn M
Title: The Fisher Relationship under Different Monetary Standards: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 363-70
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Author-Name: Kidwell, David S
Title: The Impact of Relative Security Supplies: A Test with Data from a Regional Tax-Exempt Bond Market.
Journal: Journal of Money, Credit and Banking
Pages: 337-47
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Heller, H Robert
Title: Determinants of Exchange Rate Practices.
Journal: Journal of Money, Credit and Banking
Pages: 308-21
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: von Furstenberg, George M
Title: The Impact of the GNMA Tandem Plans: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 385-87
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cohen, Darrel
Author-Name: McMenamin, J Stuart
Title: The Role of Fiscal Policy in a Financially Disaggregated Macroeconomic Model.
Journal: Journal of Money, Credit and Banking
Pages: 322-36
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Buckley, Robert M
Title: The Impact of the GNMA Tandem Plans: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 378-84
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benson, Earl D
Author-Name: Rogowski, Robert J
Title: The Cyclical Behavior of Risk Spreads on New Municipal Issues.
Journal: Journal of Money, Credit and Banking
Pages: 348-62
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Albon, Robert P
Author-Name: Valentine, Thomas J
Title: Price Expectations, Partial Adjustment and the Sectoral Demand for Money in Australia.
Journal: Journal of Money, Credit and Banking
Pages: 290-307
Issue: 3
Volume: 10
Year: 1978
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Taggart, Robert A, Jr
Author-Name: Greenbaum, Stuart I
Title: Bank Capital and Public Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 158-69
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Taggart, Robert A, Jr
Title: Effects of Deposit Rate Ceilings: The Evidence from Massachusetts Savings Banks.
Journal: Journal of Money, Credit and Banking
Pages: 139-57
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Sinkey, Joseph F, Jr
Title: Identifying "Problem" Banks: How Do the Banking Authorities Measure a Bank's Risk Exposure?
Journal: Journal of Money, Credit and Banking
Pages: 184-93
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Rogalski, Richard J
Author-Name: Vinso, Joseph D
Title: An Analysis of Monetary Aggregates.
Journal: Journal of Money, Credit and Banking
Pages: 252-66
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Phelps, Edmund S
Title: Commodity-Supply Shock and Full-Employment Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 206-21
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaserman, David L
Title: Evidence on the Decline of FHA.
Journal: Journal of Money, Credit and Banking
Pages: 194-205
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Floyd, John E
Author-Name: Hynes, J Allan
Title: The Structure of Production, the Composition of Final Demand, and the Determination of the Price Level and Employment.
Journal: Journal of Money, Credit and Banking
Pages: 222-38
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Campbell, Tim S
Title: Monetary Policy and Bank Portfolio Composition: An Empirical Analysis of Their Impact on G NP.
Journal: Journal of Money, Credit and Banking
Pages: 239-51
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Baltensperger, Ernst
Title: Credit Rationing: Issues and Questions.
Journal: Journal of Money, Credit and Banking
Pages: 170-83
Issue: 2
Volume: 10
Year: 1978
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: Macroeconomic Dynamics and Growth in a Monetary Economy: A Synthesis.
Journal: Journal of Money, Credit and Banking
Pages: 1-26
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Timberlake, Richard H, Jr
Title: Repeal of Silver Monetization in the Late Nineteenth Century.
Journal: Journal of Money, Credit and Banking
Pages: 27-45
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stauffer, Robert F
Title: A Reinterpretation of Velocity Trends in the United States, 1900-1920: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 105-11
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Putnam, Bluford H
Author-Name: Van Belle, John J
Title: A Monetary Approach to Afghanistan's Flexible Exchange Rate: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 117-18
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Moroney, John R
Author-Name: Wilbratte, Barry J
Title: Money and Money Substitutes: A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 115-16
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kennedy, Peter E
Title: Direct Wealth Effects in Macroeconomic Models: The Saving vs. the Definitional Approach: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 94-98
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: De Rosa, Paul
Title: Mortgage Rationing and Residential Investment: Some Results from a Brainard-Tobin Model.
Journal: Journal of Money, Credit and Banking
Pages: 75-87
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciccolo, John H, Jr
Title: Money, Equity, Values, and Income: Tests for Exogeneity.
Journal: Journal of Money, Credit and Banking
Pages: 46-64
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryan, William R
Author-Name: Gallagher, Timothy J
Title: The Role of the Federal Funds Market: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 102-04
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brox, James A
Title: Money and Money Substitutes: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 112-14
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradford, William D
Author-Name: Osborne, Alfred E, Jr
Author-Name: Spellman, Lewis J
Title: The Efficiency and Profitability of Minority Controlled Savings and Loan Associations.
Journal: Journal of Money, Credit and Banking
Pages: 65-74
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Blair, Roger D
Author-Name: Heggestad, Arnold A
Title: Bank Portfolio Regulation and the Probability of Bank Failure: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 88-93
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Black, Harold
Title: Inflation and the Issue of Unidirectional Causality: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 99-101
Issue: 1
Volume: 10
Year: 1978
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Weintraub, Robert E
Title: Some Neglected Monetary Contributions: Congressman Wright Patman (1893-1976).
Journal: Journal of Money, Credit and Banking
Pages: 517-28
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Thurston, Thom B
Title: The Permanent Income Hypothesis and Monetary Influences on Consumption.
Journal: Journal of Money, Credit and Banking
Pages: 586-96
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tavlas, George S
Title: The Chicago Tradition Revisited: Some Neglected Monetary Contributions: Senator Paul Douglas (1892-1976).
Journal: Journal of Money, Credit and Banking
Pages: 529-35
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierce, James L
Title: The FINE Study.
Journal: Journal of Money, Credit and Banking
Pages: 605-18
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillips, Almarin
Title: CMC, Heller, Hunt, FIA, FRA, and FINE: The Neglected Aspect of Financial Reform.
Journal: Journal of Money, Credit and Banking
Pages: 636-41
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Phaup, E Dwight
Author-Name: Kusinitz, Alan
Title: Monetary Control under Fixed Exchange Rates: A Time Series Approach.
Journal: Journal of Money, Credit and Banking
Pages: 552-61
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levin, Jay H
Title: Capital Mobility and Endogenous Stabilization Policy under Flexible Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 572-85
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Judd, John P
Title: Dynamic Implications of Poole's Proposed Reserve Requirement Rule: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 667-71
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hester, Donald D
Title: Special Interests: The FINE Situation.
Journal: Journal of Money, Credit and Banking
Pages: 652-61
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hawkins, Robert G
Author-Name: Macaluso, Donald
Title: The Avoidance of Restrictive Monetary Policies in Host Countries by Multinational Firms.
Journal: Journal of Money, Credit and Banking
Pages: 562-71
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Freedman, Charles
Title: The FINE Proposals on Foreign Banks in the United States and American Banks Abroad.
Journal: Journal of Money, Credit and Banking
Pages: 642-51
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Firth, Michael A
Title: The Investment Performance of Unit Trusts in the Period 1965-75.
Journal: Journal of Money, Credit and Banking
Pages: 597-604
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Feige, Edgar L
Author-Name: McGee, Robert T
Title: Money Supply Control and Lagged Reserve Accounting.
Journal: Journal of Money, Credit and Banking
Pages: 536-51
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fackler, James
Author-Name: Stanhouse, Bryan
Title: Rationality of the Michigan Price Expectations Data: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 662-66
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cohen, Jacob
Author-Name: Maeshiro, Asatoshi
Title: The Significance of Money on the State Level: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 672-78
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chandler, Lester V
Author-Name: Jaffee, Dwight M
Title: Regulating the Regulators: A Review of the FINE Regulatory Reforms.
Journal: Journal of Money, Credit and Banking
Pages: 619-35
Issue: 4
Volume: 9
Year: 1977
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Waud, Roger N
Title: CD Behavior and the Use of Broader Monetary Aggregates: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 483-90
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Short, Brock K
Author-Name: Villanueva, Delano P
Title: Further Evidence on the Role of Savings Deposits as Money in Canada.
Journal: Journal of Money, Credit and Banking
Pages: 437-46
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pryor, Frederic L
Title: The Origins of Money.
Journal: Journal of Money, Credit and Banking
Pages: 391-409
Issue: 3
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Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pesando, James E
Author-Name: Yatchew, Adonis
Title: Real versus Nominal Interest Rates and the Demand for Consumer Durables in Canada.
Journal: Journal of Money, Credit and Banking
Pages: 428-36
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Murphy, Neil B
Title: Determinants of the Demand for Bank Examiner Manpower in the First National Bank Region: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 500-503
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Krainer, Robert E
Title: Wealth Redistribution Risk and the Modern Theory of Finance: An Analysis of Inflation and Bankruptcy.
Journal: Journal of Money, Credit and Banking
Pages: 460-68
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Enders, Walter
Title: Portfolio Balance and Exchange Rate Stability: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 491-99
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ederington, Louis H
Author-Name: Skogstad, Samuel L
Title: Measurement of Banking Competition and Geographic Markets: The Market for Checking Account Services.
Journal: Journal of Money, Credit and Banking
Pages: 469-82
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Coghlan, Richard T
Title: Analysis within the "Near View."
Journal: Journal of Money, Credit and Banking
Pages: 410-27
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Acheson, A L Keith
Title: The Allocation of Government Deposits among Private Banks: The Canadian Case.
Journal: Journal of Money, Credit and Banking
Pages: 447-59
Issue: 3
Volume: 9
Year: 1977
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sinai, Allen
Author-Name: Stokes, Houston
Title: Real Money Balances as a Variable in the Production Function: A Further Reply.
Journal: Journal of Money, Credit and Banking
Pages: 372-73
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mussa, Michael L
Title: The Welfare Cost of Inflation and the Role of Money as a Unit of Account.
Journal: Journal of Money, Credit and Banking
Pages: 276-86
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: McGrath, N Brian
Title: Implications of the Government Budget Constraint: A Comparison of Two Models.
Journal: Journal of Money, Credit and Banking
Pages: 304-15
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mandell, Lewis
Title: Diffusion of EFTS among National Banks: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 341-48
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, Herbert M
Title: An Analysis of the Behavior of Federal Mortgage Market Agencies: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 349-55
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Lewis
Title: Keynesian Dynamics and Growth.
