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Quarterly Reviews

March 2014 (Vol. 36 No. 1)

An Attractive Monetary Model with Surprising Implications for Optima: Two Examples
Neil Wallace
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October 2012 (Vol. 35 No. 2)

Aggregate Labor Supply
Edward C. Prescott
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February 2012 (Vol. 35 No. 1)

Negative Equity Does Not Reduce Homeowners’ Mobility
Sam Schulhofer-Wohl
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March 2011 (Vol. 34 No. 1)

Facts on the Distributions of Earnings, Income, and Wealth in the United States: 2007 Update
Javier Díaz-Giménez, José-Víctor Ríos-Rull, and Andrew Glover
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July 2010 (Vol. 33 No. 1)

Asset Prices, Liquidity, and Monetary Policy in the Search Theory of Money
Ricardo Lagos
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Measurement with Minimal Theory
Ellen R. McGrattan
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June 2008 (Vol. 32 No. 1)

If Exchange Rates Are Random Walks, Then Almost Everything We Say About Monetary Policy Is Wrong
Patrick J. Kehoe, Andrew Atkeson, and Fernando Alvarez
Reprinted From: AEA Papers and Proceedings (Vol. 97, May 2007, pp. 339-345)
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Back to the Future with Keynes
Lee E. Ohanian
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November 2007 (Vol. 31 No. 1)

Modeling Great Depressions: The Depression in Finland in the 1990s
Timothy J. Kehoe, Kim J. Ruhl, and Juan Carlos Conesa
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On the Needed Quantity of Government Debt
Edward C. Prescott and Kathryn Birkeland
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September 2006 (Vol. 30 No. 1)

Latin America in the Rearview Mirror
James A. Schmitz, Jr., Lee E. Ohanian, Alvaro Riascos, and Harold L. Cole
Reprinted From: Journal of Monetary Economics (Vol. 52, No. 1, January 2005, pp. 69-107)

Early State Banks in the United States: How Many Were There and Where Did They Exist?
Warren E. Weber
Reprinted From: Journal of Economic History (Vol. 66, No. 2, June 2006, pp. 433-455)
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October 2005 (Vol. 29 No. 1)

Introduction to “Models of Monetary Economies II: The Next Generation”
Randall Wright
Reprinted From: International Economic Review (Vol. 46, No. 2, May 2005, pp. 305-316)

Optimal Monetary Policy: What We Know and What We Don’t Know
Narayana Kocherlakota
Reprinted From: International Economic Review (Vol. 46, No. 2, May 2005, pp. 715-729)

December 2004 (Vol. 28 No. 2)

Avoiding Significant Monetary Policy Mistakes
Gary H. Stern and Preston J. Miller
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The Evolution of U.S. Earnings Inequality: 1961–2002
Zvi Eckstein and Éva Nagypál
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July 2004 (Vol. 28 No. 1)

Changes in Hours Worked, 1950–2000
Ellen R. McGrattan and Richard Rogerson
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Why Do Americans Work So Much More Than Europeans?
Edward C. Prescott
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Winter 2003 (Vol. 27 No. 1)

Measuring Consumption Growth: The Impact of New and Better Products
Peter J. Klenow
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Sticky Prices and Monetary Policy Shocks
Mark Bils, Oleksiy Kryvtsov, and Peter J. Klenow
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Summer 2003 (Vol. 27 No. 3)

Interbank Payments Relationships in the Antebellum United States: Evidence From Pennsylvania
Warren E. Weber
Reprinted From: Journal of Monetary Economics (Vol. 50, No. 2, March 2003, pp. 455-474)
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How Severe is the Time-Inconsistency Problem in Monetary Policy?
V. V. Chari, Lawrence J. Christiano, and Stefania Albanesi
Reprinted From: Advances in economics and econometrics: Theory and applications (Vol. 3, 2003, pp. 123-150)
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Spring 2003 (Vol. 27 No. 2)

Competitive Pressure and Labor Productivity: World Iron Ore Markets in the 1980s
James A. Schmitz, Jr. and Jose E. Galdon-Sanchez
Reprinted From: American Economic Review (Vol. 92, No. 4, September 2002, pp. 1222-1235)
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Accounting for the Great Depression
Ellen R. McGrattan, Patrick J. Kehoe, and V. V. Chari
Reprinted From: American Economic Review (Vol. 92, No. 2, May 2002, pp. 22-27)
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Winter 2002 (Vol. 26 No. 1)

In This Issue
Arthur J. Rolnick

Decades Lost and Found: Mexico and Chile Since 1980
Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, and Raphael Bergoeing
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Fall 2002 (Vol. 26 No. 4)

