Volume 28 (1996)

Number 1 (February 1996)

James B. Ramsey and Philip Rothman, "Time Irreversibility and Business Cycle Asymmetry," pp. 1-21

Yakov Amihud, "Unexpected Inflation and Stock Returns Revisited -- Evidence from Israel," pp. 22-33.

William Roberds, David Runkle, and Charles H. Whiteman, "A Daily View of Yield Spreads and Short-Term Interest Rate Movements" [zip] pp. 34-53. (For more information see the read me file for this file archive)

Yangru Wu, "Are Real Exchange Rates Nonstationary? Evidence from a Panel-Data Test" [zip] pp. 54-63. (For more information see the read me file for this file archive.)

John V. Leahy and Toni M. Whited, "The Effect of Uncertainty on Investment: Some Stylized Facts," pp. 64-83.

Michael W. Klein, "Timing Is All: Elections and the Duration of U.S. Business Cycles" [zip] pp. 84-101 (For more information see the read me file for this file archive.)

William J. Crowder and Dennis L. Hoffman, "The Long-Run Relationship between Nominal Interest Rates and Inflation: The Fisher Equation Revisited," pp. 102-118

Arman Mansoorian, "On The Macroeconomic Policy Implications of Habit Persistence," pp. 119-129. 

Notes, Comments, Replies

Don Patinkin, "Indirect Convertibility and Irving Fisher's Compensated Dollar," pp. 130-131.

Myles S. Wallace and John T. Warner, "Do Excess-Holding-Period Returns Depend on the Composition of Outstanding Federal Debt?" [zip] pp. 132-139. (For more information see the read me file for this file archive.)

Number 2 (May 1996)

Money, Credit, and Banking Lecture

Edward J. Kane, "De Jure Interstate Banking: Why Only Now?" pp. 141-161


Gregory D. Hess and Athanasios Orphanides, "Taxation and Intergenerational Transfers with Family-Size Heterogeneity: Do Parents with More Children Prefer Higher Taxes?" pp. 162-177

Karlyn Mitchell and Nur M. Onvural, "Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier Flexible Functional Form," pp. 178-199

Herschel I. Grossman and Taejoon Han, "War Debt, Moral Hazard, and the Financing of the Confederacy," pp. 200-215

Donald H. Dutkowsky and Robert M. Dunsky, "Intertemporal Substitution, Money, and Aggregate Labor Supply" [zip] pp. 216-232 (For more information see the read me  file for this file archive.)

Michael B. Devereux, Allen C. Head, and Beverly J. Lapham, "Monopolistic Competition, Increasing Returns, and the Effects of Government Spending," pp. 233-254

Gary V. Engelhardt, "Consumption, Down Payments, and Liquidity Constraints" [zip] pp. 255-271 (For more information see the read me file for this file archive.)

Notes, Comments, Replies

Ross Milbourne and Glenn Otto, "Buffer-stock Money: Interpreting Short-run Dynamics Using Long-run Restrictions" [zip] pp. 272-278 (For more information see the read me file for this file archive.)

Number 3, Part 1 (August 1996)


Dean Croushore, "Ricardian Equivalence with Wage-Rate Uncertainty," pp. 279-293

Stephen J. Pilloff, "Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publically Traded Banking Institutions" [zip] pp. 294-310 (For more information see the read me file for this file archive.)

Arthur B. Kennickell, Myron L. Kwast, and Martha Starr-McCluer, "Households' Deposit Insurance Coverage: Evidence and Analysis of Potential Reforms" [zip] pp. 311-322 (For more information see the read me file for this file archive.)

David C. Parsley, "Inflation and Relative Price Variability in the Short and Long Run: New Evidence from the United States" [zip] pp. 323-341 (For more information see the read me file for this file archive.)

Jeffrey A. Clark, "Economic Cost, Scale Efficiency, and Competitve Viability in Banking" [zip] pp. 342-364 (For more information see the read me file for this file archive.)

Ryuzo Miyao, "Does a Cointegrating M2 Demand Relation Really Exist in the United States?" pp. 365-380

William A. Bomberger, "Disagreement as a Measure of Uncertainty" [zip] pp. 381-392 (there is no read me file for this file archive)

William C. Gruben and John H. Welch, "Default Risk and Dollarization in Mexico," pp. 393-401

Notes, Comments, Replies

John H. Rogers, "Convertibility Risk, Default Risk, and the Mexdollar Anomaly: A Reply to Gruben and Welch," pp. 402-405

Book Reviews

The Golden Age of the Quantity Theory, by David E. Laidler

A Market Theory of Money, by J. E. Hicks

Reviewed by Joseph Aschheim and George S. Tavlas, pp. 406-417 

Number 3, Part 2 (August 1996 -- Derivatives and Intermediation conference at Federal Reserve Bank of Cleveland, Cleveland, Ohio)

Derivatives and Intermediation

A Conference Sponsored by the Federal Reserve Bank of Cleveland November 1-3, 1995

Mark Sniderman, "Preface," pp. 419-420

Joseph G. Haubrich and James B. Thomson, "Introduction," pp. 421-425

Narasimhan Jegadeesh and George G. Pennacchi, "The Behavior of Interest Rates Implied by the Term Structure of Eurodollar Futures," pp. 426-446