Journal: Journal of Money, Credit and Banking
Pages: 328-40
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Harry G
Title: The Welfare Economics of Monetary Transfers and Reversed Transfers.
Journal: Journal of Money, Credit and Banking
Pages: 259-75
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacobs, Rodney L
Title: Hyperinflation and the Supply of Money.
Journal: Journal of Money, Credit and Banking
Pages: 287-303
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: Even the St. Louis Model Now Believes in Fiscal Policy: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 365-67
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Findlay, M Chapman, III
Author-Name: Capozza, Dennis R
Title: The Variable-Rate Mortgage and Risk in the Mortgage Market: An Option Theory Perspective: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 356-64
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Canzoneri, Matthew B
Title: The Intermediate Control Problem: A Note.
Journal: Journal of Money, Credit and Banking
Pages: 368-71
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Barth, James R
Author-Name: Kraft, Arthur
Author-Name: Wiest, Philip
Title: A Utility Maximization Approach to Individual Bank Asset Selection.
Journal: Journal of Money, Credit and Banking
Pages: 316-27
Issue: 2
Volume: 9
Year: 1977
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Parkin, Michael
Title: The Transition from Fixed Exchange Rates to Money Supply Targets.
Journal: Journal of Money, Credit and Banking
Pages: 228-42
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Neumann, Manfred J M
Title: Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72.
Journal: Journal of Money, Credit and Banking
Pages: 206-27
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meltzer, Allan H
Title: Anticipated Inflation and Unanticipated Price Change: A Test of the Price-Specie Flow Theory and the Phillips Curve.
Journal: Journal of Money, Credit and Banking
Pages: 182-205
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Frost, Peter A
Title: Short-Run Fluctuations in the Money Multiplier and Monetary Control.
Journal: Journal of Money, Credit and Banking
Pages: 165-81
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fratianni, Michele
Title: Price and Output Adjustments in a Closed Economy.
Journal: Journal of Money, Credit and Banking
Pages: 151-64
Issue: 1
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Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dornbusch, Rudiger
Title: Inflation, Capital, and Deficit Finance.
Journal: Journal of Money, Credit and Banking
Pages: 141-50
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Alchian, Armen A
Title: Why Money?
Journal: Journal of Money, Credit and Banking
Pages: 133-40
Issue: 1
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Year: 1977
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Template-Type: ReDIF-Article 1.0
Author-Name: Yawitz, Jess B
Title: The Relative Importance of Duration and Yield Volatility on Bond Price Volatility: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 97-102
Issue: 1
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Year: 1977
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Template-Type: ReDIF-Article 1.0
Author-Name: Van Belle, John J
Title: The Relevance of an Aggregated Benchmark for Testing Stein's Theory: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 105-06
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Taylor, Dean
Title: A Simple Model of Monetary Dynamics: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 107-11
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sweeney, Joan
Author-Name: Sweeney, Richard James
Title: Monetary Theory and the Great Capitol Hill Baby Sitting Co-op Crisis: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 86-89
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Saito, Mitsuo
Title: Household Flow-of-Funds Equations: Specification and Estimation.
Journal: Journal of Money, Credit and Banking
Pages: 1-20
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Oldfield, George S, Jr
Title: Financial Aspects of the Private Pension System.
Journal: Journal of Money, Credit and Banking
Pages: 48-54
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: MacKay, Robert J
Author-Name: Weber, Warren E
Title: Consumer Behavior and Quantity Constraints: Some Implications for Monetary Theory.
Journal: Journal of Money, Credit and Banking
Pages: 21-31
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Knobel, Abraham
Title: The Demand for Reserves by Commercial Banks.
Journal: Journal of Money, Credit and Banking
Pages: 32-47
Issue: 1
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Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Good Intentions and Unintended Evil: The Case against Selective Credit Allocation.
Journal: Journal of Money, Credit and Banking
Pages: 55-69
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Elliott, J Walter
Author-Name: Echols, Michael E
Title: Expected Yield Curve Movements and Rational Term Structure Expectations: An Empirical Note: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 90-96
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Eaker, Mark R
Title: A Note on the Tests of Stein's Theory of the Foreign Exchange Markets: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 103-04
Issue: 1
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Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Karl
Author-Name: Meckling, William H
Title: The Perception of Man and the Conception of Government.
Journal: Journal of Money, Credit and Banking
Pages: 70-85
Issue: 1
Volume: 9
Year: 1977
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullock, Gordon
Title: Competing Monies: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 521-25
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberts, Steven M
Author-Name: Margolis, Marvin S
Title: Control of the Money Stock with a Reserve Aggregate.
Journal: Journal of Money, Credit and Banking
Pages: 457-76
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pyle, David H
Author-Name: Turnovsky, Stephen J
Title: The Dynamics of Government Policy in an Inflationary Economy: An "Intermediate-Run" Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 411-37
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Peterson, Richard L
Title: The Impact of General Credit Restraint on the Supply of Commercial Bank Consumer Installment Credit: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 527-35
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Benjamin
Title: Competing Monies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 513-19
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Author-Name: Orlando, Frank S
Title: The Interest-Rate Behavior of Flow-of-Funds and Bank-Reserves Financial Models.
Journal: Journal of Money, Credit and Banking
Pages: 497-512
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Graves, Philip E
Title: Wealth and Cash Asset Proportions.
Journal: Journal of Money, Credit and Banking
Pages: 487-96
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cassidy, Henry J
Title: Estimates of the Aggregate Impact of Expected Windfalls for a Portion of the S&L Industry.
Journal: Journal of Money, Credit and Banking
Pages: 477-85
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Barro, Robert J
Title: The Loan Market, Collateral, and Rates of Interest.
Journal: Journal of Money, Credit and Banking
Pages: 439-56
Issue: 4
Volume: 8
Year: 1976
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wagner, John R
Title: The Pesek-Saving Effect and the Effectiveness of Open-Market Operations.
Journal: Journal of Money, Credit and Banking
Pages: 399
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:8:y:1976:i:3:p:399

Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Transactions Cost Functions and the Inventory-Theoretic Approach to Money Demand.
Journal: Journal of Money, Credit and Banking
Pages: 339-45
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rea, John D
Title: Monetary Policy and the Cyclical Behavior of the Money Supply.
Journal: Journal of Money, Credit and Banking
Pages: 347-58
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Officer, Lawrence H
Title: The Demand for International Liquidity: A Test of the Square-Root Law.
Journal: Journal of Money, Credit and Banking
Pages: 325-37
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Longbrake, William A
Author-Name: Merrill, H Douglas
Title: Demand for Commercial Bank Production Workers and Administrators: Demand Deposit Operations.
Journal: Journal of Money, Credit and Banking
Pages: 275-95
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kidwell, David S
Title: The Inclusion and Exercise of Call Provisions by State and Local Governments.
Journal: Journal of Money, Credit and Banking
Pages: 391-98
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hewson, John
Author-Name: Sakakibara, Eisuke
Title: A General Equilibrium Approach to the Eurodollar Market.
Journal: Journal of Money, Credit and Banking
Pages: 297-323
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hausafus, Kurt F
Title: Financial Institutions and International Capital Movements: Portfolio Selection or Trade Finance?
Journal: Journal of Money, Credit and Banking
Pages: 359-71
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: von Furstenberg, George M
Title: Distribution Effects of GNMA Home Mortgage Purchases and Commitments under the Tandem Plans.
Journal: Journal of Money, Credit and Banking
Pages: 373-89
Issue: 3
Volume: 8
Year: 1976
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Yawitz, Jess B
Author-Name: Meyer, Laurence H
Title: An Empirical Investigation of the Extent of Tax Discounting: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 247-54
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Starleaf, Dennis R
Title: A Suggestion for Changing the Definition of the U.S. Money Stock.
Journal: Journal of Money, Credit and Banking
Pages: 149-66
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ragazzi, Giorgio
Title: Index-Linking and General Welfare: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 261-63
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Poole, William
Title: A Proposal for Reforming Bank Reserve Requirements in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 137-47
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Pesando, James E
Title: The Alternative Models of the Determination of Nominal Interest Rates: The Canadian Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 209-18
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Moroney, John R
Author-Name: Wilbratte, Barry J
Title: Money and Money Substitutes: A Time Series Analysis of Household Portfolios.
Journal: Journal of Money, Credit and Banking
Pages: 181-98
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Miller, Norman C
Author-Name: Askin, Sherry S
Title: Monetary Policy and the Balance of Payments in Brazil and Chile.
Journal: Journal of Money, Credit and Banking
Pages: 227-38
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Laufenberg, Daniel E
Title: Contemporaneous Versus Lagged Reserve Accounting: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 239-45
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Fry, Maxwell J
Title: A Monetary Approach to Afghanistan's Flexible Exchange Rate.
Journal: Journal of Money, Credit and Banking
Pages: 219-25
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Coats, Warren L, Jr
Title: Lagged Reserve Accounting and the Money Supply Mechanism.
Journal: Journal of Money, Credit and Banking
Pages: 167-80
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Bicksler, James L
Author-Name: Hess, Patrick J
Title: More on Purchasing Power Risk, Portfolio Analysis and the Case for Index-Linked Bonds: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 265-66
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ang, James S
Author-Name: Willhour, Richard
Title: The Consumer Loan Supply Function of a Minority Bank: An Empirical Note: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 255-59
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Alhadeff, David A
Author-Name: Alhadeff, Charlotte P
Title: Growth and Survival Patterns of New Banks, 1948-70.
Journal: Journal of Money, Credit and Banking
Pages: 199-208
Issue: 2
Volume: 8
Year: 1976
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: White, Lawrence J
Title: Price Regulation and Quality Rivalry in a Profit-maximizing Model: The Case of Bank Branching.
Journal: Journal of Money, Credit and Banking
Pages: 97-106
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: White, Kenneth J
Title: The Effect of Bank Credit Cards on the Household Transactions Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 51-61
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: The Relative Stability of Alternative Exchange Rate Systems in the Presence of Random Disturbances.
Journal: Journal of Money, Credit and Banking
Pages: 29-50
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Obst, Norman P
Author-Name: Rasche, Robert H
Title: Price Expectations and Interest Rates: Some Clarifying Comments: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 119-22
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Author-Name: Hewson, John
Title: The Eurodollar Market and Monetary Theory.
