Economic Research
Economic ResearchTopic - Financial Economics
Measuring the Financial Soundness of U.S. Firms, 1926–2012
Andrew Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill
June 2013 - Staff Report
Heterogeneity and Risk Sharing in Village Economies
Robert Townsend, Sam Schulhofer-Wohl, Pierre-Andre Chiappori, Krislert Samphantharak
June 2013 - Staff Report
Portfolio Choices and Risk Preferences in Village Economies
Robert Townsend, Sam Schulhofer-Wohl, Pierre-Andre Chiappori, Krislert Samphantharak
June 2013 - Working Paper
Bailouts, Time Inconsistency, and Optimal Regulation
Patrick J. Kehoe, V. V. Chari
April 2013 - Staff Report
The Market for OTC Derivatives
Andrew Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill
April 2013 - Staff Report
On Financing Retirement with an Aging Population
Edward C. Prescott, Ellen R. McGrattan
October 2012 - Staff Report
Technical Appendix: On Financing Retirement with an Aging Population
Edward C. Prescott, Ellen R. McGrattan
October 2012 - Staff Report
Heterogeneity and Risk Sharing in Village Economies
Robert Townsend, Sam Schulhofer-Wohl, Pierre-Andre Chiappori, Krislert Samphantharak
July 2012 - Working Paper
International Recessions
Fabrizio Perri, Vincenzo Quadrini
November 2011 - Staff Report
On Efficiently Financing Retirement
Edward C. Prescott, Ellen R. McGrattan
November 2011 - Working Paper
Innovation and Growth with Financial, and other, Frictions
Randall Wright, Jonathan Chiu, Cesaire Meh
October 2011 - Working Paper
A Clarification of Certain Statistics Reported in "A Method for Improving the Benchmarks Used to Monitor ACH Returns"
Financial Policy Working Paper
Richard M. Todd
August 2011 - Financial Policy Working Papers
Costly Financial Intermediation in Neoclassical Growth Theory
Edward C. Prescott, Rajnish Mehra, Facundo Piguillem
April 2011 - Working Paper
Structural Change in an Open Economy
Jing Zhang, Kei-Mu Yi
March 2011 - Staff Report
Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
Edward C. Prescott, Ellen R. McGrattan
September 2010 - Staff Report
Asset Bubbles and Rat Races
A new Minneapolis Fed staff report by Veronica Guerrieri and her coauthor examines the effect of portfolio managers’ reputation-seeking on asset prices.
Joe Mahon
September 2010 - The Region
Human Capital Values and Returns: Bounds Implied By Earnings and Asset Returns Data
Mark Huggett, Greg Kaplan
July 2010 - Staff Report
Asset Prices, Liquidity, and Monetary Policy in the Search Theory of Money
Ricardo Lagos
July 2010 - Quarterly Review
Interview with Robert Hall
Stanford University economist on labor market dynamics, financial frictions, monetary policy and dating a recession
Douglas Clement
June 2010 - The Region
A Method for Improving the Benchmarks Used to Monitor ACH Returns
Financial Policy Working Paper
Richard M. Todd, Ron J. Feldman, Mark Lueck, Olivier Armantier, Michele Braun, Dennis Kuo
March 2010 - Financial Policy Working Papers
2008 was a mixed year for CDCUs, report says
November 2009 - Community Dividend
A Parsimonious Macroeconomic Model for Asset Pricing
Fatih Guvenen
August 2009 - Staff Report
Fragility of Reputation and Clustering of Risk-Taking
Guillermo L. Ordonez
July 2009 - Staff Report
Larger Crises, Slower Recoveries: The Asymmetric Effects of Financial Frictions
Guillermo L. Ordonez
July 2009 - Staff Report
Addressing TBTF by Shrinking Institutions: An Initial Assessment
Gary H. Stern, Ron J. Feldman
June 2009 - The Region
Better Late Than Never: Addressing Too-Big-To-Fail
Gary H. Stern
June 2009 - The Region
Trend and Cycle in Bond Premia
Martin Schneider, Monika Piazzesi
April 2009 - Staff Report
The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?
