Volume 36 (2004)

Number 1 (February 2004)


Jess Benhabib, "Interest Rate Policy in Continuous Time with Discrete Delays," pp. 1-16

Michael C. Davis and James D. Hamilton, "Why Are Prices Sticky? The Dynamics of Wholesale Gasoline Prices" [zip] pp. 17-38 (For more information see the read me file for this file archive.)

Nicholas S. Souleles, "Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys," pp. 39-72

Yongseung Jung, "Catching Up with the Joneses in a Sticky Price Model," pp. 73-94

James Bullard and Christopher J. Waller, "Central Bank Design in General Equilibrium," pp.95-114

Graeme Guthrie and Julian Wright, "The Optimal Design of Interactive Interest Rate Target Changes" [zip] pp. 115-138(For more information see the read me file for this file archive.)

Carl R. Gwin and Beck A. Taylor, "The Role of Search Costs in Determining the Relationship between Inflation and Profit Margins" [zip] pp. 139-149 (For more information see the read me file for this file archive.)


Number 2 (April 2004)


Athanasios Orphanides, "Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches," pp. 151-176

Torben M. Andersen and Eric Toulemonde, "Adapting Prices or Quantities in the Presence of Adjustment Costs?" pp. 177-196

Linda Allen, Julapa Jagtiani, Stavros Peristiani, and Anthony Sounders, "The Role of Bank Advisors in Mergers and Acquisitions," pp. 197-224

Emilia Bonaccorsi di Patti and Giovanni Dell'Ariccia, "Bank Competition and Firm Creation" [zip] pp. 225-252 (For more information see the read me file for this file archive.)

Julie K. Smith, "Weighted Median Inflation: Is This Core Inflation?" [zip] pp. 253-264 (For more information see the read me file for this file archive.)

Shorter Papers, Discussions, and Letters

"Oil Shocks and Aggregate Macroeconomic Behavior The Role of Monetary Policy,"

Comment by James D. Hamilton and Ana Maria Herrera pp. 265-286

Reply by Ben S. Bemanke, Mark Center, and Mark W. Watson pp. 287-291


Number 3, Part 1 (June 2004)


Edward Nelson and Kalin Nikolov, "Monetary Policy and Stagflation in the UK" pp.293-318 (there is no read me file for this file archive)

Sharon Kozicki and Barak Hoffman, "Rounding Error: A Distorting Influence on Index Data," pp. 319-338

Chang-Jin Kim, James C. Morley, and Charles R. Nelson, "Is There a Positive Relationship between Stock Market Volatility and the Equity Premium?" [zip] pp. 339-360 (For more information see the read me file for this file archive.)

Eric Schaling, "The Nonlinear Phillips Curve and Inflation Forecast Targeting: Symmetric Versus Asymmetric Monetary Policy Rules," pp. 361-386

Selva Demiralp and Oscar Jorda, "The Response of Term Rates to Fed Announcements" [zip] pp. 387-407(For more information see the read me file for this file archive.)

Henry W. Chappell Jr., Rob Roy McGregor, and Todd Vermilyea, "Majority Rule, Consensus Building, and the Power of the Chairman: Arthur Bums and the FOMC" [zip] pp. 407-422 (For more information see the read me file [doc] for this file archive.)

Shorter Papers, Discussions, and Letters

David H. Papell and Ruxandra Prodan, "The Uncertain Unit Root in U.S. Real GDP: Evidence with Restricted and Unrestricted Structural Change," pp. 423-428

Christian J. Murray and Charles R. Nelson, "The Great Depression and Output Persistence: A Reply toPapell and Prodan," pp. 429


Number 3, Part 2 (June 2004)

Bank Concentration and Competition: An Evolution in the Making, A Conference Sponsored by the Federal Reserve Bank of Cleveland May 21-23, 2003

Joseph G. Haubrich, Special Issue Editor


Allen N. Berger, Asli Demirgiif-Kunt, Ross Levine, and Joseph G. Haubrich, "Introduction: Bank Concentration and Competition: An Evolution in the Making,\ pp. 433-453

Franklin Allen and Douglas Gale, "Competition and Financial Stability," pp. 453-481

Comment by Charles M. Kahn, pp. 481-486

John H. Boyd, Gianni De Nicolo, and Bruce D. Smith, "Crises in Competitive versus Monopolistic Banking Systems," pp. 487-506

Comment by Anjan V. Thakor, pp. 507-510

Maria Soledad Martinez Peria and Ashoka Mody, "How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America," pp. 511-538