Journal: Journal of Money, Credit and Banking
Pages: 1-27
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kraft, John
Author-Name: Kraft, Arthur
Title: Income Velocity and Interest Rates: A Time Series Test of Causality: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 123-25
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Heggestad, Arnold A
Author-Name: Mingo, John J
Title: Prices, Nonprices, and Concentration in Commercial Banking.
Journal: Journal of Money, Credit and Banking
Pages: 107-17
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Lawrence G
Title: Bank Holding Company Acquisitions and Their Impact on Market Shares: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 127-30
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cramer, Robert H
Author-Name: Miller, Robert B
Title: Dynamic Modeling of Multivariate Time Series for Use in Bank Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 85-96
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benavie, Arthur
Title: Monetary and Fiscal Policy in a Two-Sector Keynesian Model.
Journal: Journal of Money, Credit and Banking
Pages: 63-84
Issue: 1
Volume: 8
Year: 1976
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeager, James H, Jr
Title: Wealth Effects and the Effectiveness of Monetary and Fiscal Policies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 531-32
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Waud, Roger N
Title: Net Outlay Uncertainty and Liquidity Preference as Behavior toward Risk.
Journal: Journal of Money, Credit and Banking
Pages: 499-506
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullock, Gordon
Title: Competing Monies.
Journal: Journal of Money, Credit and Banking
Pages: 491-97
Issue: 4
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Year: 1975
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomson, Thomas D
Author-Name: Pierce, James L
Author-Name: Parry, Robert T
Title: A Monthly Money Market Model.
Journal: Journal of Money, Credit and Banking
Pages: 411-31
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Renshaw, Edward F
Title: A Note on Economic Activity and Alternative Definitions of the Money Supply: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 507-13
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pringle, John J
Title: Bank Capital and the Performance of Banks as Financial Intermediaries: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 545-50
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Prais, Zmira
Title: Real Money Balances as a Variable in the Production Function: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 535-43
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mussa, Michael
Title: Equities, Interest, and the Stability of the Inflationary Process.
Journal: Journal of Money, Credit and Banking
Pages: 433-48
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstas, Panos
Author-Name: Khouja, Mohamad W
Title: The Keynesian Money Demand-Another Look at the Evidence: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 521-26
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Title: The Case for Mortgage Rate Insurance: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 515-19
Issue: 4
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Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kalish, Lionel
Title: A Framework for Evaluating Potential Competition as a Factor in Bank Mergers and Acquisitions: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 527-30
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Glahe, Fred R
Title: The Behavior of Professional Risk-Bearers: A Better Test of a Theory: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 533-34
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dunkelberg, William C
Author-Name: Smiley, Robert H
Title: Subsidies in the Use of Revolving Credit.
Journal: Journal of Money, Credit and Banking
Pages: 469-90
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Beighley, H Prescott
Author-Name: McCall, Alan S
Title: Market Power and Structure and Commercial Bank Installment Lending.
Journal: Journal of Money, Credit and Banking
Pages: 449-67
Issue: 4
Volume: 7
Year: 1975
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Weber, Warren E
Title: Monetary Assets, Net Wealth, and Banking Structure.
Journal: Journal of Money, Credit and Banking
Pages: 331-42
Issue: 3
Volume: 7
Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Moses, Ronald P
Title: On Benishay's Evaluation of Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 377-79
Issue: 3
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Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Longbrake, William A
Author-Name: Haslem, John A
Title: Production Efficiency in Commercial Banking: The Effects of Size and Legal Form of Organization on the Cost of Producing Demand Deposit Services.
Journal: Journal of Money, Credit and Banking
Pages: 317-30
Issue: 3
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Year: 1975
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, Herbert M
Author-Name: Marcis, Richard G
Title: The Hunt Commission Recommendations and the Determination and Control of the Money Supply.
Journal: Journal of Money, Credit and Banking
Pages: 343-58
Issue: 3
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Year: 1975
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Benjamin M
Title: Regulation Q and the Commercial Loan Market in the 1960s.
Journal: Journal of Money, Credit and Banking
Pages: 277-96
Issue: 3
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Year: 1975
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Template-Type: ReDIF-Article 1.0
Author-Name: Fortune, Peter
Title: The Effectiveness of Recent Policies to Maintain Thrift-Deposit Flows.
Journal: Journal of Money, Credit and Banking
Pages: 297-315
Issue: 3
Volume: 7
Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen, Chau-nan
Title: Flexible Bimetallic Exchange Rates in China, 1650-1850: A Historical Example of Optimum Currency Areas.
Journal: Journal of Money, Credit and Banking
Pages: 359-76
Issue: 3
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Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benishay, Haskel
Title: On Benishay's Evaluation of Policy: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 381-84
Issue: 3
Volume: 7
Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Barth, James R
Author-Name: Bennett, James T
Title: Cost-push versus Demand-pull Inflation: Some Empirical Evidence: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 391-97
Issue: 3
Volume: 7
Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad, Syed
Title: The "Paradox of Bliss" and Money as Net Wealth: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 385-90
Issue: 3
Volume: 7
Year: 1975
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Van Belle, John J
Title: The Behavior of Professional Risk-Bearers: Test of a Theory.
Journal: Journal of Money, Credit and Banking
Pages: 253-57
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Throop, Adrian W
Title: Capital Investment and Entry in Commercial Banking: A Competitive Model.
Journal: Journal of Money, Credit and Banking
Pages: 193-214
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Gambs, Carl M
Title: Variable Rate Mortgages-Their Potential in the United States: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 245-51
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Frenkel, Jacob A
Author-Name: Rodriguez, Carlos Alfredo
Title: Wealth Effects and the Dynamics of Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 259-68
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ethier, Wilfred
Title: Financial Assets and Economic Growth in a "Keynesian" Economy.
Journal: Journal of Money, Credit and Banking
Pages: 215-33
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Elliott, J W
Title: The Influence of Monetary and Fiscal Actions on Total Spending: The St. Louis Total Spending Equation Revisited.
Journal: Journal of Money, Credit and Banking
Pages: 181-92
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Author-Name: Schwartz, Anna Jacobson
Title: Has the Growth of Money Substitutes Hindered Monetary Policy?
Journal: Journal of Money, Credit and Banking
Pages: 137-59
Issue: 2
Volume: 7
Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Aliber, Robert Z
Title: Exchange Risk, Political Risk, and Investor Demand for External Currency Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 161-79
Issue: 2
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Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Adar, Zvi
Author-Name: Agmon, Tamir
Author-Name: Orgler, Yair E
Title: Output Mix and Jointness in Production in the Banking Firm.
Journal: Journal of Money, Credit and Banking
Pages: 235-43
Issue: 2
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Year: 1975
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Turnovsky, Stephen J
Title: Optimal Choice of Monetary Instrument in a Linear Economic Model with Stochastic Coefficients.
Journal: Journal of Money, Credit and Banking
Pages: 51-80
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tollison, Robert D
Author-Name: Willett, Thomas D
Title: A Defense of the CEA as an Instrument for Giving Economic Policy Advice: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 113-16
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kudoh, Kazuhisa
Title: A Note on the Consumption Function in Monetary Theory: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 117-21
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Holbrook, Robert S
Title: Optimal Policy Choice under a Nonlinear Constraint: An Iterative Application of Linear Techniques.
Journal: Journal of Money, Credit and Banking
Pages: 33-49
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldberg, Lawrence G
Title: The Effect of State Banking Regulations on Bank Credit Card Use: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 105-12
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert, Gary G
Title: An Analysis of Federal Regulatory Decisions on Market Extension Bank Mergers.
Journal: Journal of Money, Credit and Banking
Pages: 81-92
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Eisenbeis, Robert A
Title: Differences in Federal Regulatory Agencies' Bank Merger Policies.
Journal: Journal of Money, Credit and Banking
Pages: 93-104
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cooper, J Phillip
Author-Name: Nelson, Charles R
Title: The Ex Ante Prediction Performance of the St. Louis and FRB-MIT-PENN Econometric Models and Some Results on Composite Predictors.
Journal: Journal of Money, Credit and Banking
Pages: 1-32
Issue: 1
Volume: 7
Year: 1975
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Zwick, Burton
Title: "Snapback" and "Crowding-out" Effects in Monetary and Fiscal Policy: Explanation and Interrelation: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 559-66
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stillson, Richard T
Title: An Analysis of Information and Transaction Services in Financial Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 517-35
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meyer, Laurence H
Title: Wealth Effects and the Effectiveness of Monetary and Fiscal Policies.
Journal: Journal of Money, Credit and Banking
Pages: 481-502
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Benjamin
Title: The Competitive Supply of Money.
Journal: Journal of Money, Credit and Banking
Pages: 423-53
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaffee, Dwight M
Title: What to do about Savings and Loan Associations?
Journal: Journal of Money, Credit and Banking
Pages: 537-49
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hambor, John C
Author-Name: Weintraub, Robert E
Title: The Term Structure: Another Look: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 551-57
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Goldstein, Henry N
Title: Can SDRs and a Reserve Currency Coexist? A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 567-70
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cargill, Thomas F
Author-Name: Meyer, Robert A
Title: Estimating Term Structure Phenomena from Data Aggregated over Time.
Journal: Journal of Money, Credit and Banking
Pages: 503-15
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Caligiuri, Gian Franco
Author-Name: Fazio, Antonio
Author-Name: Padoa-Schioppa, Tommaso
Title: Demand and Supply of Bank Credit in Italy.
Journal: Journal of Money, Credit and Banking
Pages: 455-79
Issue: 4
Volume: 6
Year: 1974
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeats, Alexander J
Title: A Framework for Evaluating Potential Competition as a Factor in Bank Mergers and Acquisitions: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 395-402
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wagner, Richard E
Title: Politics, Bureaucracy, and Budgetary Choice: The Brookings Budget for 1974.
Journal: Journal of Money, Credit and Banking
Pages: 367-83
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Slovin, Myron B
Title: On the Relationship among Monetary Aggregates.
Journal: Journal of Money, Credit and Banking
Pages: 353-66
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mussa, Michael
Title: A Monetary Approach to Balance-of-Payments Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 333-51
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kochin, Levis A
Title: Are Future Taxes Anticipated by Consumers? Comment.