Money and Inflation in Colonial Massachusetts
Bruce D. Smith
Reprinted From: Quarterly Review (Vol. 8, No. 1, Winter 1984, pp. 1-14)
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The Published Work of Bruce D. Smith

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The Relationship Between Money and Prices: Some Historical Evidence Reconsidered
Bruce D. Smith
Reprinted From: Quarterly Review (Vol. 12, No. 3, Summer 1988, pp. 18-32)
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In This Issue
Arthur J. Rolnick and Warren E. Weber

Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825-58)
Arthur J. Rolnick, Warren E. Weber, and Bruce D. Smith
Reprinted From: Quarterly Review (Vol. 22, No. 3, Summer 1998, pp. 11-21)
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Summer 2002 (Vol. 26 No. 3)

Updated Facts on the U.S. Distributions of Earnings, Income, and Wealth
Javier Díaz-Giménez, José-Víctor Ríos-Rull, Santiago Budría Rodríguez, and Vincenzo Quadrini
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Spring 2002 (Vol. 26 No. 2)

Inequality and Fairness
Christopher Phelan
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Why Did Productivity Fall So Much During the Great Depression?
Lee E. Ohanian
Reprinted From: American Economic Review (Vol. 91, No. 2, May 2001, pp. 34-38)
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Winter 2001 (Vol. 25 No. 1)

Are Phillips Curves Useful for Forecasting Inflation?
Andrew Atkeson and Lee E. Ohanian
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Thoughts on the Fed’s Role in the Payments System
Edward J. Green and Richard M. Todd
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Fall 2001 (Vol. 25 No. 4)

Some Monetary Facts
Warren E. Weber and George T. McCandless Jr.
Reprinted From: Quarterly Review (Vol. 19, No. 3, Summer 1995, pp. 2-11)
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Money and Interest Rates
Warren E. Weber and Cyril Monnet
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Summer 2001 (Vol. 25 No. 3)

Dollarization and the Conquest of Hyperinflation in Divided Societies
Hubert Kempf and Russell Cooper
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Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data
Narayana Kocherlakota
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Spring 2001 (Vol. 25 No. 2)

In This Issue
Arthur J. Rolnick

Competition at Work: Railroads vs. Monopoly in the U.S. Shipping Industry
James A. Schmitz, Jr. and Thomas J. Holmes
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Winter 2000 (Vol. 24 No. 1)

Bank Runs, Deposit Insurance, and Liquidity
Douglas W. Diamond and Philip H. Dybvig
Reprinted From: Journal of Political Economy (Vol. 91, No. 3, 1983, pp. 401-419)
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In This Issue
Arthur J. Rolnick

Diamond and Dybvig’s Classic Theory of Financial Intermediation: What’s Missing?
Edward J. Green and Ping Lin
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Fall 2000 (Vol. 24 No. 4)

In This Issue
Arthur J. Rolnick

The Declining U.S. Equity Premium
Ellen R. McGrattan, Anna Scherbina, and Ravi Jagannathan
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Is the Stock Market Overvalued?
Edward C. Prescott and Ellen R. McGrattan
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Summer 2000 (Vol. 24 No. 3)

Knowledge of Individual Histories and Optimal Payment Arrangements
Neil Wallace
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Creating Business Cycles Through Credit Constraints
Narayana Kocherlakota
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Spring 2000 (Vol. 24 No. 2)

Learning to Be Unpredictable: An Experimental Study
Arijit Mukherji and David E. Runkle
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The Suffolk Bank and the Panic of 1837
Arthur J. Rolnick, Warren E. Weber, and Bruce D. Smith
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Winter 1999 (Vol. 23 No. 1)

In This Issue
Arthur J. Rolnick

The Great Depression in the United States From A Neoclassical Perspective
Lee E. Ohanian and Harold L. Cole
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Some Observations on the Great Depression
Edward C. Prescott
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Fall 1999 (Vol. 23 No. 4)

Explaining the Fiscal Theory of the Price Level
Narayana Kocherlakota and Christopher Phelan
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Maintenance and Repair: Too Big to Ignore
Ellen R. McGrattan and James A. Schmitz, Jr.
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Summer 1999 (Vol. 23 No. 3)

Aggregate Returns to Scale: Why Measurement Is Imprecise
Lee E. Ohanian and Harold L. Cole
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Taxing Capital Income: A Bad Idea
Patrick J. Kehoe, V. V. Chari, and Andrew Atkeson
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Spring 1999 (Vol. 23 No. 2)

Money and Debt in the Structure of Payments
Edward J. Green
Reprinted From: Monetary and Economic Studies (Vol. 15, No. 1, May 1997, pp. 63-87)
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Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics
V. V. Chari
Reprinted From: Journal of Economic Perspectives (Vol. 12, No. 1, Winter 1998, pp. 171-186)
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Winter 1998 (Vol. 22 No. 1)