Timothy J. Kehoe, Gonzalo Fernandez de Cordoba
April 2009 - Staff Report
Momentum Traders in the Housing Market: Survey Evidence and a Search Model
Martin Schneider, Monika Piazzesi
March 2009 - Staff Report
Too Big to Fail: The Way Forward
Top of the Ninth
Gary H. Stern
December 2008 - The Region
On the Need for a New Approach to Analyzing Monetary Policy
Patrick J. Kehoe, Andrew Atkeson
September 2008 - Staff Report
Intermediated Quantities and Returns
Edward C. Prescott, Rajnish Mehra, Facundo Piguillem
September 2008 - Staff Report
Limiting Spillovers Through Focused Supervision
Top of the Ninth
Gary H. Stern
September 2008 - The Region
The Rise and Fall of Nicholas Biddle
Brilliant and seemingly destined for greatness, America’s first central banker failed when put to the test in the Bank War
Phil Davies
September 2008 - The Region
The “Monster” of Chestnut Street
The life and death of the Second Bank of the United States is a cautionary tale about the exercise of monetary power
Phil Davies
September 2008 - The Region
Default and the Maturity Structure in Sovereign Bonds
Cristina Arellano, Ananth Ramanarayanan
August 2008 - Staff Report
Liquidity in Asset Markets with Search Frictions
Ricardo Lagos, Guillaume Rocheteau
August 2008 - Staff Report
If Exchange Rates Are Random Walks, Then Almost Everything We Say About Monetary Policy Is Wrong
Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
June 2008 - Quarterly Review
Licentious Behavior
Should mortgage brokers face tougher licensing regulations? In light of the mortgage meltdown, many think the answer is an obvious yes, but recent research urges caution.
Douglas Clement
June 2008 - The Region
The rise of occupational licensing
More and more U.S. jobs are covered by licenses, and the wage effect is substantial.
Douglas Clement
June 2008 - The Region
Managing the Expanded Safety Net
2007 Annual Report Essay
Gary H. Stern, Ron J. Feldman
May 2008 - The Region
Message from the First Vice President
2007 Annual Report: Operations
James M. Lyon
May 2008 - The Region
Too Big To Fail: The Hazards of Bank Bailouts
2007 Annual Report: Excerpts from the 2004 book by Gary H. Stern and Ron J. Feldman.
Gary H. Stern, Ron J. Feldman
May 2008 - The Region
Interview with Eugene Fama
A conversation with the intellectual father of efficient market theory, Eugene Fama, passive portfolio management, and value and small cap mutual funds.
Douglas Clement
December 2007 - The Region
Are Banks Really Dying This Time?
An update of Boyd and Gertler.
Ron J. Feldman, Mark Lueck
September 2007 - The Region
The Bank that Hamilton Built
At the dawn of the Republic, the First Bank of the United States created a model for American financial markets and monetary policy that endures to this day.
Phil Davies
September 2007 - The Region
Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium
Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
September 2007 - Staff Report
“Everything Was a Dollar”
In Ecuador, the transition to the U.S. dollar was sudden, dramatic and remarkably smooth.
Douglas Clement
June 2007 - The Region
2006 Financial Statements
2006 Annual Report
May 2007 - The Region
2006 by the Numbers
2006 Operations Report
May 2007 - The Region
Message from the First Vice President
Federal Reserve Bank of Minneapolis 2006 Operations Report
James M. Lyon
May 2007 - The Region
If Exchange Rates Are Random Walks, Then Almost Everything We Say about Monetary Policy is Wrong
Patrick J. Kehoe, Andrew Atkeson, Fernando Alvarez
March 2007 - Staff Report
Goldilocks in the Corner Office
Is ballooning CEO pay too much, too little or just right?
Ronald A. Wirtz
December 2006 - The Region
Interview with David Card
The University of California, Berkeley economist, on immigration, labor supply, minimum wage and inequality.
Douglas Clement
December 2006 - The Region
Rethinking Bank Regulation: Till Angels Govern
Book Review
Ron J. Feldman
December 2006 - The Region
Bankruptcy and Collateral in Debt Constrained Markets
Timothy J. Kehoe, David K. Levine
October 2006 - Staff Report
Changes Resulting from FIRREA and FDICIA
Niel Willardson, Jackie Brunmeier
September 2006 - The Region
Early State Banks in the United States: How Many Were There and Where Did They Exist?
Warren E. Weber
September 2006 - Quarterly Review
Perspectives on Current Banking Issues
Top of the Ninth
Gary H. Stern
September 2006 - The Region
Supervisory Enforcement Actions Since FIRREA and FDICIA
“Arbitrary, Draconian and Inflexible,” or a Model of Regulatory Restraint?
Niel Willardson, Jackie Brunmeier
September 2006 - The Region
Types of Enforcement Actions
Niel Willardson, Jackie Brunmeier
September 2006 - The Region
Managing Too Big To Fail by Reducing Systemic Risk: Some Recent Developments
Recent developments include three important initiatives.