Journal: Journal of Money, Credit and Banking
Pages: 385-94
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fry, Clifford L
Title: An Explanation of Short-Run Fluctuations in the Ratio of Currency to Demand Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 403-12
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Allais, Maurice
Title: The Psychological Rate of Interest.
Journal: Journal of Money, Credit and Banking
Pages: 285-331
Issue: 3
Volume: 6
Year: 1974
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rockoff, Hugh
Title: The Free Banking Era: A Reexamination.
Journal: Journal of Money, Credit and Banking
Pages: 141-67
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Officer, Lawrence H
Title: Reserve-Asset Preferences in the Crisis Zone, 1958-67.
Journal: Journal of Money, Credit and Banking
Pages: 191-211
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent, Robert D
Title: Currency in Circulation and the Real Value of Notes.
Journal: Journal of Money, Credit and Banking
Pages: 213-26
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Koot, Ronald S
Author-Name: Walker, David A
Title: Rules versus Discretion: An Analysis of Income Stability and the Money Supply.
Journal: Journal of Money, Credit and Banking
Pages: 253-61
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Harris, Duane G
Title: Credit Rationing at Commercial Banks: Some Empirical Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 227-40
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Feige, Edgar L
Author-Name: Swamy, P A V B
Title: A Random Coefficient Model of the Demand for Liquid Assets.
Journal: Journal of Money, Credit and Banking
Pages: 241-52
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cathcart, Charles D
Title: Monetary Dynamics, Growth, and the Efficiency of Inflationary Finance.
Journal: Journal of Money, Credit and Banking
Pages: 169-90
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Ben-Zion, Uri
Title: The Cost of Capital and the Demand for Money by Firms: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 263-69
Issue: 2
Volume: 6
Year: 1974
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Warner, P D, III
Author-Name: Miller, Stephen M
Title: The Deficient Treatment of Money in Basic Undergraduate Texts: An Opposing View: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 119-21
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, T R
Title: The Value of Time and Economies of Scale in the Demand for Cash Balances.
Journal: Journal of Money, Credit and Banking
Pages: 122-24
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Karni, Edi
Title: The Value of Time and the Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 45-64
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Omotunde E G
Title: Credit Controls as Instruments of Development Policy in the Light of Economic Theory.
Journal: Journal of Money, Credit and Banking
Pages: 85-99
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hynes, J Allan
Title: On the Theory of Real Balance Effects.
Journal: Journal of Money, Credit and Banking
Pages: 65-83
Issue: 1
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Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Griffiths, Brian
Title: Two Monetary Inquiries in Great Britain: Comments on the Macmillan Report of 1931 and the Radcliffe Committee of 1959.
Journal: Journal of Money, Credit and Banking
Pages: 101-14
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fratianni, Michele
Title: The Problem of Coexistence of SDRs and a Reserve Currency: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 115-18
Issue: 1
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Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cooper, J Phillip
Author-Name: Fischer, Stanley
Title: Monetary and Fiscal Policy in the Fully Stochastic St. Louis Econometric Model.
Journal: Journal of Money, Credit and Banking
Pages: 1-22
Issue: 1
Volume: 6
Year: 1974
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Author-Name: Marlin, John Tepper
Title: Bank Examiners' Evaluation of Credit: An Analysis of the Usefulness of Substandard Loan Data.
Journal: Journal of Money, Credit and Banking
Pages: 23-44
Issue: 1
Volume: 6
Year: 1974
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Template-Type: ReDIF-Article 1.0
Author-Name: Van Belle, John J
Title: Spot Rates, Forward Rates, and the Interest-Rate Differentials: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 997-99
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: More on Inflation: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 982-84
Issue: 4
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Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Swan, Craig
Title: The Markets for Housing and Housing Services: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 960-72
Issue: 4
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Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Steindl, Frank G
Title: Price Expectations and Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 939-49
Issue: 4
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Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Shetler, Douglas
Title: Monetary Aggregates Prior to the Civil War: A Closer Look: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1000-06
Issue: 4
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Roll, Richard
Title: Assets, Money, and Commodity Price Inflation Under Uncertainty: Demand Theory.
Journal: Journal of Money, Credit and Banking
Pages: 903-23
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pringle, John J
Title: A Theory of the Banking Firm: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 990-96
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Neumann, Manfred J M
Title: The 1972 Report of the German Council of Economic Experts: Inflation and Stabilization: Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 950-59
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levin, Fred J
Title: Examination of the Money-Stock Control Approach of Burger, Kalish, and Babb.
Journal: Journal of Money, Credit and Banking
Pages: 924-38
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: The Central Bank as Big Brother: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 979-81
Issue: 4
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Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Elizabeth S
Author-Name: Johnson, Harry G
Title: Keynes, the Wider Band, and the Crawling Peg.
Journal: Journal of Money, Credit and Banking
Pages: 988-89
Issue: 4
Volume: 5
Year: 1973
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Feldstein, Martin S
Author-Name: Chamberlain, Gary
Title: Multimarket Expectations and the Rate of Interest.
Journal: Journal of Money, Credit and Banking
Pages: 873-902
Issue: 4
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen, Chau-nan
Title: A Graphical Note on the Aggregative Effect of Payments of Interest on Deposits: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 985-87
Issue: 4
Volume: 5
Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Arcelus, Francisco
Author-Name: Meltzer, Allan H
Title: The Markets for Housing and Housing Services: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 973-78
Issue: 4
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullock, Gordon
Title: Inflation and Unemployment: The Discussion Continued: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 826-35
Issue: 3
Volume: 5
Year: 1973
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Silveira, Antonio M
Title: Interest Rate and Rapid Inflation: The Evidence from the Brazilian Economy.
Journal: Journal of Money, Credit and Banking
Pages: 794-805
Issue: 3
Volume: 5
Year: 1973
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Shiller, Robert J
Title: Rational Expectations and the Term Structure of Interest Rates: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 856-60
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Sarnat, Marshall
Title: Purchasing Power Risk, Portfolio Analysis, and the Case for Index-Linked Bonds: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 836-45
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Hagerman, Robert L
Title: The Efficiency of the Market for Bank Stocks: An Empirical Test: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 846-55
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Geisel, Martin S
Title: Bayesian Comparisons of Simple Macroeconomic Models.
Journal: Journal of Money, Credit and Banking
Pages: 751-72
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Formuzis, Peter
Title: The Demand for Eurodollars and the Optimum Stock of Bank Liabilities.
Journal: Journal of Money, Credit and Banking
Pages: 806-18
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Clark, Carolyn
Title: The Demand for Money and the Choice of a Permanent Income Estimate: Some Canadian Evidence, 1926-65.
Journal: Journal of Money, Credit and Banking
Pages: 773-93
Issue: 3
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Boyd, John H
Title: Some Recent Developments in the Savings and Loan Deposit Markets.
Journal: Journal of Money, Credit and Banking
Pages: 733-50
Issue: 3
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Year: 1973
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Aliber, Robert Z
Title: Gold, SDR's, and Central Bank Swaps.
Journal: Journal of Money, Credit and Banking
Pages: 819-25
Issue: 3
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Year: 1973
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeats, Alexander J
Title: An Analysis of the Effect of Mergers on Banking Market Structures.
Journal: Journal of Money, Credit and Banking
Pages: 623-36
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Villanueva, Delano P
Title: A Neoclassical Monetary Growth Model: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 707-12
Issue: 2
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Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Pippenger, John E
Title: The Determination of the Stock of Reserves and the Balance of Payments in a Neo-Keynesian Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 713-19
Issue: 2
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Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Park, Yung C
Title: The Transmission Process and the Relative Effectiveness of Monetary and Fiscal Policy in a Two-Sector Neoclassical Model.
Journal: Journal of Money, Credit and Banking
Pages: 595-622
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Niskanen, William
Author-Name: Berry, Robert
Title: The 1973 Economic Report of the President.
Journal: Journal of Money, Credit and Banking
Pages: 693-703
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Melitz, Jacques
Author-Name: Pardue, Morris
Title: The Demand and Supply of Commercial Bank Loans.
Journal: Journal of Money, Credit and Banking
Pages: 669-92
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Klein, Benjamin
Title: Income Velocity, Interest Rates, and the Money Supply Multiplier: A Reinterpretation of the Long-Term Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 656-67
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamburger, Michael J
Title: The Demand for Money in 1971: Was There a Shift? Comment.
Journal: Journal of Money, Credit and Banking
Pages: 720-25
Issue: 2
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Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Fischer, Stanley
Title: A Neoclassical Monetary Growth Model: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 704-06
Issue: 2
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Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Acheson, Keith
Author-Name: Chant, John F
Title: Bureaucratic Theory and the Choice of Central Bank Goals.
Journal: Journal of Money, Credit and Banking
Pages: 637-55
Issue: 2
Volume: 5
Year: 1973
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Willett, Thomas D
Title: Secular Inflation and the International Monetary System: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 520-23
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Trescott, Paul B
Title: Secular Price Change in Historical Perspective: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 274-78
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein, Jerome L
Author-Name: Infante, Ettore F
Title: Optimal Stabilization Paths.
Journal: Journal of Money, Credit and Banking
Pages: 525-62
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sinkey, Joseph F, Jr
Title: The Term Structure of Interest Rates: A Time-Series Test of the Kane Expected-Change Model of Interest-Rate Forecasting.
Journal: Journal of Money, Credit and Banking
Pages: 192-200
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Silverman, Lester P
Title: Credit Standards and Tight Money: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 221-23
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Silveira, Antonio M
Title: The Demand for Money: The Evidence from the Brazilian Economy.
Journal: Journal of Money, Credit and Banking
Pages: 113-40
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Shapiro, Harold T
Title: Monetary and Fiscal Influences on U.S. Money Income, 1891-1970: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 304-10
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schwartz, Anna J
Title: Secular Price Change in Historical Perspective.
Journal: Journal of Money, Credit and Banking
Pages: 243-69
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Title: Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox.
Journal: Journal of Money, Credit and Banking
Pages: 385-449
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rose, Hugh
Title: Optimal Stabilization Paths: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 566-67
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rasche, Robert H
Title: Simulations of Stabilization Policies for 1966-1970.
