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Quarterly Reviews

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September 2019 (Vol. 39 No. 1)

October 2017 (Vol. 38 No. 1)

April 2016 (Vol. 37 No. 1)

March 2014 (Vol. 36 No. 1)

October 2012 (Vol. 35 No. 2)

February 2012 (Vol. 35 No. 1)

March 2011 (Vol. 34 No. 1)

July 2010 (Vol. 33 No. 1)

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

Back to the Future with Keynes
Lee E. Ohanian
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November 2007 (Vol. 31 No. 1)

On the Needed Quantity of Government Debt
Edward C. Prescott and Kathryn Birkeland
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September 2006 (Vol. 30 No. 1)

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)

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)

The Evolution of U.S. Earnings Inequality: 1961–2002
Zvi Eckstein and Éva Nagypál
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July 2004 (Vol. 28 No. 1)

Why Do Americans Work So Much More Than Europeans?
Edward C. Prescott
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Winter 2003 (Vol. 27 No. 1)

Sticky Prices and Monetary Policy Shocks
Mark Bils, Oleksiy Kryvtsov, and Peter J. Klenow
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Summer 2003 (Vol. 27 No. 3)

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)

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)

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)

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)
PDF Version

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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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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Summer 2002 (Vol. 26 No. 3)

Spring 2002 (Vol. 26 No. 2)

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)

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)

Money and Interest Rates
Warren E. Weber and Cyril Monnet
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Summer 2001 (Vol. 25 No. 3)

Looking for Evidence of Time-Inconsistent Preferences in Asset Market Data
Narayana Kocherlakota
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Spring 2001 (Vol. 25 No. 2)

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)

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)

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)

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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Winter 1999 (Vol. 23 No. 1)

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)

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)

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)

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)

A Dictum for Monetary Theory
Neil Wallace
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Fall 1998 (Vol. 22 No. 4)

Revisionist History: How Data Revisions Distort Economic Policy Research
David E. Runkle
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Summer 1998 (Vol. 22 No. 3)

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)

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)

Absence-of-Double-Coincidence Models of Money: A Progress Report
Neil Wallace
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Fall 1997 (Vol. 21 No. 4)

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)

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)

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)

Narrow Banking Meets the Diamond-Dybvig Model
Neil Wallace
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Fall 1996 (Vol. 20 No. 4)

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)

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)

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)

A Fine Time for Monetary Policy?
David E. Runkle and John F. Geweke
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Fall 1995 (Vol. 19 No. 4)

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)

Some Monetary Facts
Warren E. Weber and George T. McCandless Jr.
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Spring 1995 (Vol. 19 No. 2)

A New Idea for Welfare Reform
Michael P. Keane
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Winter 1994 (Vol. 18 No. 1)

On the Contribution of Technology Shocks to Business Cycles
S. Rao Aiyagari
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Fall 1994 (Vol. 18 No. 4)

A Progress Report on Business Cycle Models
Ellen R. McGrattan
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Summer 1994 (Vol. 18 No. 3)

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)

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)

On the Emergence of Parliamentary Government: The Role of Private Information
Edward J. Green
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Fall 1993 (Vol. 17 No. 4)

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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Spring 1993 (Vol. 17 No. 2)

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)

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)

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)

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)

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)

In This Issue
Preston J. Miller

Fall 1991 (Vol. 15 No. 4)

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)

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)

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)

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)

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)

In This Issue
Preston J. Miller

Deflating the Case for Zero Inflation
S. Rao Aiyagari
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Spring 1990 (Vol. 14 No. 2)

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)

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)

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)

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)

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)

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)

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)

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)

In This Issue
Preston J. Miller

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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Winter 1987 (Vol. 11 No. 1)

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)

In This Issue
Preston J. Miller

Summer 1987 (Vol. 11 No. 3)

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)

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)

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)

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)

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)

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)

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
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Fall 1985 (Vol. 9 No. 4)

In This Issue

Taking Stock of the Farm Credit System: Riskier for Farm Borrowers
Richard M. Todd
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Summer 1985 (Vol. 9 No. 3)

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)

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)

Money and Inflation in Colonial Massachusetts
Bruce D. Smith
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Fall 1984 (Vol. 8 No. 4)

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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In This Issue

Summer 1984 (Vol. 8 No. 3)

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)

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)

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)

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)

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)

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)

Eximbank Lending: A Federal Program That Costs Too Much
John H. Boyd
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District Conditions

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Fall 1982 (Vol. 6 No. 3)

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)

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)

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)

District Conditions

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

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

District Conditions

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Summer 1977 (Vol. 1 No. 1)

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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