Changes in Hours Worked Since 1950
Ellen R. McGrattan and Richard Rogerson
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A Dictum for Monetary Theory
Neil Wallace
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Fall 1998 (Vol. 22 No. 4)

A Defense of AK Growth Models
Ellen R. McGrattan
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Revisionist History: How Data Revisions Distort Economic Policy Research
David E. Runkle
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Summer 1998 (Vol. 22 No. 3)

The Technological Role of Fiat Money
Narayana Kocherlakota
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Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825–58)
Arthur J. Rolnick, Warren E. Weber, and Bruce D. Smith
Reprinted From: St. Louis Federal Reserve Bank's Review (Vol. 80, No. 3, May/June 1998, pp. 105-116)
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Spring 1998 (Vol. 22 No. 2)

Zero Nominal Interest Rates: Why They’re Good and How to Get Them
Narayana Kocherlakota and Harold L. Cole
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Money, Inflation, and Output Under Fiat and Commodity Standards
Arthur J. Rolnick and Warren E. Weber
Reprinted From: Journal of Political Economy (Vol. 105, No. 6, December 1997, pp. 1308-1321)
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Winter 1997 (Vol. 21 No. 1)

Reviving Reputation Models of International Debt
Patrick J. Kehoe and Harold L. Cole
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Absence-of-Double-Coincidence Models of Money: A Progress Report
Neil Wallace
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Fall 1997 (Vol. 21 No. 4)

The Debasement Puzzle: An Essay on Medieval Monetary History
Arthur J. Rolnick, Warren E. Weber, and François R. Velde
Reprinted From: Journal of Economic History (Vol. 56, No. 4, December 1996, pp. 789-808)
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Money
James Madison
Reprinted From: The Papers of James Madison (Vol. 1, 16 March 1751-16 December 1779, 1962, pp. 301-310)
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In This Issue
Arthur J. Rolnick

Summer 1997 (Vol. 21 No. 3)

S. Rao Aiyagari: My Student and My Teacher
Neil Wallace
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In This Issue
Arthur J. Rolnick

On the Contribution of Technology Shocks to Business Cycles
S. Rao Aiyagari
Reprinted From: Quarterly Review (Vol. 18, No. 1, Winter 1994, pp. 22-34)
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Macroeconomics With Frictions
S. Rao Aiyagari
Reprinted From: Quarterly Review (Vol. 18, No. 3, Summer 1994, pp. 2-40)
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The Published Work of S. Rao Aiyagari

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Deflating the Case for Zero Inflation
S. Rao Aiyagari
Reprinted From: Quarterly Review (Vol. 14, No. 3, Summer 1990, pp. 2-11)
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Spring 1997 (Vol. 21 No. 2)

Understanding the U.S. Distribution of Wealth
José-Víctor Ríos-Rull and Vincenzo Quadrini
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Dimensions of Inequality: Facts on the U.S. Distributions of Earnings, Income, and Wealth
Javier Díaz-Giménez, José-Víctor Ríos-Rull, and Vincenzo Quadrini
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Winter 1996 (Vol. 20 No. 1)

Time to Plan and Aggregate Fluctuations
Lawrence J. Christiano and Richard M. Todd
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Narrow Banking Meets the Diamond-Dybvig Model
Neil Wallace
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Fall 1996 (Vol. 20 No. 4)

Are Checks Overused?
Kirstin E. Wells
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Delayed Financial Disclosure: Mexico's Recent Experience
Arijit Mukherji, David E. Runkle, and R. Anton Braun
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Summer 1996 (Vol. 20 No. 3)

Will the New $100 Bill Decrease Counterfeiting?
Warren E. Weber and Edward J. Green
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Why Should Older People Invest Less in Stocks Than Younger People?
Narayana Kocherlakota and Ravi Jagannathan
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Spring 1996 (Vol. 20 No. 2)

The Role Played by Public Enterprises: How Much Does It Differ Across Countries?
James A. Schmitz, Jr.
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Using Monthly Data to Improve Quarterly Model Forecasts
Daniel M. Chin and Preston J. Miller
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Winter 1995 (Vol. 19 No. 1)

Resistance to New Technology and Trade Between Areas
James A. Schmitz, Jr. and Thomas J. Holmes
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A Fine Time for Monetary Policy?
David E. Runkle and John F. Geweke
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Fall 1995 (Vol. 19 No. 4)

The CAPM Debate
Ellen R. McGrattan and Ravi Jagannathan
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The Growth Effects of Monetary Policy
V. V. Chari, Larry E. Jones, and Rodolfo E. Manuelli
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Summer 1995 (Vol. 19 No. 3)