Journal: Journal of Money, Credit and Banking
Pages: 1-25
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Phelps, Edmund S
Title: Optimal Stabilization Paths: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 563-65
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Perry, George L
Title: The Success of Anti-Inflation Policies in the United States.
Journal: Journal of Money, Credit and Banking
Pages: 569-93
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Nordhaus, William D
Title: The Effects of Inflation on the Distribution of Economic Welfare.
Journal: Journal of Money, Credit and Banking
Pages: 465-504
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Veendorp on Optimal Payment Arrangements: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 213-14
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mullineaux, Donald J
Title: Deposit-Rate Ceilings and Noncompetitive Bidding for U.S. Treasury Bills.
Journal: Journal of Money, Credit and Banking
Pages: 201-12
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meiselman, David I
Title: Simulations of Stabilization Policies for 1966-1970 and A Comparison of Stabilization Policies: 1966-67 and 1969-70: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 43-46
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas, Robert E, Jr
Title: Wage Inflation and the Structure of Regional Unemployment: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 382-84
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David
Title: Expectations, Adjustment, and the Dynamic Response of Income to Policy Changes.
Journal: Journal of Money, Credit and Banking
Pages: 157-72
Issue: 1
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Kliman, M L
Author-Name: Oksanen, Ernest H
Title: The Keynesian Demand-for-Money Function: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 215-20
Issue: 1
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Kessel, Reuben A
Title: The Effects of Inflation on the Distribution of Economic Welfare: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 507-08
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Simulations of Stabilization Policies for 1966-1970 and A Comparison of Stabilization Policies: 1966-67 and 1969-70: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 39-42
Issue: 1
Volume: 5
Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Monetary and Fiscal Influence on U.S. Money Income, 1891-1970: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 301-03
Issue: 1
Volume: 5
Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Harry G
Title: Secular Inflation and the International Monetary System.
Journal: Journal of Money, Credit and Banking
Pages: 509-19
Issue: 1
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Holt, Charles C
Title: Wage Inflation and the Structure of Regional Unemployment: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 380-81
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Title: Monetary and Fiscal Influences on U.S. Money Income, 1891-1970: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 311-12
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Title: Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 454-59
Issue: 1
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Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Griffiths, Brian
Title: Resource Efficiency, Monetary Policy and the Reform of the U.K. Banking System.
Journal: Journal of Money, Credit and Banking
Pages: 61-77
Issue: 1
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Year: 1973
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon, Robert J
Title: Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 460-63
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gibson, William E
Title: Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 450-53
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dornbusch, Rudiger
Author-Name: Frenkel, Jacob A
Title: Inflation and Growth: Alternative Approaches.
Journal: Journal of Money, Credit and Banking
Pages: 141-56
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Davis, Lance E
Title: Secular Price Change in Historical Perspective: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 270-73
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cohan, Sandra B
Title: The Determinants of Supply and Demand for Certificates of Deposit.
Journal: Journal of Money, Credit and Banking
Pages: 100-12
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Christ, Carl F
Title: Monetary and Fiscal Influences on U.S. Money Income, 1891-1970.
Journal: Journal of Money, Credit and Banking
Pages: 279-300
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Burns, Joseph M
Title: Academic Views on Improving the Federal Reserve Discount Mechanism: A Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 47-60
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Karl, et al
Title: Fiscal and Monetary Policies in Moderate Inflation: Case Studies of Three Countries.
Journal: Journal of Money, Credit and Banking
Pages: 313-53
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brownlee, Oswald
Title: The Effects of Inflation on the Distribution of Economic Welfare: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 505-06
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brechling, Frank
Title: Wage Inflation and the Structure of Regional Unemployment.
Journal: Journal of Money, Credit and Banking
Pages: 355-79
Issue: 1
Volume: 5
Year: 1973
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Arcelus, Francisco
Author-Name: Meltzer, Allan H
Title: The Markets for Housing and Housing Services.
Journal: Journal of Money, Credit and Banking
Pages: 78-99
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Andersen, Leonall C
Title: A Comparison of Stabilization Policies: 1966-67 and 1969-70.
Journal: Journal of Money, Credit and Banking
Pages: 26-38
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Alchian, Armen A
Author-Name: Klein, Benjamin
Title: On a Correct Measure of Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 173-91
Issue: 1
Volume: 5
Year: 1973
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Allais, Maurice
Title: Forgetfulness and Interest.
Journal: Journal of Money, Credit and Banking
Pages: 40-73
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Title: Savings Banking and the Public Interest.
Journal: Journal of Money, Credit and Banking
Pages: 133-226
Issue: 1
Volume: 4
Year: 1972
Month: Part II Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Karl
Title: The Ambiguous Rationality of Economic Policy.
Journal: Journal of Money, Credit and Banking
Pages: 3-12
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bryan, William R
Author-Name: Heins, A James
Title: Defensive Open-Market Operations, Proximate Objectives, and Monetary Instability: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 98-108
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laffer, Arthur B
Title: Monetary Policy and the Balance of Payments.
Journal: Journal of Money, Credit and Banking
Pages: 13-22
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Newlyn, Walter T
Title: "The Definition of Money: Net Wealth and Neutrality as Criteria": A Reply.
Journal: Journal of Money, Credit and Banking
Pages: 118-20
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Okun, Arthur M
Title: Political Economy: Some Lessons of Recent Experience.
Journal: Journal of Money, Credit and Banking
Pages: 23-39
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Title: Rational Expectations and the Term Structure of Interest Rates.
Journal: Journal of Money, Credit and Banking
Pages: 74-97
Issue: 1
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Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stoll, Hans R
Title: Causes of Deviation from Interest-Rate Parity: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 113-17
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Webb, Samuel C
Title: The Deficient Treatment of Money in Basic Undergraduate Texts: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 109-12
Issue: 1
Volume: 4
Year: 1972
Month: Part I Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Barro, Robert J
Author-Name: Santomero, Anthony J
Title: Household Money Holdings and The Demand Deposit Rate.
Journal: Journal of Money, Credit and Banking
Pages: 397-413
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Title: Economies of Scale of Financial Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 312-41
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Borts, George H
Title: Economies of Scale of Financial Institutions: Comments.
Journal: Journal of Money, Credit and Banking
Pages: 419-21
Issue: 2
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Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: The Excess Burden of Monetary Policy: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 422-25
Issue: 2
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Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cooper, J Phillip
Author-Name: Fischer, Stanley
Title: Simulations of Monetary Rules in the FRB-MIT-Penn Model.
Journal: Journal of Money, Credit and Banking
Pages: 384-96
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Daly, George
Title: The Impact of Monetary Policy and the Maturity of Savings and Loan Association Assets: A Critique of Reform Proposals: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 441-44
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Floyd, John E
Author-Name: Hynes, J Allan
Title: The Contribution of Real Money Balances to the Level of Wealth.
Journal: Journal of Money, Credit and Banking
Pages: 260-71
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Griffiths, Brian
Title: The Welfare Cost of the U.K. Clearing Banks' Cartel.
Journal: Journal of Money, Credit and Banking
Pages: 227-44
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Havrilesky, Thomas
Title: The Optimal Proximity of a Monetary Policy Target Variable: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 456-64
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hodgman, Donald R
Title: Selective Credit Controls.
Journal: Journal of Money, Credit and Banking
Pages: 342-59
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Holtrop, M V
Title: On the Effectiveness of Monetary Policy: The Experience of the Netherlands in the Years 1954-1969.
Journal: Journal of Money, Credit and Banking
Pages: 283-311
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Lerner, Eugene M
Title: Three Financial Problems Facing Bank Holding Companies: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 445-55
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Luckett, Dudley G
Author-Name: Soltow, Allen R
Title: Determinants of Interest Rate Expectations.
Journal: Journal of Money, Credit and Banking
Pages: 272-82
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Title: Financial Guidelines and Credit Controls.
Journal: Journal of Money, Credit and Banking
Pages: 360-74
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Pippenger, John
Title: Spot Rates, Forward Rates, and Interest-Rate Differentials.
Journal: Journal of Money, Credit and Banking
Pages: 375-83
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Transactions Costs and the Demand for Money.
Journal: Journal of Money, Credit and Banking
Pages: 245-59
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Silber, William L
Title: The Excess Burden of Monetary Policy; A Discussion of the Hodgman and Mayer Papers.
Journal: Journal of Money, Credit and Banking
Pages: 414-18
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Author-Name: Ross, Leonard
Title: Can You Fool All of the People All of the Time?: Reply.
Journal: Journal of Money, Credit and Banking
Pages: 431-36
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Tullock, Gordon
Title: Can You Fool All of the People All of the Time?: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 426-30
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Veendorp, E C H
Title: Money in a Static Theory of Optimal Payment Arrangement: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 437-40
Issue: 2
Volume: 4
Year: 1972
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Alchian, Armen A
Title: Review of the Council of Economic Advisers' 1972 Report: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 704-12
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Baltensperger, Ernst
Title: Economies of Scale, Firm Size, and Concentration in Banking.
Journal: Journal of Money, Credit and Banking
Pages: 467-88
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Baltensperger, Ernst
Title: Cost of Banking Activities: Interactions between Risk and Operating Costs.
Journal: Journal of Money, Credit and Banking
Pages: 595-611
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Borts, George H
Title: Cost of Banking Activities: Interactions between Risk and Operating Costs: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 612-13
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:4:y:1972:i:3:p:612-13

Template-Type: ReDIF-Article 1.0
Author-Name: Carr, Jack
Author-Name: Smith, Lawrence B
Title: Money Supply, Interest Rates, and the Yield Curve.
Journal: Journal of Money, Credit and Banking
Pages: 582-94
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Edwards, Franklin R
Title: More on Substitutability Between Money and Near Monies.
Journal: Journal of Money, Credit and Banking
Pages: 551-71
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gibson, William E
Title: The Eurodollar Market and the Foreign Demand for Liquid Dollar Assets: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 684-87
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:4:y:1972:i:3:p:684-87

Template-Type: ReDIF-Article 1.0
Author-Name: Haslem, John A
Author-Name: Longbrake, William A
Title: A Credit Scoring Model for Commercial Loans: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 733-34
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hinshaw, Randall
Title: The Eurodollar Market and the Foreign Demand for Liquid Dollar Assets.