Gary H. Stern, Ron J. Feldman
June 2006 - The Region
Search in Asset Markets
Ricardo Lagos, Guillaume Rocheteau
June 2006 - Staff Report
The Interchange Fee Debate: Issues and Economics
Merchants are seeking relief from rising credit card fees, but the economics are complex and near-term resolution seems unlikely.
James M. Lyon
June 2006 - The Region
Asset Prices and Liquidity in an Exchange Economy
Ricardo Lagos
May 2006 - Staff Report
Giving Aid Effectively
Nancy L. Stokey
May 2006 - Annual Reports
Household Heterogeneity and Real Exchange Rates
Narayana Kocherlakota, Luigi Pistaferri
April 2006 - Staff Report
A Model of Banknote Discounts
Warren E. Weber, Francesca Carapella, Pricila Maziero, Laurence Ales
March 2006 - Working Paper
Temptation and Self-Control: Some Evidence and Applications
Kevin X. D. Huang, Zheng Liu, Qi Zhu
January 2006 - Staff Report
Early State Banks in the United States: How Many Were There and When Did They Exist?
Warren E. Weber
December 2005 - Working Paper
Economic Research and the Role of the Federal Reserve in Payments
Top of the Ninth
Gary H. Stern
December 2005 - The Region
Is College Unaffordable?
Tuition and student debt have skyrocketed, but higher education still pays off.
Ronald A. Wirtz
December 2005 - The Region
Addressing TBTF When Banks Merge: A Proposal
Bank mergers provide unique opportunities for TBTF policy reform.
Gary H. Stern, Ron J. Feldman
September 2005 - The Region
Payments System Issues and Challenges
Top of the Ninth
Gary H. Stern
September 2005 - The Region
Does Income Inequality Lead to Consumption Equality? Evidence and Theory
Fabrizio Perri, Dirk Krueger
June 2005 - Staff Report
The Coming Generational Storm: What You Need to Know about America's Economic Future
Book Review
Kevin L. Kliesen
June 2005 - The Region
Message from the First Vice President
2004 Annual Report--Operations Report
James M. Lyon
May 2005 - The Region
Interview with Jean-Claude Trichet
The European Central Bank president and Minneapolis Fed President Gary Stern discuss ECB accomplishments and challenges, as well as issues of concern to both central banks.
Gary H. Stern
December 2004 - The Region
The Private and Public Risks of Banking
Top of the Ninth
Gary H. Stern
December 2004 - The Region
Banking Regulation: The Focus Returns to the Consumer
A renewed emphasis on consumer protection while maintaining safety and soundness.
Jason Schmidt, Niel Willardson
June 2004 - The Region
Data Appendix: Taxes, Regulations, and the Value of U.S. and U.K. Corporations
Edward C. Prescott, Ellen R. McGrattan
June 2004 - Staff Report
Payments Evolution or Revolution?
Minneapolis Fed First Vice President James Lyon reviews trends in the payments system.
James M. Lyon
June 2004 - The Region
Message from the First Vice President
2003 Annual Report: Operations
James M. Lyon
May 2004 - The Region
The 1929 Stock Market: Irving Fisher Was Right
Edward C. Prescott, Ellen R. McGrattan
December 2003 - Staff Report
Too Big To Fail: The Hazards of Bank Bailouts
Excerpt from Too Big To Fail: The Hazards of Bank Bailouts
Gary H. Stern, Ron J. Feldman
December 2003 - The Region
Real bills and the Federal Reserve
Douglas Clement
September 2003 - The Region
Interbank Payments Relationships in the Antebellum United States: Evidence From Pennsylvania
Warren E. Weber
July 2003 - Quarterly Review
About the Federal Deposit Insurance Corp.
June 2003 - The Region
Achieving the Objectives of Regulatory Restructuring
Top of the Ninth
Gary H. Stern
June 2003 - The Region
Interview with Donald E. Powell
The chairman of the Federal Deposit Insurance Corp. shares his thoughts on regulatory reform, the value of market data and other issues with Minneapolis Fed President Gary Stern.
Gary H. Stern
June 2003 - The Region
Between Two Worlds: How Do Credit Markets Work?
2002 Annual Report Essay: An investigation into credit availability in the Minneapolis-St. Paul Hmong community.
Arthur J. Rolnick, David Fettig
May 2003 - The Region
CRA: A brief introduction
2002 Annual Report
May 2003 - The Region
Message from the President
2002 Annual Report
Gary H. Stern
May 2003 - The Region
Financial Crises as Herds: Overturning the Critiques
Patrick J. Kehoe, V. V. Chari
April 2003 - Staff Report
Average Debt and Equity Returns: Puzzling?
