Economic Quarterly - Federal Reserve Bank of Richmond
- Federal Reserve Bank of Richmond
- Publication date:
- First document:
- Vol. 90 Nbr. 1, January 2004
- Last document:
- Vol. 96 Nbr. 1, January 2010
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- Introduction to the Special Issue On the Diamond-Dybvig Model
- On the Fundamental Reasons for Bank Fragility
- Inside-Money Theory After Diamond and Dybvig
- Monetary Theory and Electronic Money: Reflections On the Kenyan Experience
- Inventories and Optimal Monetary Policy
- The U.S. Establishment-Size Distribution: Secular Changes and Sectoral Decomposition
- Heterogeneity in Sectoral Employment and the Business Cycle
- Dynamic Provisioning: A Countercyclical Tool for Loan Loss Reserves
- Short-Term Headline-Core Inflation Dynamics
- The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996
The curve first drawn by A.W. Phillips in 1958, highlighting a negative relationship between wage inflation and unemployment, figured prominently in the theory and practice of macroeconomic policy during 1958-1996. Within a decade of Phillips' analysis, the idea of a relatively stable long-run...
- The New Keynesian Phillips Curve: Lessons From Single-Equation Econometric Estimation
The last decade has seen a renewed interest in the Phillips curve that might be an odd awakening for a macroeconomic Rip van Winkle from the 1980s or even the 1990s. It turns out that the New Keynesian Phillips curve (NKPC) is consistent with both the theoretical demands of modern macroeconomics...
- Policy Implications of the New Keynesian Phillips Curve
The theoretical framework within which optimal monetary policy was studied before the arrival of the New Keynesian Phillips curve (NKPC), but after economists had become comfortable using dynamic, optimizing, general equilibrium models and a welfare-maximizing criterion for policy analysis, was one ...
- Understanding Monetary Policy Implementation
Over the last two decades, central banks around the world have adopted a common approach to monetary policy that involves targeting the value of a short-term interest rate. Once a target interest rate is announced, the problem of implementation arises. A critical issue in the implementation process ...
- Should Increased Regulation of Bank Risk-Taking Come From Regulators or From the Market?
The current expansion of the financial safety net that protects debtholders and depositors of financial institutions from losses began on Mar 15, 2008, with the bailout of Bear Stearns' creditors. The New York Fed assumed the risk of loss for $30 billion of assets held in the portfolio of the...
- Antitrust Analysis in Banking: Goals, Methods, and Justifications in a Changed Environment
Antitrust analysis (also known as competitive analysis) of bank mergers has used the same basic procedures for decades, even though the banking market has experienced significant shifts. The goal of competitive analysis is to protect competition in banking markets. Current analysis focuses on...
- Indeterminacy From Inflation Forecast Targeting: Problem or Pseudo-Problem?
Analytically, monetary economists has developed an approach to policy analysis that centers around a somewhat standardized dynamic model framework that is designed to be structural and therefore usable in principle for policy analysis. This framework includes a policy instrument that agrees with...
- Evolving Inflation Dynamics and the New Keynesian Phillips Curve
In most industrialized economies, periods of above average inflation tend to be associated with above average economic activity, for example, as measured by a relatively low unemployment rate. This statistical relationship, known as the Phillips curve, is sometimes invoked when economic...
- Should Bank Supervisors Disclose Information About Their Banks?
In order to preserve the safety and soundness of the banking system, bank supervisors collect a great deal of information about a bank. They examine its balance sheet, its operations, and its management. They observe the reports made by a bank's internal management reporting system. Anyone who...
In the US during 2008-2009, as in previous episodes in the US and other countries, supplying funding to financial intermediaries and other firms was a component of the government's response to a financial crisis. Some of these funding initiatives have been characterized -- and, in some quarters,...