Journal: Journal of Money, Credit and Banking
Pages: 688-90
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:4:y:1972:i:3:p:688-90

Template-Type: ReDIF-Article 1.0
Author-Name: Kareken, John H
Author-Name: Wallace, Neil
Title: The Monetary Instrument Variable Choice: How Important?: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 723-29
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Title: A Proposal for Eliminating Interest-Rate Ceilings on Thrift Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 735-43
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Makin, John H
Title: The Problem of Coexistence of SDRs and a Reserve Currency.
Journal: Journal of Money, Credit and Banking
Pages: 509-28
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Title: The Federal Reserve's Policy Procedures: A Review of a Federal Reserve Study and an Ensuing Conference.
Journal: Journal of Money, Credit and Banking
Pages: 529-50
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikesell, Raymond F
Title: The Eurodollar Market and the Foreign Demand for Liquid Dollar Assets.
Journal: Journal of Money, Credit and Banking
Pages: 643-83
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Murphy, Neil B
Title: Cost of Banking Activities: Interactions between Risk and Operating Costs: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 614-15
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:4:y:1972:i:3:p:614-15

Template-Type: ReDIF-Article 1.0
Author-Name: O'Brien, James M
Title: Liquidity Preference and the Flow of Finance: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 730-32
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rich, Georg
Title: A Theoretical and Empirical Analysis of the Eurodollar Market.
Journal: Journal of Money, Credit and Banking
Pages: 616-35
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sontheimer, Kevin
Title: On the Determination of Money Prices.
Journal: Journal of Money, Credit and Banking
Pages: 489-508
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Starleaf, Dennis R
Author-Name: Floyd, Richard L
Title: Some Evidence with Respect to the Efficacy of Friedman's Monetary Policy Proposals: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 713-22
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Stem, Carl H
Title: The Eurodollar Market and the Foreign Demand for Liquid Dollar Assets: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 691-703
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:4:y:1972:i:3:p:691-703

Template-Type: ReDIF-Article 1.0
Author-Name: Szeplaki, Leslie
Author-Name: Taylor, Ryland A
Title: Banking, Credit, and Monetary Indicators in Reformed Socialist Planning.
Journal: Journal of Money, Credit and Banking
Pages: 572-81
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Willett, Thomas D
Title: A Theoretical and Empirical Analysis of the Eurodollar Market: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 636-42
Issue: 3
Volume: 4
Year: 1972
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Aliber, Robert Z
Title: The Commission on Money and Credit: Ten Years Later.
Journal: Journal of Money, Credit and Banking
Pages: 915-29
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benishay, Haskel
Title: A Framework for the Evaluation of Short Term Fiscal and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 779-810
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Benston, George J
Title: Discussion of the Hunt Commission Report.
Journal: Journal of Money, Credit and Banking
Pages: 985-89
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dewald, William G
Title: The National Monetary Commission: A Look Back.
Journal: Journal of Money, Credit and Banking
Pages: 930-56
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon, Scott
Title: Two Monetary Inquiries in Great Britain: The MacMillan Committee of 1931 and the Radcliffe Committee of 1959.
Journal: Journal of Money, Credit and Banking
Pages: 957-77
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaffee, Dwight M
Title: The Extended Lending, Borrowing and Service Function Proposals of the Hunt Commission Report.
Journal: Journal of Money, Credit and Banking
Pages: 990-1000
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kirkwood, John B
Title: The Great Depression: A Structural Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 811-37
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Title: Tests of the Permanent Income Theory with Continuous Budgets.
Journal: Journal of Money, Credit and Banking
Pages: 757-78
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meltzer, Allan H
Title: What the Commission Didn't Recommend.
Journal: Journal of Money, Credit and Banking
Pages: 1005-09
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Pankratz, Alan
Title: On Modernized Liquidity Preference Theory: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1010-15
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Peltzman, Samuel
Title: The Costs of Competition: An Appraisal of the Hunt Commission Report.
Journal: Journal of Money, Credit and Banking
Pages: 1001-04
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Toward a Competitive Financial Sector.
Journal: Journal of Money, Credit and Banking
Pages: 897-914
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Schwartz, Anna J
Title: The Aliber, Dewald, and Gordon Papers: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 978-84
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tower, Edward
Title: Monetary and Fiscal Policy under Fixed and Flexible Exchange Rates in the Inter-run.
Journal: Journal of Money, Credit and Banking
Pages: 877-96
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Turner, Terry L
Title: A Multivariate Spectral Analysis of the Supply of Money and Credit.
Journal: Journal of Money, Credit and Banking
Pages: 848-76
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Villanueva, Delano P
Title: Public Debt, "Efficient" Labor, and Growth: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 1016-18
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace, Neil
Title: An Approach to the Study of Money and Nonmoney Exchange Structures.
Journal: Journal of Money, Credit and Banking
Pages: 838-47
Issue: 4
Volume: 4
Year: 1972
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Villanueva, Delano P
Title: A Neoclassical Monetary Growth Model with Independent Savings and Investment Functions.
Journal: Journal of Money, Credit and Banking
Pages: 750-59
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tower, Edward
Title: More on the Welfare Cost of Inflationary Finance.
Journal: Journal of Money, Credit and Banking
Pages: 850-60
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Moroney, J R
Author-Name: Mason, J M
Title: The Dynamic Impacts of Autonomous Expenditures and the Monetary Base on Aggregate Income.
Journal: Journal of Money, Credit and Banking
Pages: 793-814
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Levy, Haim
Author-Name: Sarnat, Marshall
Title: Risk, Dividend Policy, and the Optimal Pricing of a Rights Offering.
Journal: Journal of Money, Credit and Banking
Pages: 840-49
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laumas, Prem S
Author-Name: Zerbe, Richard O
Title: The Relative Stability of Monetary Velocity and Investment Multiplier in Canada.
Journal: Journal of Money, Credit and Banking
Pages: 867-77
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hodgman, Donald R
Title: British Techniques of Monetary Policy: A Critical Review.
Journal: Journal of Money, Credit and Banking
Pages: 760-79
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendershott, Patric H
Title: A Flow-of-Funds Model: Estimates for the Nonbank Finance Sector.
Journal: Journal of Money, Credit and Banking
Pages: 815-32
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fair, Ray C
Author-Name: Malkiel, Burton G
Title: The Determination of Yield Differentials between Debt Instruments of the Same Maturity.
Journal: Journal of Money, Credit and Banking
Pages: 733-49
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Dutton, Dean S
Title: The Demand for Money and the Expected Rate of Price Change.
Journal: Journal of Money, Credit and Banking
Pages: 861-66
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brownlee, Oswald
Title: 'The Economic Report of the President, 1971': A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 833-39
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brimmer, Andrew F
Title: Central Banking and Economic Development: The Record of Innovation.
Journal: Journal of Money, Credit and Banking
Pages: 780-92
Issue: 4
Volume: 3
Year: 1971
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Zecher, Richard
Title: Money and Congress: A Review of Congressional Activity Relating to Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 680-92
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Willes, Mark H
Title: The Scope of Countercyclical Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 630-48
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Taylor, Julian H
Title: Debt Management and the Term Structure of Interest Rates: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 702-08
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Short, Brock K
Title: Bank Employment in the World's Largest Banks: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 712-712
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:3:y:1971:i:3:p:712-712

Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Title: A Note on the 'Accelerationist' Controversy.
Journal: Journal of Money, Credit and Banking
Pages: 721-25
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Melitz, Jacques
Author-Name: Martin, George
Title: Financial Intermediaries, Money Definition, and Monetary Control: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 693-701
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hess, Alan C
Title: An Explanation of Short-Run Fluctuations in the Ratio of Currency to Demand Deposits.
Journal: Journal of Money, Credit and Banking
Pages: 666-79
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gramm, William P
Author-Name: Nash, Robert T
Title: The Impact of Changes in the Stock of Money on Agricultural Income and Investment: Comment.
Journal: Journal of Money, Credit and Banking
Pages: 709-709
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:3:y:1971:i:3:p:709-709

Template-Type: ReDIF-Article 1.0
Author-Name: Gibson, William E
Title: Eurodollars and U.S. Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 649-65
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bierwag, G O
Author-Name: Grove, M A
Title: A Model of the Structure of Prices of Marketable U.S. Treasury Securities.
Journal: Journal of Money, Credit and Banking
Pages: 605-29
Issue: 3
Volume: 3
Year: 1971
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Zecher, Richard
Title: A Comment on "Econometric Models of the Financial Sector".
Journal: Journal of Money, Credit and Banking
Pages: 461-63
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Sprenkle, Case M
Title: Comments on Bloch's "Two Decades of Evolution of Financial Institutions and Public Policy" and Greenbaum and Haywood's "Secular Change in the Financial Services Industry".
Journal: Journal of Money, Credit and Banking
Pages: 599-603
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Shapiro, H T
Title: The Efficacy of Monetary and Fiscal Policy: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 550-54
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Scitovsky, Tibor
Title: Comments on Krause's "Fixed, Flexible, and Gliding Exchange Rates" and McKinnon's "Exchange-Rate Flexibility and Monetary Policy".
Journal: Journal of Money, Credit and Banking
Pages: 377-80
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Scadding, John L
Title: The Fiscal Element in Monetary Policy: 1965- 68.
Journal: Journal of Money, Credit and Banking
Pages: 391-411
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Sargent, Thomas J
Author-Name: Wallace, Neil
Title: Market Transaction Costs, Asset Demand Functions, and the Relative Potency of Monetary and Fiscal Policy.
Journal: Journal of Money, Credit and Banking
Pages: 469-505
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Rhomberg, Rudolf R
Title: Comment on Gramlich's "The Usefulness of Monetary and Fiscal Policy as Discretionary Stablization Tools" and Sargent and Wallace's "Market Transaction Costs, Asset Demand Functions, and the Relative Potency of Monetary and Fiscal Policy".
Journal: Journal of Money, Credit and Banking
Pages: 546-49
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Officer, Lawrence H
Title: Does the Canadian Experience Justify a Balanced View of Fixed vs. Fluctuating Exchange Rates? A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 363-65
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell, George W
Title: A New Look at Monetary Policy Instruments.