Comment by Arturo Estrella, pp. 447-451

Robert R. Bliss and Peter Ritchken, "Empirical Tests of Two State-Variable Heath-Jarrow Models," pp. 452-476

Comment by Ehud I. Ronn, pp. 477-481

Elijah Brewer III, William E. Jackson III, and James T. Moser, "Alligators in the Swamp: The Impact of Derivatives on the Financial Performance of Depository Institutions," pp. 482-497

Comment by Anthony Saunders, pp. 498-501

Phil Molyneux and Nidal Shamroukh, "Diffusion of Financial Innovations: The Case of Junk Bonds and Note Issuance Facilities," pp. 502-522

Comment by Allen N. Berger, pp. 523-526

Jeffrey A. Clark and Steven B. Perfect, "The Economic Effects of Client Losses on OTC Bank Derivative Dealers: Evidence from the Capital Market," pp. 527-545

Comment by Bernadette A. Minton, pp. 546-547

Number 4, Part 1 (November 1996)


Julio J. Rotemberg and Michael Woodford, "Imperfect Competition and the Effects of Energy Price Increases on Economic Activity," pp. 549-577

Wai-Ming Ho, "Imperfect Information, Money, and Economic Growth," pp. 578-603

Yangru Wu and Hua Zhang, "Mean Reversion in Interest Rates: New Evidence from a Panel of OECD Countries" [zip] pp. 604-621 (For more information see the read me file for this file archive.)

Robert DeYoung and Daniel E. Nolle, "Foreign-Owned Banks in the United States: Earning Market Share or Buying It?" pp. 622-636

George Selgin, "Salvaging Gresham's Law: The Good, the Bad, and the Illegal," pp. 637-649

Vivek Ghosal and Prakash Loungani, "Evidence of Nominal Wage Rigidity from a Panel of U.S. Manufacturing Industries," pp. 650-668

Dongchul Cho, "An Alternative Interpretation of Conditional Convergence Results" [zip] pp. 669-681 (there is no read me file for this file archive)

Number 4, Part 2 (November 1996 -- Payment Systems Research and Public Policy: Risk, Efficiency, and Innovation conference at the Federal Reserve Board of Governors, Washington, DC)

Payment Systems Research and Public Policy Risk, Efficiency, and Innovation, A Conference Sponsored by the Board of Governors of the Federal Reserve System, December 7-8, 1995

Alan Greenspan, "Remarks on Evolving Payment System Issues," pp. 689-695

Allen Berger, Diana Hancock, and Jeffrey Marquardt, "A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System," pp. 696-732

Controlling Risks on Large-Value Transfer Systems

Jean-Charles Rochet and Jean Tirole, "Interbank Lending and Systemic Risk," pp. 733-762

Comment by Raghuram G. Rajan, pp. 763-765

Charles W. Calomiris and Charles M. Kahn, "The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System," pp. 766-797

Comment by Randall S. Kroszner, pp. 798-803

Mark Flannery, "Financial Crises, Payment System Problems, and Discount Window Lending," pp. 804-824

Comment by George G. Kaufman, pp. 825-831

Jean-Charles Rochet and Jean Tirole, "Controlling Risk in Payment Systems," pp. 832-862

Comment by Bruce J. Summers, pp. 863-869

Diana Hancock and James A. Wilcox, "Intraday Management of Bank Reserves: The Effects of Caps and Fees on Daylight Overdrafts," pp. 870-908

Comment by David B. Humphrey, pp. 909-913

Payment Instrument Choice, Portfolio Allocation, and Monetary Policy Concerns

David B. Humphrey, Lawrence B. Pulley, and Jukka M. Vesala, "Cash, Paper, and Electronic Payments: A Cross-Country Analysis," pp. 914-939

Comment by Robert B. Avery, pp. 940-941

Anthony Santomero and John Seater, "Alternative Monies and the Demand for Media of Exchange," pp. 942-960

Comment by Edward J. Kane, pp. 961-964

Panel Discussion: Recent Topics in Payment System Innovations

Mark Flannery, "Technology and Payments: Deja Vu All Over Again?" pp. 965-970

Paul M. Horvitz, "Preserving Competition in Electronic Home Banking," pp. 971-974

Martin Mayer, "The Past Is a Lousy Prologue: Payments Systems Innovations and the Fed," pp. 975-979

Edward J. Kane, "Reducing Taxpayer Exposure to Loss from Innovations in Bank Risk Management,"pp. 980-985

The Efficiency of Payment System Intermediaries

Ian Giddy, Anthony Saunders, and Ingo Walter, "Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market," pp. 986-1000

Comment by Gary Gorton, pp. 1001-1003

Paul W. Bauer and Gary D. Ferrier, "Scale Economies, Cost Efficiencies, and Technological Change in Federal Reserve Payments Processing," pp. 1004-1039

Comment by Robert DeYoung, pp. 1040-1044

Joseph P. Hughes, William Lang, Loretta J. Mester, and Choon-Geol Moon, "Efficient Banking under Interstate Branching," pp. 1045-1071

Comment by William C. Hunter, pp. 1072-1075