Edward C. Prescott, Ellen R. McGrattan
January 2003 - Staff Report
Interview with Tommaso Padoa-Schioppa
A charter member of the Executive Board of the European Central Bank discusses the evolution of that institution, the upcoming rollout of the euro in 12 European countries and how the ECB and the Fed
Arthur J. Rolnick
December 2001 - The Region
The European Central Bank
December 2001 - The Region
The Federal Reserve and Electronic Payments: What do considerations of principle, experience and reputation tell us?
Top of the Ninth
Gary H. Stern
December 2001 - The Region
Thoughts on the Fed’s Role in the Payments System
Edward J. Green, Richard M. Todd
December 2001 - Quarterly Review
Harnessing Market Discipline
Alan Greenspan
September 2001 - The Region
Interpreting Market Data Signals
Jason Schmidt
September 2001 - The Region
Market Data Sources in More Detail
Ron J. Feldman, Jason Schmidt
September 2001 - The Region
Market Data and Bank Supervision: The Transition to Practical Use
Incorporating market data into the examination process.
Ron J. Feldman, Mark Levonian
September 2001 - The Region
Taking Market Data Seriously
Gary H. Stern
September 2001 - The Region
Using Market Data for a Variety of Institutions
Jason Schmidt
September 2001 - The Region
Using Market Data in the Supervisory Process
Introduction to the Symposium
Ron J. Feldman, Jason Schmidt
September 2001 - The Region
Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data
Narayana Kocherlakota
July 2001 - Quarterly Review
Bank Funding: Challenges ahead but no crisis
Top of the Ninth
Gary H. Stern
June 2001 - The Region
Do Women's Economic Decisions Differ from Men's?
Recap of a conference on economic decision making in women's lives and careers.
Kathy Cobb
June 2001 - The Region
The Code Book
Book Review
Richard M. Todd
June 2001 - The Region
The Stock Market: Too High, Too Low? Just Right.
Two Fed economists argue that the historically high market levels of early 2000 were fully justified by theory, and they explain why the market was lower in the past,
Douglas Clement
June 2001 - The Region
The Vanishing Equity Premium
The equity premium—the premium that investors receive for investing in stocks rather than bonds—appears to have decreased substantially in recent years, just as economic theory says it should.
Douglas Clement
June 2001 - The Region
Functions Complementary to the Core
2000 Annual Report
Edward J. Green, Richard M. Todd
April 2001 - The Region
Interbank Settlement and the Emergence of Central Banks
2000 Annual Report
Edward J. Green, Richard M. Todd
April 2001 - The Region
Message from the President
2000 Annual Report: Comments by Gary Stern, president of the Federal Reserve Bank of Minneapolis, "...[the essay] provides a useful framework to think about the Federal Reserve's role in the evolving
Gary H. Stern
April 2001 - The Region
Thoughts on the Fed's Role in the Payments System
2000 Annual Report: This year's annual report essay explores the structuring of a new, all-embracing payments system aligned with the Reserve Banks' mission, and one which will best serve the public i
Edward J. Green, Richard M. Todd
April 2001 - The Region
Bank Runs, Deposit Insurance, and Liquidity
Douglas W. Diamond, Philip H. Dybvig
December 2000 - Quarterly Review
Diamond and Dybvig’s Classic Theory of Financial Intermediation: What’s Missing?
Edward J. Green, Ping Lin
December 2000 - Quarterly Review
When Genius Failed: The Rise and Fall of Long-Term Capital Management
Book Review
Ron J. Feldman
December 2000 - The Region
Habit Persistence, Asset Returns and the Business Cycle
Michele Boldrin, Lawrence J. Christiano, Jonas D. M. Fisher
November 2000 - Staff Report
About the Securities and Exchange Commission
September 2000 - The Region
Growth Cycles and Market Crashes
Michele Boldrin, David K. Levine
September 2000 - Staff Report
Interview with Arthur Levitt
The chairman of the U.S. Securities and Exchange Commission talks with Fed President Gary Stern about the SEC's regulatory functions and the importance of investor education, among other issues.
Gary H. Stern
September 2000 - The Region
Is the Stock Market Overvalued?