Journal: Journal of Money, Credit and Banking
Pages: 381-90
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: McKinnon, Ronald I
Title: Exchange-Rate Flexibility and Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 339-55
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Title: Scadding and Mitchell on Monetary Controls: Some Comments.
Journal: Journal of Money, Credit and Banking
Pages: 412-14
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Krause, Lawrence B
Title: Fixed, Flexible, and Gliding Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 321-38
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Karlik, John R
Title: Fixed vs. Flexible Exchange Rates; A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 372-76
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Kareken, John H
Title: The Mitchell and Scadding Papers on Monetary Controls: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 415-18
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Greenbaum, Stuart I
Author-Name: Haywood, C F
Title: Secular Change in the Financial Services Industry.
Journal: Journal of Money, Credit and Banking
Pages: 571-89
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Gramlich, Edward M
Title: The Usefulness of Monetary and Fiscal Policy as Discretionary Stabilization Tools.
Journal: Journal of Money, Credit and Banking
Pages: 506-32
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Gramlich, Edward M
Title: Comments on the Discussion of Econometric Models of the Carl Christ Paper.
Journal: Journal of Money, Credit and Banking
Pages: 464-68
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon, Robert J
Title: Notes on Money, Income, and Gramlich: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 533-45
Issue: 2
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Frost, Peter A
Title: Comments on the Session on the Evolution of Financial Institutions.
Journal: Journal of Money, Credit and Banking
Pages: 593-98
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Fand, David I
Title: The Monetary Theory of Nine Recent Qtrly Econometric Models of the United States: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 450-60
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Dewald, William G
Title: Secular Change in the Financial Services Industry: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 590-92
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Courchene, Thomas J
Title: McKinnon's 'Exchange-Rate Flexibility and Monetary Policy,' A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 366-71
Issue: 2
Volume: 3
Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Christ, Carl F
Title: Econometric Models of the Financial Sector.
Journal: Journal of Money, Credit and Banking
Pages: 419-49
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Bloch, Ernest
Title: Two Decades of Evolution of Financial Institutions and Public Policy.
Journal: Journal of Money, Credit and Banking
Pages: 555-70
Issue: 2
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Year: 1971
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Arndt, Sven W
Title: The Comparative Merits of Fixed vs. Flexible Exchange Rates: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 356-62
Issue: 2
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Wells, Paul
Title: Liquidity Preference and the Flow of Finance.
Journal: Journal of Money, Credit and Banking
Pages: 123-36
Issue: 1
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Year: 1971
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallich, Henry C
Title: One Chance in a Generation: Guideposts for the Commission on Financial Structure and Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 21-30
Issue: 1
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Tucker, Donald P
Title: Macroeconomic Models and the Demand for Money under Market Disequilibrium.
Journal: Journal of Money, Credit and Banking
Pages: 57-83
Issue: 1
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Stevens, Edward J
Title: Composition of the Money Stock Prior to the Civil War.
Journal: Journal of Money, Credit and Banking
Pages: 84-101
Issue: 1
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Year: 1971
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivera, Julio H G
Title: A Note on Passive Money, Inflation, and Economic Growth.
Journal: Journal of Money, Credit and Banking
Pages: 137-44
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayer, Thomas
Title: Our Financial Institutions: What Needs Changing?
Journal: Journal of Money, Credit and Banking
Pages: 13-20
Issue: 1
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Culbertson, John M
Title: Terms of Reference for the President's Commission on Financial Structure and Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 7-12
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Courchene, Thomas J
Title: Recent Canadian Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 35-56
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Borts, George H
Title: Agenda for a Commission to Study Financial Markets, Their Structure, and Regulation.
Journal: Journal of Money, Credit and Banking
Pages: 2-6
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Atkinson, Thomas R
Title: What Do Commercial Banks Want from the Presidential Commission?
Journal: Journal of Money, Credit and Banking
Pages: 31-34
Issue: 1
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Argy, Victor
Title: Rules, Discretion in Monetary Management, and Short-Term Stability.
Journal: Journal of Money, Credit and Banking
Pages: 102-22
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Year: 1971
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Title: Controls on Interest Rates Paid by Banks.
Journal: Journal of Money, Credit and Banking
Pages: 15-32
Issue: 1
Volume: 2
Year: 1970
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Frost, Peter A
Author-Name: Sargent, Thomas J
Title: Money-Market Rates, the Discount Rate, and Borrowing from the Federal Reserve.
Journal: Journal of Money, Credit and Banking
Pages: 56-82
Issue: 1
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaufman, George G
Title: Bank Employment: A Cross-Section Analysis of the World's Largest Banks: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 101-11
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Meltzer, Allan H
Title: Public Policies as Causes of Fluctuations.
Journal: Journal of Money, Credit and Banking
Pages: 45-55
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Pickersgill, Joyce E
Title: A Long-Run Demand Function for Money in the Soviet Union: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 123-31
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuelson, Paul A
Title: Reflections on Recent Federal Reserve Policy.
Journal: Journal of Money, Credit and Banking
Pages: 33-44
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Outside Money, Inside Money, and the Real Balance Effect.
Journal: Journal of Money, Credit and Banking
Pages: 83-100
Issue: 1
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Year: 1970
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: Deposit Interest Ceilings as a Monetary Control.
Journal: Journal of Money, Credit and Banking
Pages: 4-14
Issue: 1
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Year: 1970
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wolf, Charles R
Title: Regulation F and the Yield Structure of the U. S. Government Securities Market: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 112-22
Issue: 1
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Year: 1970
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Atkinson, Thomas R
Title: The Discount Proposal from the Standpoint of Commercial Banks.
Journal: Journal of Money, Credit and Banking
Pages: 147-50
Issue: 2
Volume: 2
Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Carson, Deane
Title: Changes in the Discount Mechanism: The Joint Economic Committee Hearings and Report.
Journal: Journal of Money, Credit and Banking
Pages: 158-65
Issue: 2
Volume: 2
Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hester, Donald D
Title: Reflections on the Discount Window.
Journal: Journal of Money, Credit and Banking
Pages: 151-57
Issue: 2
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Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Holland, Robert C
Title: The Federal Reserve Discount Mechanism as an Instrument for Dealing with Banking Market Imperfections.
Journal: Journal of Money, Credit and Banking
Pages: 138-46
Issue: 2
Volume: 2
Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Modigliani, Franco
Author-Name: Rasche, Robert
Author-Name: Cooper, J Philip
Title: Central Bank Policy, the Money Supply, and the Short-Term Rate of Interest.
Journal: Journal of Money, Credit and Banking
Pages: 166-218
Issue: 2
Volume: 2
Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Officer, Lawrence H
Author-Name: Willett, Thomas D
Title: The Covered-Arbitrage Schedule: A Critical Survey of Recent Developments.
Journal: Journal of Money, Credit and Banking
Pages: 247-57
Issue: 2
Volume: 2
Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Saving, Thomas R
Title: Portfolio Choice and Monetary Theory: A Review Essay.
Journal: Journal of Money, Credit and Banking
Pages: 258-67
Issue: 2
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Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Thore, Sten
Title: Programming a Credit Network Under Uncertainty.
Journal: Journal of Money, Credit and Banking
Pages: 219-46
Issue: 2
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Year: 1970
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Chow, Gregory C
Title: Optimal Stochastic Control of Linear Economic Systems.
Journal: Journal of Money, Credit and Banking
Pages: 291-302
Issue: 3
Volume: 2
Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedrich, Klaus
Title: The Euro-Dollar System and International Liquidity.
Journal: Journal of Money, Credit and Banking
Pages: 337-47
Issue: 3
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Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: von Furstenberg, George M
Title: Risk Structures and the Distribution of Benefits within the FHA Home Mortgage Insurance Program.
Journal: Journal of Money, Credit and Banking
Pages: 303-22
Issue: 3
Volume: 2
Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gailliot, Henry J
Title: Purchasing Power Parity as an Explanation of Long-Term Changes in Exchange Rates.
Journal: Journal of Money, Credit and Banking
Pages: 348-57
Issue: 3
Volume: 2
Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Heller, H Robert
Title: The United States Balance of Payments in 1968: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 370-82
Issue: 3
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Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Harry G
Title: A Note on the Theory of Transactions Demand for Cash.
Journal: Journal of Money, Credit and Banking
Pages: 383-84
Issue: 3
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Kareken, John H
Title: The Optimum Monetary Instrument Variable: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 385-90
Issue: 3
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence, Robert J
Author-Name: Lougee, Duane
Title: Determinants of Correspondent Banking Relationships.
Journal: Journal of Money, Credit and Banking
Pages: 358-69
Issue: 3
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Solomon, Elinor Harris
Title: Bank Merger Policy and Problems: A Linkage Theory of Oligopoly.
Journal: Journal of Money, Credit and Banking
Pages: 323-36
Issue: 3
Volume: 2
Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace, Neil
Title: The Determination of the Stock of Reserves and the Balance of Payments in a Neo-Keynesian Model.
Journal: Journal of Money, Credit and Banking
Pages: 269-90
Issue: 3
Volume: 2
Year: 1970
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Buchanan, James M
Title: Political Economy and National Priorities: A Review Essay of the Economic Report of the President and the Annual Report of the Council of Economic Advisers.
Journal: Journal of Money, Credit and Banking
Pages: 486-92
Issue: 4
Volume: 2
Year: 1970
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Kane, Edward J
Title: Short-Changing the Small Saver: Federal Government Discrimination against the Small Saver During the Vietnam War.
Journal: Journal of Money, Credit and Banking
Pages: 513-22
Issue: 4
Volume: 2
Year: 1970
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Luckett, Dudley G
Title: Credit Standards and Tight Money.
Journal: Journal of Money, Credit and Banking
Pages: 420-34
Issue: 4
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Orgler, Yair E
Title: A Credit Scoring Model for Commercial Loans.
Journal: Journal of Money, Credit and Banking
Pages: 435-45
Issue: 4
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Ritter, Lawrence S
Author-Name: Atkinson, Thomas R
Title: Monetary Theory and Policy in the Payments System of the Future.
Journal: Journal of Money, Credit and Banking
Pages: 493-503
Issue: 4
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Robinson, Joan
Title: Quantity Theories Old and New.