Comment by Stephen Haber, pp. 539-542

Nicola Cetorelli, "Real Effects of Bank Competition," pp. 543-558

Comment by Richard J. Rosen, pp. 559-562

Stijn Claessens and Luc Laeven, "What Drives Bank Competition? Some International Evidence," pp. 563-584

Comment by Sherrill Shaffer, pp. 585-592

Asli Demirgiif-Kunt, Luc Laeven, and Ross Levine, "Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation," pp. 593-622

Comment by Philip E. Strahan, pp. 623


Number 4 (August 2004)

Conference Commemorating the 35th Anniversary of the Publication of James Tobin's Paper "A General Equilibrium Approach to Monetary Theory" November 14 and 15, 2003

Kenneth D. West, Special Issue Editor


Editor's Introduction Kenneth D. West 655

Robert M. Solow, "Introduction: The Tobin Approach to Monetary Economics", PP. 657-664

Javier Andres, J. David Lopez-Salido, and Edward Nelson, "Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium, " pp. 665-690

Luca Benati, "Evolving Post-World War II U.K. Economic Performance" pp. 691-718

Michael Ehrmann and Marcel Fratzscher, "Taking Stock: Monetary Policy Transmission to Equity Markets," pp. 719-738

Jordi Gali, J. David Lopez-Salido, and Javier Voiles, "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," pp. 739-764

Daniel Levy and Andrew T. Young, "'The Real Thing': Nominal Price Rigidity of the Nickel Coke, 1886-1959," pp. 765-800

Antonio Moreno, "Reaching Inflation Stability," pp. 801-825


Number 5 (October 2004)


Matthew T. Billett and Jon A. Garfinkel, "Financial Flexibility and the Cost of External Finance for U.S. Bank Holding Companies," pp. 827-852

Kevin J. Stiroh,"Diversification in Banking: Is Noninterest Income the Answer?" [zip] pp. 853-882 (For more information see the read me file for this file archive.)

Stephen J. Turnovsky, "The Transitional Dynamics of Fiscal policy: Long-Run Capital Accumulation and Growth," pp. 883-910

John Elder, "Another Perspective on the Effects of Inflation Uncertainty" [zip] pp. 911-928 (For more information see the read me file for this file archive.)

Margaret Z. Clarke, "Geographic Deregulation of Banking and Economic Growth" [zip] pp. 929-942 (For more information see the read me file for this file archive.)

Robert M. Adams, Paul W. Bauer, and Robin C. Sickles, "Scale Economies, Scope Economies, and Technical Change in Federal Reserve Payment Processing," pp. 943-958

Shorter Papers, Discussions, and Letters

Valerie A. Ramey and Daniel J. Vine, "Why Do Real and Nominal Inventory-Sales Ratios Have Different Trends?" pp. 959-964

Takatoshi ho and Kimie Harada, "Credit Derivatives Premium as a New Japan Premium" [zip] pp. 965-968 (For more information see the read me file for this file archive.)


Number 6 (December 2004)


Peter N. Ireland, "Money's Role in the Monetary Business Cycle," pp. 969-984

Erik Hurst and Frank Stafford, "Home Is Where the Equity Is: Mortgage Refinancing and Household Consumption," pp. 985-1014

Marco Bonomo and Carlos Carvalho, "Endogenous Time-Dependent Rules and Inflation Inertia," pp. 1015-1042

John Krainer and Jose A. Lopez, "Incorporating Equity Market Information into Supervisory Monitoring Models," pp. 1043-1068

John Goddard, Phil Molyneux, and John O.S. Wilson, "Dynamics of Growth and Profitability in Banking" [zip] pp. 1069-1090 (there is no read me file for this file archive)

Joseph P. Dejuan, John J. Seater, and Tony S. Wirjanto, "A Direct Test of the Permanent Income Hypothesis with an Application to the U.S. States," pp. 1091-1104

Shorter Papers, Discussions, and Letters

Carl E.Walsh, "Robustly Optimal Instrument Rules and Robust Control: An Equivalence Result," pp. 1105-1114

Charles T. Carlstrom and Timothy S. Fuerst, "Hyperinflationary Equilibria and Timing: A Note," pp. 1115-1120

Peter Kooreman, Riemer P. Faber, and Heleen M.J. Hofmans, "Charity Donations and the Euro Introduction: Some Quasi-Experimental Evidence on Money Illusion," pp. 1121-1124