Incorporating Concern for Relative Wealth Into Economic Models
Andrew Postlewaite, George J. Mailath, and Harold L. Cole
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Some Monetary Facts
Warren E. Weber and George T. McCandless Jr.
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Spring 1995 (Vol. 19 No. 2)

Analyzing a Proposal to Ban State Tax Breaks to Businesses
Thomas J. Holmes
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A New Idea for Welfare Reform
Michael P. Keane
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Winter 1994 (Vol. 18 No. 1)

The Role of Large Banks in the Recent U.S. Banking Crisis
John H. Boyd and Mark Gertler
Reprinted From: NBER Macroeconomics Annual 1993 (pp. 319-368)
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On the Contribution of Technology Shocks to Business Cycles
S. Rao Aiyagari
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Fall 1994 (Vol. 18 No. 4)

Another Attempt to Quantify the Benefits of Reducing Inflation
R. Anton Braun
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A Progress Report on Business Cycle Models
Ellen R. McGrattan
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Summer 1994 (Vol. 18 No. 3)

Macroeconomics With Frictions
S. Rao Aiyagari
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Are Banks Dead? Or Are the Reports Greatly Exaggerated?
John H. Boyd and Mark Gertler
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Spring 1994 (Vol. 18 No. 2)

In This Issue
Arthur J. Rolnick

Capturing NAFTA's Impact With Applied General Equilibrium Models
Patrick J. Kehoe and Timothy J. Kehoe
Published In: Modeling North America's economic integration (1995, pp. 33-57)
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A Primer on Static Applied General Equilibrium Models
Patrick J. Kehoe and Timothy J. Kehoe
Published In: Modeling North America's economic integration (1995, pp. 1-31)
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Winter 1993 (Vol. 17 No. 1)

Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs
S. Rao Aiyagari
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On the Emergence of Parliamentary Government: The Role of Private Information
Edward J. Green
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Fall 1993 (Vol. 17 No. 4)

In Order to Form a More Perfect Monetary Union
Arthur J. Rolnick, Warren E. Weber, and Bruce D. Smith
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International Business Cycles: Theory vs. Evidence
Patrick J. Kehoe, David K. Backus, and Finn E. Kydland
Published In: Frontiers of business cycle research (1995, pp. 331-356)
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Summer 1993 (Vol. 17 No. 3)

The Macroeconomic Effects of World Trade in Financial Assets
Harold L. Cole
Reprinted From: International Economic Review (Vol. 29, No. 2, May 1988, pp. 237-259)
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Putting Home Economics Into Macroeconomics
Jeremy Greenwood, Randall Wright, and Richard Rogerson
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Spring 1993 (Vol. 17 No. 2)

In This Issue
Arthur J. Rolnick

Early Progress on the "Problem of Economic Development"
James A. Schmitz, Jr.
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Changes in the Wealth of Nations
Edward C. Prescott and Stephen L. Parente
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Winter 1992 (Vol. 16 No. 1)

In This Issue
Preston J. Miller

How Little We Know About Deficit Policy Effects
Preston J. Miller and William Roberds
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Direct Investment: A Doubtful Alternative to International Debt
Harold L. Cole and William B. English
Reprinted From: Journal of International Economics (Vol. 30, No. 3-4, May 1991, pp. 201-227)
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Fall 1992 (Vol. 16 No. 4)

In This Issue
Arthur J. Rolnick

How the U.S. Treasury Should Auction Its Debt
V. V. Chari and Robert J. Weber
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No Relief in Sight for the U.S. Economy
David E. Runkle
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Summer 1992 (Vol. 16 No. 3)

Acceptability, Means of Payment, and Media of Exchange
Nobuhiro Kiyotaki and Randall Wright
Reprinted From: The New Palgrave Dictionary of Money and Finance (1992)
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SPDAs and GICs: Like Money in the Bank?
Neil Wallace and Richard M. Todd
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In This Issue
Arthur J. Rolnick

Spring 1992 (Vol. 16 No. 2)

The Labor Market in Real Business Cycle Theory
Gary D. Hansen and Randall Wright
Published In: Real business cycles: A reader (1998, pp. 168-178)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 335-353)
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In This Issue
Preston J. Miller

Resolving the National Bank Note Paradox
Neil Wallace, Warren E. Weber, and Bruce A. Champ
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Winter 1991 (Vol. 15 No. 1)

Modeling the Liquidity Effect of a Money Shock
Lawrence J. Christiano
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 427-482)
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In This Issue
Preston J. Miller

Fall 1991 (Vol. 15 No. 4)

Can a "Credit Crunch" Be Efficient?
Edward J. Green and Soo Nam Oh
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In This Issue
Preston J. Miller

A Bleak Outlook for the U.S. Economy
David E. Runkle
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Summer 1991 (Vol. 15 No. 3)