Edward C. Prescott, Ellen R. McGrattan
September 2000 - Quarterly Review
The Declining U.S. Equity Premium
Ellen R. McGrattan, Anna Scherbina, Ravi Jagannathan
September 2000 - Quarterly Review
Thoughts on Designing Credible Policies After Financial Modernization: Addressing too big to fail and moral hazard
Top of the Ninth
Gary H. Stern
September 2000 - The Region
Risky Collateral and Deposit Insurance
Narayana Kocherlakota
August 2000 - Staff Report
The Legacy of the Separation of Banking and Commerce Continues in Gramm-Leach-Bliley
Randall S. Kroszner, University of Chicago, argues that the Act missed an opportunity to strengthen banks' roles in the corporate governance system and the financing of enterprises.
Randall S. Kroszner
June 2000 - The Region
The Suffolk Bank and the Panic of 1837
Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
April 2000 - Quarterly Review
Are Banks Special?
A Revisitation
E. Gerald Corrigan
March 2000 - The Region
Century of Change
A timeline of banking legislation and regulation
March 2000 - The Region
Fed survey results show bankers energized, relieved and distraught over GLB
March 2000 - The Region
Financial Evolution, Not Revolution
Ronald A. Wirtz
March 2000 - The Region
Financial Reform's Unfinished Agenda
A Look at Deposit Insurance Funds
William M. Isaac
March 2000 - The Region
Have We Only Just Begun?
Challenges in implementing the Gramm-Leach-Bliley regime
Ron J. Feldman, Niel Willardson, James M. Lyon
March 2000 - The Region
Interview with Representative Jim Leach
Chairman, U.S. House Committee on Banking and Financial Services
Gary H. Stern
March 2000 - The Region
Privacy and The Promise of Financial Modernization
Richard M. Kovacevich
March 2000 - The Region
The Financial Modernization Legislation: An Assessment
Carter H. Golembe
March 2000 - The Region
The Financial Services Modernization Act of 1999
A brief summary of Gramm-Leach-Bliley
March 2000 - The Region
The Impact on Community Bankers
Robert N. Barsness
March 2000 - The Region
The Road Not Taken
The interests of lower-income families ignored in financial modernization
Malcolm Bush
March 2000 - The Region
Using market data to manage risk
The potential of financial modernization
Gary H. Stern
March 2000 - The Region
“These Gambling Activities”
Carter Glass and the battle to rein in the banking industry
March 2000 - The Region
The Recent Ascent in Stock Prices: How Exuberant Are You?
Are investors "irrationally exuberant" about the rising stock market? New research offers fresh insight into one of the economy's most vexing questions.
John B. Carlson
December 1999 - The Region
A Response to Critics of Market Discipline
Top of the Ninth
Gary H. Stern
September 1999 - The Region
Interview with Donald Brash
An interview with the head of New Zealand's central bank.
David Levy
June 1999 - The Region
Managing Moral Hazard With Market Signals: How Regulation Should Change With Banking
Gary Stern, president of the Federal Reserve Bank of Minneapolis, addresses the too-big-to-fail problem and moral hazard in banking.
Gary H. Stern
June 1999 - The Region
The Tale of Another Chairman
Economist Richard Timberlake recalls the legacy of W.M. Martin and Marriner Eccles, former Fed chairmen.
Richard H. Timberlake
June 1999 - The Region
Remembering William McChesney Martin Jr.
Andrew F. Brimmer
September 1998 - The Region
The Existence of Rational Expectations Equilibrium: A Retrospective
Beth Allen, James S. Jordan
August 1998 - Staff Report
Follow the Money
Death threats, suicides and million dollar frauds are just part of the job for this Fed bank examiner
David Fettig
June 1998 - The Region
Interview with Carter H. Golembe
Melvin L. Burstein
June 1998 - The Region
Market Discipline as Bank Regulator
Top of the Ninth
Gary H. Stern
June 1998 - The Region
Carter Glass was right: The structure of the Federal Reserve is important
Top of the Ninth
Gary H. Stern
December 1997 - The Region
A Modest Proposal for Meaningful Deposit Insurance Reform
Top of the Ninth Column
Gary H. Stern
September 1997 - The Region
An Update on the Securitization of Small Business Loans
Ron J. Feldman
September 1997 - The Region
Deutsche Bundesbank
Focus on Central Banks
September 1997 - The Region
Small Business Loans, Small Banks and a Big Change in Technology Called Credit Scoring
Ron J. Feldman
September 1997 - The Region
The Too Big to Fail Problem
A proposal to reform deposit insurance
Gary H. Stern
September 1997 - The Region
Macroeconomics With Frictions
S. Rao Aiyagari
July 1997 - Quarterly Review
Why Do Stock Prices Drop by Less Than the Value of the Dividend? Evidence From a Country Without Taxes
Murray Frank, Ravi Jagannathan
March 1997 - Staff Report
An opportune time for deposit insurance reform
Top of the Ninth
Gary H. Stern
December 1996 - The Region
Mortgage Automation Threat
Fannie Mae and Freddie Mac's technology initiatives could reduce competition
Ron J. Feldman
December 1996 - The Region
Narrow Banking Meets the Diamond-Dybvig Model
Neil Wallace
December 1996 - Quarterly Review
Are Checks Overused?