Journal: Journal of Money, Credit and Banking
Pages: 504-12
Issue: 4
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Silber, William L
Title: Fiscal Policy in IS-LM Analysis: A Correction.
Journal: Journal of Money, Credit and Banking
Pages: 461-72
Issue: 4
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Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein, Jerome L
Title: The Optimum Quantity of Money.
Journal: Journal of Money, Credit and Banking
Pages: 397-419
Issue: 4
Volume: 2
Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: Tanner, J Ernest
Title: Empirical Evidence on the Short-Run Real Balance Effect in Canada.
Journal: Journal of Money, Credit and Banking
Pages: 473-85
Issue: 4
Volume: 2
Year: 1970
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Template-Type: ReDIF-Article 1.0
Author-Name: White, William H
Title: Effects of Tight Money on 1966 Business Investment: The True Findings of the Commerce Department-Wharton Survey.
Journal: Journal of Money, Credit and Banking
Pages: 446-60
Issue: 4
Volume: 2
Year: 1970
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laumas, Prem S
Title: The Role of Savings Deposits as Money: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 789-95
Issue: 4
Volume: 1
Year: 1969
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Lanzillotti, R F
Author-Name: Saving, Thomas R
Title: State Branching Restrictions and the Availability of Branching Services: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 778-88
Issue: 4
Volume: 1
Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstas, Panos
Author-Name: Khouja, Mohamad W
Title: The Keynesian Demand-for-Money Function: Another Look and Some Additional Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 765-77
Issue: 4
Volume: 1
Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Carleton, Willard T
Author-Name: Lerner, Eugene M
Title: Statistical Credit Scoring of Municipal Bonds.
Journal: Journal of Money, Credit and Banking
Pages: 750-64
Issue: 4
Volume: 1
Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Whitman, Marina v N
Title: Economic Openness and International Financial Flows.
Journal: Journal of Money, Credit and Banking
Pages: 727-49
Issue: 4
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Year: 1969
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Money in a Static Theory of Optimal Payment Arrangements.
Journal: Journal of Money, Credit and Banking
Pages: 706-26
Issue: 4
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Year: 1969
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Christ, Carl F
Title: A Model of Monetary and Fiscal Policy Effects on the Money Stock, Price Level, and Real Output.
Journal: Journal of Money, Credit and Banking
Pages: 683-705
Issue: 4
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Year: 1969
Month: Nov.
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Template-Type: ReDIF-Article 1.0
Author-Name: Allais, Maurice
Title: The Views of Mundell and Oppenheimer: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 679-80
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David
Title: The Case for Raising the Price of Gold: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 675-78
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meigs, A James
Title: Managing the World's Money Supply: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 668-74
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tew, Brian
Title: Comments on the Papers by Oppenheimer and Mundell.
Journal: Journal of Money, Credit and Banking
Pages: 666-67
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Oppenheimer, Peter M
Title: The Case for Raising the Price of Gold.
Journal: Journal of Money, Credit and Banking
Pages: 649-65
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mundell, Robert A
Title: Toward a Better International Monetary System.
Journal: Journal of Money, Credit and Banking
Pages: 625-48
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Meltzer, Allan H
Title: A Comment on Hester's Paper.
Journal: Journal of Money, Credit and Banking
Pages: 618-23
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hester, Donald D
Title: Financial Disintermediation and Policy.
Journal: Journal of Money, Credit and Banking
Pages: 600-17
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallich, Henry C
Title: Keynesian Monetary Theories, Stabilization Policy, and the Recent Inflation: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 590-99
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:1:y:1969:i:3:p:590-99

Template-Type: ReDIF-Article 1.0
Author-Name: Boulding, Kenneth E
Title: David Fand's "Keynesian Monetary Theories, Stabilization Policy, and the Recent Inflation": A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 588-89
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Fand, David I
Title: Keynesian Monetary Theories, Stabilization Policy, and the Recent Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 556-87
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Atkinson, Thomas R
Title: Comment on Maurice Mann's Views on Monetary Policy.
Journal: Journal of Money, Credit and Banking
Pages: 553-55
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: McMahon, Christopher
Title: Monetary Policies in the United States and the United Kingdom: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 549-52
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Mann, Maurice
Title: How Does Monetary Policy Affect the Economy?
Journal: Journal of Money, Credit and Banking
Pages: 538-48
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Harry G
Title: Pesek and Saving's Theory of Money and Wealth: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 535-37
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Teigen, Ronald L
Title: Laidler's "Definition of Money": A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 531-34
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Sprenkle, Case M
Title: Laidler's "The Definition of Money": A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 526-30
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Laidler, David
Title: The Definition of Money: Theoretical and Empirical Problems.
Journal: Journal of Money, Credit and Banking
Pages: 508-25
Issue: 3
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Title: Worswick's Criticism of the Correlation Criterion: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 506
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
Handle: RePEc:mcb:jmoncb:v:1:y:1969:i:3:p:506

Template-Type: ReDIF-Article 1.0
Author-Name: Kenen, Peter B
Title: The New Fiscal Policy: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 503-05
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Brunner, Karl
Title: The Policy Discussions by Stein and Worswick: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 496-502
Issue: 3
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Worswick, G D N
Title: Fiscal Policy and Stabilization in Britain.
Journal: Journal of Money, Credit and Banking
Pages: 474-95
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein, Herbert
Title: Where Stands the New Fiscal Policy?
Journal: Journal of Money, Credit and Banking
Pages: 463-73
Issue: 3
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Allais, Maurice
Title: Growth and Inflation: A Reply to the Observations of the Discussants.
Journal: Journal of Money, Credit and Banking
Pages: 441-62
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Fromm, Gary
Title: Growth and Inflation: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 439-40
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Growth and Inflation: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 433-38
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: Allais' Monetary Theory: Interpretation and Comment.
Journal: Journal of Money, Credit and Banking
Pages: 427-32
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Allais, Maurice
Title: Growth and Inflation.
Journal: Journal of Money, Credit and Banking
Pages: 355-426
Issue: 3
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Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolfe, Sidney E
Title: The Capital Market Phenomena: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 332-35
Issue: 3
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Damm, Walter
Title: The Obstacles to a Regional Integration of Capital Markets: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 328-31
Issue: 3
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Template-Type: ReDIF-Article 1.0
Author-Name: Larre, Rene
Title: Facts of Life about the Integration of National Capital Markets.
Journal: Journal of Money, Credit and Banking
Pages: 319-27
Issue: 3
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Hicks, John R
Title: Automatists, Hawtreyans, and Keynesians.
Journal: Journal of Money, Credit and Banking
Pages: 307-17
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Year: 1969
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallich, Henry C
Title: Money and Growth: A Country Cross-Section Analysis.
Journal: Journal of Money, Credit and Banking
Pages: 281-302
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsiang, S C
Title: A Critical Note on the Optimum Supply of Money.
Journal: Journal of Money, Credit and Banking
Pages: 266-80
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Marty, Alvin L
Title: Notes on Money and Economic Growth.
Journal: Journal of Money, Credit and Banking
Pages: 252-65
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Niehans, Jurg
Title: Efficient Monetary and Fiscal Policies in Balanced Growth.
Journal: Journal of Money, Credit and Banking
Pages: 228-51
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Cagan, Phillip
Title: The Non-Neutrality of Money in the Long Run: A Discussion of the Critical Assumptions and Some Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 207-27
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Nagatani, Keizo
Title: A Monetary Growth Model with Variable Employment.
Journal: Journal of Money, Credit and Banking
Pages: 188-206
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Hahn, Frank
Title: On Money and Growth.
Journal: Journal of Money, Credit and Banking
Pages: 172-87
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein, Jerome L
Title: "Neoclassical" and "Keynes-Wicksell" Monetary Growth Models.
Journal: Journal of Money, Credit and Banking
Pages: 153-71
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Rose, Hugh
Title: Real and Monetary Factors in the Business Cycle.
Journal: Journal of Money, Credit and Banking
Pages: 138-52
Issue: 2
Volume: 1
Year: 1969
Month: May
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Template-Type: ReDIF-Article 1.0
Author-Name: Heckerman, Donald G
Title: "Inefficient" European Capital Markets as an Explanation of International Capital Movements.
Journal: Journal of Money, Credit and Banking
Pages: 121-23
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Modigliani, Franco
Author-Name: Sutch, Richard
Title: The Term Structure of Interest Rates: A Re-examination of the Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 112-20
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Marty, Alvin L
Title: Inside Money, Outside Money, and the Wealth Effect.
Journal: Journal of Money, Credit and Banking
Pages: 101-11
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Murphy, Neil B
Title: A Cross-Sectional Analysis of the Cost of Operations of Trust Departments.
Journal: Journal of Money, Credit and Banking
Pages: 84-100
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamburger, Michael J
Author-Name: Latta, Cynthia M
Title: The Term Structure of Interest Rates: Some Additional Evidence.
Journal: Journal of Money, Credit and Banking
Pages: 71-83
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Patinkin, Don
Title: The Chicago Tradition, the Quantity Theory, and Friedman.
Journal: Journal of Money, Credit and Banking
Pages: 46-70
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnson, Harry G
Title: Inside Money, Outside Money, Income, Wealth, and Welfare in Monetary Theory.
Journal: Journal of Money, Credit and Banking
Pages: 30-45
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobin, James
Title: A General Equilibrium Approach to Monetary Theory.
Journal: Journal of Money, Credit and Banking
Pages: 15-29
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedman, Milton
Author-Name: Schwartz, Anna J
Title: The Definition of Money: Net Wealth and Neutrality as Criteria.
Journal: Journal of Money, Credit and Banking
Pages: 1-14
Issue: 1
Volume: 1
Year: 1969
Month: Feb.
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Template-Type: ReDIF-Article 1.0
Author-Name: Richebacher, Kurt
Title: The Problems and Prospects of Integrating European Capital Markets.
Journal: Journal of Money, Credit and Banking
Pages: 336-46
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Bertrand, Raymond
Title: Prospects for Integration of European Capital Markets: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 347-49
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott, Ira O, Jr
Title: The Problems and Prospects of Integrating European Capital Markets: A Comment.
Journal: Journal of Money, Credit and Banking
Pages: 350-53
Issue: 3
Volume: 1
Year: 1969
Month: Aug.
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