Evaluating the Welfare Effects of Alternative Monetary Arrangements
Edward C. Prescott and Ayse Imrohoroglu
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In This Issue
V. V. Chari

The Labor Market Implications of Unemployment Insurance and Short-Time Compensation
Randall Wright
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Spring 1991 (Vol. 15 No. 2)

In This Issue
Preston J. Miller

Investigating the Banking Consolidation Trend
John H. Boyd and Stanley L. Graham
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Defending Zero Inflation: All for Naught
W. Lee Hoskins
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Response to a Defense of Zero Inflation
S. Rao Aiyagari
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Procyclical Prices: A Demi-Myth?
Holger C. Wolf
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Winter 1990 (Vol. 14 No. 1)

A Suggestion for Oversimplifying the Theory of Money
Neil Wallace
Published In: The foundations of monetary economics (Vol. 1, 1999, pp. 213-224)
Published In: Free banking (Vol. 3, 1993, pp. 246-257)
Reprinted From: Economic Journal (Vol. 98, No. 390, 1988)
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Deposit Insurance Reform; or, Deregulation Is the Cart, Not the Horse
John H. Kareken
Reprinted From: Quarterly Review (Vol. 7, No. 2, Spring 1983, pp. 1-9)
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Why Markets in Foreign Exchange Are Different From Other Markets
Neil Wallace
Reprinted From: Quarterly Review (Vol. 3, No. 4, Fall 1979, pp. 1-7)
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In This Issue
Preston J. Miller

Fall 1990 (Vol. 14 No. 4)

In This Issue
Preston J. Miller

Bad News From a Forecasting Model of the U.S. Economy
David E. Runkle
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A Banking Model in Which Partial Suspension Is Best
Neil Wallace
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Summer 1990 (Vol. 14 No. 3)

The Simple Analytics of Commodity Futures Markets: Do They Stabilize Prices? Do They Raise Welfare?
V. V. Chari and Ravi Jagannathan
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In This Issue
Preston J. Miller

Deflating the Case for Zero Inflation
S. Rao Aiyagari
PDF Version

Spring 1990 (Vol. 14 No. 2)

Vector Autoregression Evidence on Monetarism: Another Look at the Robustness Debate
Richard M. Todd
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In This Issue
Preston J. Miller

Business Cycles: Real Facts and a Monetary Myth
Edward C. Prescott and Finn E. Kydland
Published In: Real business cycles: A reader (1998, pp. 383-398)
Published In: Business cycle theory (1995, pp. 67-82)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 307-334)
Published In: The new classical macroeconomics (Vol. 3, 1992, pp. 514-529)
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Winter 1989 (Vol. 13 No. 1)

How Should Taxes Be Set?
S. Rao Aiyagari
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Gramm-Rudman-Hollings' Hold on Budget Policy: Losing Its Grip?
Preston J. Miller
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The U.S. Economy in 1989 and 1990: Walking a Fine Line
David E. Runkle and Preston J. Miller
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In This Issue
Warren E. Weber

Fall 1989 (Vol. 13 No. 4)

The U.S. Economy in 1990 and 1991: Continued Expansion Likely
David E. Runkle
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A Simple Way to Estimate Current-Quarter GNP
Preston J. Miller and Terry J. Fitzgerald
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In This Issue
Preston J. Miller

P*: Not the Inflation Forecaster's Holy Grail
Lawrence J. Christiano
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Summer 1989 (Vol. 13 No. 3)

Banking Without Deposit Insurance or Bank Panics: Lessons From a Model of the U.S. National Banking System
V. V. Chari
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Bank Failures, Financial Restrictions, and Aggregate Fluctuations: Canada and the United States, 1870–1913
Stephen D. Williamson
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In This Issue
John H. Boyd

Spring 1989 (Vol. 13 No. 2)

Are Economic Forecasts Rational?
David E. Runkle and Michael P. Keane
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In This Issue
Warren E. Weber

Is Japan's Saving Rate High?
Fumio Hayashi
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Understanding Japan's Saving Rate: The Reconstruction Hypothesis
Lawrence J. Christiano
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Winter 1988 (Vol. 12 No. 1)

Economic Fluctuations Without Shocks to Fundamentals; Or, Does the Stock Market Dance to Its Own Music?
S. Rao Aiyagari
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 355-386)
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Why No Crunch From the Crash?
David E. Runkle
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In This Issue
Preston J. Miller

Fall 1988 (Vol. 12 No. 4)

Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model With Sequential Service Taken Seriously
Neil Wallace
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Time Consistency and Optimal Policy Design
V. V. Chari
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 41-65)
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In This Issue
Preston J. Miller

Summer 1988 (Vol. 12 No. 3)