Kirstin E. Wells
September 1996 - Quarterly Review
The “New” Science of Credit Risk Management
Federal Reserve Governor Janet Yellen on developments in the financial system.
Janet L. Yellen
September 1996 - The Region
The Conditional CAPM and the Cross-Section of Expected Returns
Ravi Jagannathan, Zhenyu Wang
August 1996 - Staff Report
Why Should Older People Invest Less in Stocks Than Younger People?
Narayana Kocherlakota, Ravi Jagannathan
July 1996 - Quarterly Review
Econometric Evaluation of Asset Pricing Models
Ravi Jagannathan, Wayne E. Ferson
January 1996 - Staff Report
The CAPM Debate
Ellen R. McGrattan, Ravi Jagannathan
September 1995 - Quarterly Review
The Role of Large Banks in the Recent U.S. Banking Crisis
John H. Boyd, Mark Gertler
December 1994 - Quarterly Review
Are banks dead? Or, are the reports greatly exaggerated?
This article is a synopsis of a paper prepared by John H. Boyd, senior research officer at the Federal Reserve Bank of Minneapolis, and Mark Gertler, professor at New York University.
September 1994 - The Region
Are Banks Dead? Or Are the Reports Greatly Exaggerated?
John H. Boyd, Mark Gertler
July 1994 - Quarterly Review
Macroeconomics With Frictions
S. Rao Aiyagari
July 1994 - Quarterly Review
Ex-Dividend Price Behavior of Common Stocks
John H. Boyd, Ravi Jagannathan
June 1994 - Staff Report
Assessing Specification Errors in Stochastic Discount Factor Models
Lars Peter Hansen, Ravi Jagannathan
March 1994 - Staff Report
Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs
S. Rao Aiyagari
December 1993 - Quarterly Review
The CAPM Is Alive and Well
Ravi Jagannathan, Zhenyu Wang
November 1993 - Staff Report
Interview with Anna J. Schwartz
Noted economist Anna J. Schwartz shares her thoughts on money, banking and Trollope.
David Fettig
September 1993 - The Region
On the Relation Between the Expected Value and the Volatility of the Nominal Excess Return on Stocks
David E. Runkle, Lawrence R. Glosten, Ravi Jagannathan
August 1993 - Staff Report
A Contingent Claim Approach to Performance Evaluation
Lawrence R. Glosten, Ravi Jagannathan
July 1993 - Staff Report
Guaranteeing Disaster
Moral hazard in the insurance industry.
Martha L. Starr
March 1993 - The Region
The road to a unified currency: Two views
fedgazette Editorial
October 1992 - fedgazette
SPDAs and GICs: Like Money in the Bank?
Neil Wallace, Richard M. Todd
July 1992 - Quarterly Review
The Dichotomy Becomes Reality: Ten Years of the Federal Reserve as Regulator and Competitor
Excerpt from the Minneapolis Fed's 1991 Annual Report
David Fettig, Leonard W. Fernelius
June 1992 - The Region
Interview with Susan M. Phillips
Susan M. Phillips knows her way around the futures industry but faces new challenges as a Federal Reserve Board governor. Phillips shares her impressions of both in this interview.
David Levy
March 1992 - The Region
Liquidity Constraints in Economies With Aggregate Fluctuations: A Quantitative Exploration
Edward C. Prescott, Javier Díaz-Giménez
January 1992 - Staff Report
Can a "Credit Crunch" Be Efficient?
Edward J. Green, Soo Nam Oh
September 1991 - Quarterly Review
Investigating the Banking Consolidating Trend
John H. Boyd, Stanley L. Graham
September 1991 - The Region
The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation
John H. Boyd
September 1991 - The Region
Whither the Credit Crunch?
