Number 1 (February 1997)
Articles
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
Articles
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)
Articles
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)
Articles
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.)
Erratum
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