In This Issue
Preston J. Miller

Modeling the Impact of an Energy Price Shock on Interregional Income Transfer
Clarence W. Nelson
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The Relationship Between Money and Prices: Some Historical Evidence Reconsidered
Bruce D. Smith
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Spring 1988 (Vol. 12 No. 2)

Explaining the Demand for Free Bank Notes
Arthur J. Rolnick and Warren E. Weber
Reprinted From: Journal of Monetary Economics (Vol. 2, No. 1, 1988)
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The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge With Other Financial Firms: A Simulation Study
John H. Boyd and Stanley L. Graham
Published In: Bank management and regulation: A book of readings (1992, pp. 187-204)
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In This Issue
Preston J. Miller

Winter 1987 (Vol. 11 No. 1)

The Federal Budget's Effects on Intergenerational Equity: Undone or Not Undone?
Gary H. Stern
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Forecasting and Modeling the U.S. Economy in 1986-88
Richard M. Todd and William Roberds
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In This Issue

Fall 1987 (Vol. 11 No. 4)

Why Is Consumption Less Volatile Than Income?
Lawrence J. Christiano
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 391-425)
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In This Issue
Preston J. Miller

Summer 1987 (Vol. 11 No. 3)

Recent Developments in Modeling Financial Intermediation
Stephen D. Williamson
Published In: Financial intermediaries (1995, pp. 286-296)
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The Benefits of Bank Deposit Rate Ceilings: New Evidence on Bank Rates and Risk in the 1920s
Arthur J. Rolnick
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In This Issue
Preston J. Miller

Spring 1987 (Vol. 11 No. 2)

Improving Intergovernmental Finance: A Message From the Northland
Michael J. Stutzer
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Intergenerational Linkages and Government Budget Policies
S. Rao Aiyagari
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 151-168)
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In This Issue

Winter 1986 (Vol. 10 No. 1)

Are Forecasting Models Usable for Policy Analysis?
Christopher A. Sims
Published In: The legacy of Robert Lucas, Jr. (Vol. 2, 1999, pp. 434-448)
Published In: Macroeconometric modeling (Vol. 2, 1994, pp. 457-471)
Published In: The new classical macroeconomics (Vol. 2, 1992, pp. 361-375)
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Gresham's Law or Gresham's Fallacy?
Arthur J. Rolnick and Warren E. Weber
Reprinted From: Journal of Political Economy (Vol. 94, No. 1, 1986)
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In This Issue

Fall 1986 (Vol. 10 No. 4)

Modern Business Cycle Analysis: A Guide to the Prescott-Summers Debate
Rodolfo E. Manuelli
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Some Skeptical Observations on Real Business Cycle Theory
Lawrence H. Summers
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Theory Ahead of Business Cycle Measurement
Edward C. Prescott
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In This Issue

Response to a Skeptic
Edward C. Prescott
Published In: Real business cycles: A reader (1998, pp. 102-107)
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Summer 1986 (Vol. 10 No. 3)

In This Issue

Money and the U.S. Economy in the 1980s: A Break From the Past?
Lawrence J. Christiano
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Do Sterilized Interventions Affect Exchange Rates?
Warren E. Weber
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Spring 1986 (Vol. 10 No. 2)

Risk, Regulation, and Bank Holding Company Expansion Into Nonbanking
John H. Boyd and Stanley L. Graham
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A Visible Hand: The Fed's Involvement in the Check Payments System
Clarence W. Nelson and James N. Duprey
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In This Issue

Winter 1985 (Vol. 9 No. 1)

A Reply to Darby
Preston J. Miller and Thomas J. Sargent
Reprinted From: Quarterly Review (Vol. 8, No. 2, Spring 1984, pp. 21-26)
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Some Pleasant Monetarist Arithmetic
Michael R. Darby
Reprinted From: Quarterly Review (Vol. 8, No. 2, Spring 1984, pp. 15-20)
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A Shred of Evidence on Public Acceptance of Privately Issued Currency
Neil Wallace and Martin Eichenbaum
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Some Unpleasant Monetarist Arithmetic
Thomas J. Sargent
Reprinted From: Quarterly Review (Vol. 5, No. 3, Fall 1981, pp. 1-17)
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In This Issue

Deficits, Interest Rates, and the Tax Distribution
S. Rao Aiyagari
PDF Version

Fall 1985 (Vol. 9 No. 4)

How Monetary Policy in 1985 Affects the Outlook
Robert B. Litterman
PDF Version

In This Issue

Taking Stock of the Farm Credit System: Riskier for Farm Borrowers
Richard M. Todd
PDF Version

Summer 1985 (Vol. 9 No. 3)