Top of the Ninth
Gary H. Stern
September 1991 - The Region
Contracts, Constraints, and Consumption
Edward J. Green, Soo Nam Oh
August 1991 - Staff Report
Federal budget reforms: why they aren't working and what we can do about it
fedgazette Editorial
V. V. Chari
July 1991 - fedgazette
Investigating the Banking Consolidation Trend
John H. Boyd, Stanley L. Graham
April 1991 - Quarterly Review
A Discussion of Cooley and Hansen’s “Welfare Costs of Moderate Inflations”
Randall Wright
February 1991 - Staff Report
Seigniorage as a Tax: A Quantitative Evaluation
Edward C. Prescott, Ayse Imrohoroglu
January 1991 - Staff Report
A Suggestion for Oversimplifying the Theory of Money
Neil Wallace
December 1990 - Quarterly Review
Deposit Insurance Reform; or, Deregulation Is the Cart, Not the Horse
John H. Kareken
December 1990 - Quarterly Review
A Banking Model in Which Partial Suspension Is Best
Neil Wallace
September 1990 - Quarterly Review
Deflating the Case for Zero Inflation
S. Rao Aiyagari
July 1990 - Quarterly Review
The Simple Analytics of Commodity Futures Markets: Do They Stabilize Prices? Do They Raise Welfare?
V. V. Chari, Ravi Jagannathan
July 1990 - Quarterly Review
Interview with Clyde Farnsworth
David Levy
June 1990 - The Region
Safeguards to the U.S. Banking System Should Not Be Dismantled
Top of the Ninth
Melvin L. Burstein
June 1990 - The Region
Vector Autoregression Evidence on Monetarism: Another Look at the Robustness Debate
Richard M. Todd
April 1990 - Quarterly Review
Duality and Arbitrage With Transactions Costs: Theory and Applications
Michael J. Stutzer
November 1989 - Staff Report
A Contribution to the Pure Theory of Money
Nobuhiro Kiyotaki, Randall Wright
August 1989 - Staff Report
Bank Failures, Financial Restrictions, and Aggregate Fluctuations: Canada and the United States, 1870–1913
Stephen D. Williamson
July 1989 - Quarterly Review
Banking Without Deposit Insurance or Bank Panics: Lessons From a Model of the U.S. National Banking System
V. V. Chari
July 1989 - Quarterly Review
Unpleasant Budget Arithmetic Revisited
Top of the Ninth
Gary H. Stern
May 1989 - The Region
Restrictions on Financial Intermediaries and Implications for Aggregate Fluctuations: Canada and the United States, 1870–1913
Stephen D. Williamson
April 1989 - Staff Report
On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach
Patrick J. Kehoe, David K. Backus
November 1988 - Staff Report
Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model With Sequential Service Taken Seriously
Neil Wallace
September 1988 - Quarterly Review
Time Consistency and Optimal Policy Design
V. V. Chari
September 1988 - Quarterly Review
The Relationship Between Money and Prices: Some Historical Evidence Reconsidered
Bruce D. Smith
July 1988 - Quarterly Review
Explaining the Demand for Free Bank Notes
Arthur J. Rolnick, Warren E. Weber
April 1988 - Quarterly Review
The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge With Other Financial Firms: A Simulation Study
John H. Boyd, Stanley L. Graham
April 1988 - Quarterly Review
International Financial Intermediation and Aggregate Fluctuations Under Alternative Exchange Rate Regimes
Jeremy Greenwood, Stephen D. Williamson
February 1988 - Staff Report
Monetary Targeting in a Dynamic Macro Model
William Roberds
July 1987 - Staff Report
Recent Developments in Modeling Financial Intermediation
Stephen D. Williamson
July 1987 - Quarterly Review
The Benefits of Bank Deposit Rate Ceilings: New Evidence on Bank Rates and Risk in the 1920s
Arthur J. Rolnick
July 1987 - Quarterly Review
Seasonalities in Security Returns: The Case of Earnings Announcements
V. V. Chari, Aharon R. Ofer, Ravi Jagannathan
April 1987 - Staff Report
Money Does Granger-Cause Output in the Bivariate Money—Output Relation
Lawrence J. Christiano, Lars Ljungqvist
February 1987 - Staff Report
Vector Autoregressions and Reality
David E. Runkle
February 1987 - Staff Report
Are Forecasting Models Usable for Policy Analysis?
Christopher A. Sims
December 1986 - Quarterly Review
Gresham's Law or Gresham's Fallacy?
Arthur J. Rolnick, Warren E. Weber
December 1986 - Quarterly Review
Do Sterilized Interventions Affect Exchange Rates?
Warren E. Weber
July 1986 - Quarterly Review
Money and the U.S. Economy in the 1980s: A Break From the Past?
