Volume 29 (1997)

Number 1 (February 1997)


Robert J. Hodrick and Edward C. Prescott, "Postwar U.S. Business Cycles: An Empirical Investigation" [zip] pp. 1-16 (For more information see the read me file for this file archive.)

Dieter Nautz, "How Auctions Reveal Information: A Case Study on German REPO Rates" [zip] pp. 17-25(For more information see the read me file for this file archive.)

Argia M. Sbordone, "Interpreting the Procyclical Productivity of Manufacturing Sectors: External Effects or Labor Hoarding?" pp. 26-45

Matthew B. Conzoneri, Charles Nolan, and Anthony Yates, "Mechanisms for Achieving Monetary Stability: Inflation Targeting versus the ERM," pp. 46-60

Victor E. Li, "The Efficiency of Monetary Exchange in Search Equilibrium," pp. 61-72

David B. Humphrey and Lawrence B. Pulley, "Banks' Responses to Deregulation: Profits, Technology, and Efficiency," pp. 73-93

David Chappell and Kevin Dowd, "A Simple Model of the Gold Standard" pp. 94-105

Tahir Andrabi, "Seignorage, Taxation, and Weak Government" pp. 106-126

Edwin G. West, "Adam Smith's Support for Money and Banking Regulation: A Case of Inconsistency,"pp. 127-134

Number 2 (May 1997)

Money, Credit, and Banking Lecture

Anna J. Schwartz, "From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund" pp. 135-153


René Garcia, Annamaria Lusardi, and Serena Ng, "Excess Sensitivity and Asymmetries in Consumption: An Empirical Investigation" [zip] pp. 154-176 (there is no read me file for this file archive)

Adrian R. Fleissig, "The Consumer Consumption Conundrum: An Explanation" [zip] pp. 177-192 (there is no read me file for this file archive)

Jennie E. Raymond and Robert W. Rich, "Oil and the Macroeconomy: A Markov State-Switching Approach" [zip] pp. 193-213 (For more information see the read me file for this file archive.)

Jeffrey C. Fuhrer, "Inflation/Output Variance Trade-offs and Optimal Monetary Policy," pp. 214-234

Narayana R. Kocherlakota and Kei-Mu Yi, "Is There Endogenous Long-run Growth? Evidence from the United States and the United Kingdom" [zip] pp. 235-262 (For more information see the read me file for this file archive.)

Notes, Comments, Replies

Ronald A. Ratti, "The Stabilizing Properties of a Nominal GNP Rule," pp. 263-269

George Selgin and Lawrence H. White, "The Option Clause in Scottish Banking," pp. 270-273

Number 3 (August 1997)


Tyler Cowen, "Should Central Banks Target CPI Futures?" pp. 275-285

Ben Lockwood, "State-Contingent Inflation Contracts and Unemployment Persistence," pp. 286-299

Rebecca S. Demsetz and Philip E. Strahan, "Diversification, Size, and Risk at Bank Holding Companies" [zip] pp. 300-313 (For more information see the read me file for this file archive.)

Brent W. Ambrose, Richard J. Buttimer, Jr., and Charles A. Capone, "Pricing Mortgage Default and Foreclosure Delay," pp. 314-325

Stavros Peristiani, "Do Mergers Improve the X-Efficiency and Scale Efficiency of U.S. Banks? Evidence from the 1980s," pp. 326-337

Jeffrey C. Fuhrer, "The (Un)Importance of Forward-Looking Behavior in Price Specifications," pp. 338-350

Morgan Kelly, "Do Noise Traders Influence Stock Prices?" pp. 351-363

Elias Tzavalis and Michael R. Wickens, "Explaining the Failures of the Term Spread Models of the Rational Expectations Hypothesis of the Term Structure," pp. 364-380

Prakash Loungani and Nathan Sheets, "Central Bank Independence, Inflation, and Growth in Transition Economies," pp. 381-399

Mark A. Hooker and Michael M. Knetter, "The Effects of Military Spending on Economic Activity: Evidence from State Procurement Spending" [zip] pp. 400-421 (For more information see the read me file for this file archive.)

Number 4, Part 1 (November 1997)


Niloy Bose and Richard Cothren, "Asymmetric Information and Loan Contracts in a Neoclassical Model,"pp. 423-439

Neil Gandal and Nathan Sussman, "Asymmetric Information and Commodity Money: Tickling the Tolerance in Medieval France," pp. 440-457

Douglas Fisher and Adrian R. Fleissig, "Monetary Aggregation and the Demand for Assets" [zip] pp. 458-475 (For more information see the read me file for this file archive.)

Berthold Herrendorf and Ben Lockwood, "Rogoff's 'Conservative' Central Banker Restored," pp. 476-495

Andrew Caplin, Charles Freeman, and Joseph Tracy, "Collateral Damage: Refinancing Constraints and Regional Recessions," pp. 496-516

Richard L. Shockley and Anjan V. Thakor, "Bank Loan Commitment Contracts: Data, Theory, and Tests," pp. 517-534

Notes, Comments, Replies

Roger W. Garrison and Lawrence H. White, "Can Monetary Stabilization Policy Be Improved by CPI Futures Targeting?" pp. 535-541

Scott Sumner, "A Reply to Garrison and White," pp. 542-545

Adrian E. Tschoegl, "The Optimal Denomination of Currency: A Conjecture" [zip] pp. 546-554 (For more information see the read me file for this file archive.)


Jennie E. Raymond and Robert W. Rich, "Oil and the Macroeconomy: Erratum," p. 555

Number 4, Part 2 (November 1997 -- Dynamic Effects of Monetary Policy conference at the Federal Reserve Bank of Cleveland, Cleveland, OH)

Dynamic Effects of Monetary Policy A Conference Sponsored by the Federal Reserve Bank of Cleveland, November 6-8, 1996

Jerry Jordan, "Preface," pp. iii-iv

David E. Altig, "Introduction," pp. 561-567

Roger E. A. Farmer, "Money in a Real Business Cycle Model," pp. 568-611 

Comment by Sergio Rebelo, pp. 612-615

Comment by Michael B. Devereux, pp. 616-623

Thomas F. Cooley and Gary D. Hansen, "Unanticipated Money Growth and the Business Cycle Reconsidered," pp. 624-648 

Comment by Ben S. Bernanke, pp. 649-652

Ben S. Bernanke and Michael Woodford, "Inflation Forecasts and Monetary Policy," pp. 653-684 

Comment by V. V. Chari, pp. 685-686

Casey B. Mulligan and Xavier X. Sala-i-Martin, "The Optimum Quantity of Money: Theory and Evidence," pp. 687-715 

Comment by Frederic S. Mishkin, pp. 716-719 

Comment by Jonas D. M. Fisher, pp. 719-724

Benjamin Bental and Zvi Eckstein, "On the Fit of a Neoclassical Monetary Model in High Inflation: Israel 1972-1990," pp. 725-752 

Comment by Mark W. Watson, pp. 753-755 

Comment by Timothy S. Fuerst, pp. 755-758

Peter N. Ireland, "Stopping Inflations, Big and Small," pp. 759-775 

Comment by Thomas Sargent, pp. 776-777 

Comment by Olivier Jean Blanchard, pp. 778-782

Lee E. Ohanian and Alan C. Stockman, "Short-Run Independence of Monetary Policy under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates," pp. 783-806 

Comment by Enrique G. Mendoza, pp. 807-810 

Comment by Paul Beaudry, pp. 811-814