In This Issue

Adjustable Rate Mortgages: Increasing Efficiency More Than Housing Activity
Michael J. Stutzer and William Roberds
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Banking Instability and Regulation in the U.S. Free Banking Era
Arthur J. Rolnick and Warren E. Weber
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Spring 1985 (Vol. 9 No. 2)

The Statewide Economic Impact of Small-Issue Industrial Revenue Bonds
Michael J. Stutzer
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International Coordination of Macroeconomic Policies: A Welfare Analysis
Neil Wallace and Preston J. Miller
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 209-241)
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In This Issue

Winter 1984 (Vol. 8 No. 1)

Some of the Choices for Monetary Policy
Neil Wallace
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 85-101)
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Money and Inflation in Colonial Massachusetts
Bruce D. Smith
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Fall 1984 (Vol. 8 No. 4)

In This Issue

Above-Average National Growth in 1985 and 1986
Robert B. Litterman
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Forecasting and Policy Analysis With Bayesian Vector Autoregression Models
Robert B. Litterman
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Improving Economic Forecasting With Bayesian Vector Autoregression
Richard M. Todd
Published In: Modelling economic series: Readings in econometric methodology (1990, pp. 214-234)
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More Growth Ahead for Ninth District States
Hossain Amirizadeh and Richard M. Todd
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Summer 1984 (Vol. 8 No. 3)

District Conditions/A Strong Recovery

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In This Issue

Probable Future Competition in Banking Antitrust Determination: Research Findings
Michael J. Stutzer
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Money Market Mutual Funds Are Hardly Money
Danny Quah, Gary H. Stern, and Thomas M. Supel
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Spring 1984 (Vol. 8 No. 2)

Some Pleasant Monetarist Arithmetic
Michael R. Darby
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Should Currency Be Priced Like Cars?
Richard M. Todd and Thomas M. Supel
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A Reply to Darby
Preston J. Miller and Thomas J. Sargent
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In This Issue

District Conditions/Urban Strength, Rural Weakness

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Winter 1983 (Vol. 7 No. 1)

District Conditions/Recovery Likely to Be Stronger Than Expected

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A Legal Restrictions Theory of the Demand for "Money" and the Role of Monetary Policy
Neil Wallace
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 73-83)
Published In: Free banking (Vol. 3, 1993, pp. 217-223)
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Higher Deficit Policies Lead to Higher Inflation
Preston J. Miller
Published In: The new classical macroeconomics (Vol. 1, 1992, pp. 353-364)
Published In: Current readings on money, banking, and financial markets (1987, pp. 293-304)
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Fall 1983 (Vol. 7 No. 4)

Speculations About the Speculation Against the Hong Kong Dollar
Neil Wallace, David T. Beers, and Thomas J. Sargent
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Budget Deficit Mythology
Preston J. Miller
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District Conditions/Growth in 1984

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Summer 1983 (Vol. 7 No. 3)

A Primer on the International Monetary Fund
Carolyn P. Line, David S. Dahl, and John H. Boyd
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Toward a More Resilient International Financial System
Anthony M. Solomon
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A Message From the President
E. Gerald Corrigan
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Spring 1983 (Vol. 7 No. 2)

District Conditions/A Midyear Report

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Deposit Insurance Reform or Deregulation Is the Cart, Not the Horse
John H. Kareken
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Using Vector Autoregressions to Measure the Uncertainty in Minnesota's Revenue Forecasts
Robert B. Litterman and Thomas M. Supel
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Winter 1982 (Vol. 6 No. 1)

District Conditions

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Expanded Federal Crop Insurance: A Better Way for Taxpayers to Share Farmers' Risks
Richard M. Todd
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Eximbank Lending: A Federal Program That Costs Too Much
John H. Boyd
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Fall 1982 (Vol. 6 No. 3)

Free Banking, Wildcat Banking, and Shinplasters
Arthur J. Rolnick and Warren E. Weber
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District Conditions

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Optimal Control of the Money Supply
Robert B. Litterman
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Spring-Summer 1982 (Vol. 6 No. 2)

District Conditions

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As the Nation's Economy Goes, So Goes Minnesota's
Richard M. Todd and Robert B. Litterman
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How the Fed Defines and Measures Money
James N. Duprey
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Winter 1981 (Vol. 5 No. 1)

District Conditions

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Limited Branching in Minnesota: Its Impact on Banking Consumers
Stanley L. Graham
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Commercial Banking as a Line of Commerce: An Appraisal
John H. Kareken
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Fall 1981 (Vol. 5 No. 3)

Some Unpleasant Monetarist Arithmetic
Neil Wallace and Thomas J. Sargent
Published In: The foundations of monetary economics (Vol. 3, 1999, pp. 321-337)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 103-129)
Published In: The theory of inflation (1994, pp. 291-307)
Published In: The new classical macroeconomics (Vol. 1, 1992, pp. 324-340)
Published In: Monetarism in the United Kingdom (1984, pp. 15-41)
Published In: Fiscal and monetary policy (Vol. 1, 1995, pp. 285-301)
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District Conditions