Lawrence J. Christiano
July 1986 - Quarterly Review
A Visible Hand: The Fed's Involvement in the Check Payments System
Clarence W. Nelson, James N. Duprey
April 1986 - Quarterly Review
Risk, Regulation, and Bank Holding Company Expansion Into Nonbanking
John H. Boyd, Stanley L. Graham
April 1986 - Quarterly Review
A Reply to Darby
Preston J. Miller, Thomas J. Sargent
December 1985 - Quarterly Review
A Shred of Evidence on Public Acceptance of Privately Issued Currency
Neil Wallace, Martin Eichenbaum
December 1985 - Quarterly Review
Deficits, Interest Rates, and the Tax Distribution
S. Rao Aiyagari
December 1985 - Quarterly Review
Some Pleasant Monetarist Arithmetic
Michael R. Darby
December 1985 - Quarterly Review
Some Unpleasant Monetarist Arithmetic
Thomas J. Sargent
December 1985 - Quarterly Review
How Monetary Policy in 1985 Affects the Outlook
Robert B. Litterman
September 1985 - Quarterly Review
Taking Stock of the Farm Credit System: Riskier for Farm Borrowers
Richard M. Todd
September 1985 - Quarterly Review
Adjustable Rate Mortgages: Increasing Efficiency More Than Housing Activity
Michael J. Stutzer, William Roberds
July 1985 - Quarterly Review
Banking Instability and Regulation in the U.S. Free Banking Era
Arthur J. Rolnick, Warren E. Weber
July 1985 - Quarterly Review
International Coordination of Macroeconomic Policies: A Welfare Analysis
Neil Wallace, Preston J. Miller
April 1985 - Quarterly Review
Money and Inflation in Colonial Massachusetts
Bruce D. Smith
December 1984 - Quarterly Review
Some of the Choices for Monetary Policy
Neil Wallace
December 1984 - Quarterly Review
Forecasting and Policy Analysis With Bayesian Vector Autoregression Models
Robert B. Litterman
September 1984 - Quarterly Review
Money Market Mutual Funds Are Hardly Money
Danny Quah, Gary H. Stern, Thomas M. Supel
July 1984 - Quarterly Review
Probable Future Competition in Banking Antitrust Determination: Research Findings
Michael J. Stutzer
July 1984 - Quarterly Review
A Reply to Darby
Preston J. Miller, Thomas J. Sargent
April 1984 - Quarterly Review
Some Pleasant Monetarist Arithmetic
Michael R. Darby
April 1984 - Quarterly Review
A Legal Restrictions Theory of the Demand for "Money" and the Role of Monetary Policy
Neil Wallace
December 1983 - Quarterly Review
Speculations About the Speculation Against the Hong Kong Dollar
Neil Wallace, David T. Beers, Thomas J. Sargent
September 1983 - Quarterly Review
Deposit Insurance Reform or Deregulation Is the Cart, Not the Horse
John H. Kareken
April 1983 - Quarterly Review
Free Banking, Wildcat Banking, and Shinplasters
Arthur J. Rolnick, Warren E. Weber
September 1982 - Quarterly Review
Optimal Control of the Money Supply
Robert B. Litterman
September 1982 - Quarterly Review
How the Fed Defines and Measures Money
James N. Duprey
June 1982 - Quarterly Review
Commercial Banking as a Line of Commerce: An Appraisal
John H. Kareken
December 1981 - Quarterly Review
Limited Branching in Minnesota: Its Impact on Banking Consumers
Stanley L. Graham
December 1981 - Quarterly Review
Some Unpleasant Monetarist Arithmetic
Neil Wallace, Thomas J. Sargent
September 1981 - Quarterly Review
Deregulating Commercial Banks: The Watchword Should Be Caution
John H. Kareken
June 1981 - Quarterly Review
Integrating Micro and Macroeconomics: An Application to Credit Controls
Neil Wallace
September 1980 - Quarterly Review
The Search for a Stable Money Demand Equation
James N. Duprey
July 1980 - Quarterly Review
A Case for Branch Banking in Montana
Arthur J. Rolnick, Stanley L. Graham
April 1980 - Quarterly Review
A Case for Variable Rate Mortgages
John P. Danforth
December 1979 - Quarterly Review
Is the Fed's Seasonal Borrowing Privilege Justified?
Stanley L. Graham
September 1979 - Quarterly Review
Are Interest Rates Too High?
Mark H. Willes
September 1978 - Quarterly Review
Looking for Evidence of Noncompetitive Behavior in Minnesota's Banking Industry
Arthur J. Rolnick, David S. Dahl, Stanley L. Graham
September 1977 - Quarterly Review
Bank Regulation: Strengthening Friedman's Case for Reform
Arthur J. Rolnick
July 1977 - Quarterly Review
Why the Fed Should Consider Holding M0 Constant
Neil Wallace
July 1977 - Quarterly Review