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Spring-Summer 1981 (Vol. 5 No. 2)

Econometric Policy Evaluation Under Rational Expectations
Charles H. Whiteman and Thomas H. Turner
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Deregulating Commercial Banks: The Watchword Should Be Caution
John H. Kareken
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District Conditions

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Winter 1980 (Vol. 4 No. 1)

Estimating the Effects of the Oil-Price Shock
Preston J. Miller, Thomas H. Turner, and Thomas M. Supel
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The U.S. Economy in 1980: Shockwaves From 1979
Preston J. Miller, Thomas H. Turner, and Thomas M. Supel
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District Conditions

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Fall 1980 (Vol. 4 No. 4)

Integrating Micro and Macroeconomics: An Application to Credit Controls
Neil Wallace
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A New Approach to Monetary Control
E. Gerald Corrigan
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District Conditions

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Supply-Side Tax Cuts: Will They Reduce Inflation?
Thomas M. Supel
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Summer 1980 (Vol. 4 No. 3)

What’s Wrong With Macroeconomics

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The Search for a Stable Money Demand Equation
James N. Duprey
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Rational Expectations and the Reconstruction of Macroeconomics
Thomas J. Sargent
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 31-39)
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District Conditions

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Deficit Policies, Deficit Fallacies
Preston J. Miller
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Spring 1980 (Vol. 4 No. 2)

District Conditions

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The Future of Monetary Policy: The Rational Expectations Perspective
Mark H. Willes
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A Case for Branch Banking in Montana
Arthur J. Rolnick and Stanley L. Graham
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Winter 1979 (Vol. 3 No. 1)

Last Fall's Policy Changes: A Sound Program for Reducing Inflation
Thomas M. Supel
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A Case for Variable Rate Mortgages
John P. Danforth
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District Conditions

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Fall 1979 (Vol. 3 No. 4)

Is the Fed's Seasonal Borrowing Privilege Justified?
Stanley L. Graham
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Why Markets in Foreign Exchange Are Different From Other Markets
Neil Wallace
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 197-208)
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District Conditions

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Summer 1979 (Vol. 3 No. 3)

District Conditions

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Estimating Vector Autoregressions Using Methods Not Based on Explicit Economic Theories
Thomas J. Sargent
Published In: Time series models, causality and exogeneity (1997, pp. 272-279)
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A Way to Improve Economic Forecasting

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Help for the Regional Economic Forecaster: Vector Autoregression
Paul A. Anderson
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Spring 1979 (Vol. 3 No. 2)

District Conditions

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After Keynesian Macroeconomics
Robert E. Lucas, Jr. and Thomas J. Sargent
Published In: A macroeconomics reader (1997, pp. 270-294)
Published In: The rational expectations revolution: Readings from the front line (1994, pp. 5-30)
Published In: Current readings on money, banking, and financial markets (1987, pp. 252-267)
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A Cloudy Future for Minnesota's Businesses
David S. Dahl
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Winter 1978 (Vol. 2 No. 1)

The U.S. Economy in 1977 and 1978
Thomas M. Supel
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Inflation: An Extreme View
John H. Kareken
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The Regional Economy in 1977 and 1978
David S. Dahl
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Fall 1978 (Vol. 2 No. 4)

District Conditions

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Are Interest Rates Too High?
Mark H. Willes
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Rational Expectations: How Important for Econometric Policy Analysis?
Paul A. Anderson
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Summer 1978 (Vol. 2 No. 3)

Does the sinking U.S. dollar mean the float isn't working?

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District Conditions

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International Monetary Reform: The Feasible Alternatives
Neil Wallace and John H. Kareken
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Spring 1978 (Vol. 2 No. 2)

A New Investigation of the Impact of Wage and Price Controls
Charles H. Whiteman
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District Conditions

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Should we fight inflation with wage and price controls?

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TIP: The Wrong Way to Fight Inflation
Preston J. Miller
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Fall 1977 (Vol. 1 No. 2)

Looking for Evidence of Noncompetitive Behavior in Minnesota's Banking Industry
Arthur J. Rolnick, David S. Dahl, and Stanley L. Graham
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District Conditions

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Summer 1977 (Vol. 1 No. 1)

The Right Way to Price Federal Reserve Services
Preston J. Miller
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Bank Regulation: Strengthening Friedman's Case for Reform
Arthur J. Rolnick
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District Conditions

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Questioning Federal Reserve Policies

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Why the Fed Should Consider Holding M0 Constant
Neil Wallace
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