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Articles
Henning Bohn, "Fiscal Policy and the Mehra-Prescott Puzzle: On Welfare Implications of Budget Deficits When Real Interest Rates Are Low," pp. 1-13
Mark J. Flannery and Joel F. Houston, "The Value of a Government Monitor for U.S. Banking Firms" [zip] pp. 14-34 (For more information see the read me file for this file archive.)
Christopher Hanes, "Degrees of Processing and Changes in the Cyclical Behavior of Prices in the United States" [zip]" pp. 35-53 (For more information see the read me file for this file archive.)
Rasmus Fatum and Michael Hutchison, "Is Intervention a Signal of Future Monetary Policy?: Evidence from the Federal Funds Futures Market" [zip] pp. 54-69 (For more information see the read me file for this file archive.)
Pierre-Richard Agénor and Paul R. Masson, "Credibility, Reputation, and the Mexican Peso Crisis" [zip] pp. 70-84 (For more information see the read me file for this file archive.)
Charles L. Weise, "The Asymmetric Effects of Monetary Policy: A Nonlinear Vector Autoregression Approach" [zip] pp. 85-108 (there is no read me file for this file archive)
Lawrence H. White, "Hayek's Monetary Theory and Policy: A Critical Reconstruction," pp. 109-120
Gail E. Makinen and G. Thomas Woodward, "Use of Interest-Bearing Currency in the Civil War: The Experience Below the Mason-Dixon Line," pp. 121-129
Money, Credit, and Banking Lecture
Thomas J. Sargent and François R. Velde, "The Big Problem of Small Change," pp. 137-161
Articles
Neil Bruce and Stephen J. Turnovsky, "Budget, Balance, Welfare, and the Growth Rate: Dynamic Scoring of the Long-run Government Balance," pp. 162-186
Jonas D.M. Fisher, "Credit Market Imperfections and the Heterogeneous Response of Firms to Monetary Shocks" [zip] pp. 187-211 (For more information see the read me file for this file archive.)
David C. Wheelock and Paul W. Wilson, "Technical Progress, Inefficiency, and Productivity Change inU.S. Banking, 1984-1993," pp. 212-234
Richard C.K. Burdekin and Pierre L. Siklos, "Exchange Rate Regimes and Shifts in Inflation Persistence: Does Nothing Else Matter?" [zip] pp. 235-247 (For more information see the read me file for this file archive.)
David Bates and Roger Craine, "Valuing the Futures Market Clearinghouse's Default Exposure during the 1987 Crash" [zip] pp. 248-272 (For more information see the read me file for this file archive.)
Notes, Comments, Replies
William A. Bomberger, "Disagreement and Uncertainty: A Reply to Rich and Butler," pp. 273-276
Articles
Lars E.O. Svensson, "Price-Level Targeting versus Inflation Targeting: A Free Lunch," pp. 277-295
Bennett T. McCallum and Edward Nelson, "An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis," pp. 296-316
Chang-Jin Kim and Charles R. Nelson, "Friedman's Plucking Model of Business Fluctuations: Tests and Estimates of Permanent and Transitory Components" [zip] pp. 317-334 (there is no read me file for this file archive)
Charles Engel and Chang-Jin Kim, "The Long-Run U.S./U.K. Real Exchange Rate" [zip] pp. 335-356 (For more information see the read me file for this file archive.)
Katherine S. Neiss, "Discretionary Inflation in a General Equilibrium Model," pp. 357-374
Carlos Felipe Jaramillo, "Inflation and Relative Price Variability: Reinstating Parks' Results" [zip] pp. 375-385 (For more information see the read me file for this file archive.)
Woon Gyu Choi, "Asymmetric Monetary Effects on Interest Rates across Monetary Policy Stances" [zip] pp. 386-416 (there is no read me file for this file archive)
Khalifa H. Ghali, "Wage Growth and the Inflation Process: A Multivariate Cointegration Analysis" [zip] pp. 417-431 (there is no read me file for this file archive)
August 1999
The Role of Central Banks in Money and Payments Systems A Conference Sponsored by the Federal Reserve Bank of Cleveland, October 28-30, 1998
David E. Altig, Special Issue Editor
Mark Sniderman, Preface, pp.433-434
David E. Altig, Introduction, pp. 435-442
Ricardo de 0. Cavalcanti and Neil Wallace, "Inside and Outside Money as Alternative Media of Exchange," pp. 443-457
Comment by Ben Craig, pp. 458-460
Comment by Randall Wright, pp. 461-468
Stephen D. Williamson, "Private Money," pp. 469-491
Comment by Roberto Chang, pp. 492-497
Comment by V. V. Chari, pp. 498-499
Charles M. Kahn and William Roberds, "Demandable Debt as a Means of Payment: Banknotes versus Checks," pp. 500-525
Comment by James McAndrews, pp. 526-527
Comment by Elisabeth Huybens, pp. 528-530
Roger Lagunoff and Stacey L. Schreft, "Financial Fragility with Rational and Irrational Exuberance," pp. 531-560
Comment by Narayana Kocherlakota, pp. 561-562
Comment by John Weinberg, pp. 563-567
Bruce Champ, Scott Freeman, and Warren E. Weber, "Redemption Costs and Interest Rates under the U .S. National Banking System," pp. 658-589
Randall Kroszner, "Can the Financial Markets Privately Regulate Risk? The Development of Derivatives Clearinghouses and Recent Over-the-Counter Innovations," pp.596-619
Comment by Michael D. Bordo, pp. 619-621
Comment by John H. Boyd, pp.622-623
Bruce D. Smith and Warren E. Weber, "Private Money Creation and the Suffolk Banking System," pp. 624-659
Comment by Costas Azariadis, pp. 660-662
Comment by Gary Gorton, pp. 663-667
Panel Discussion: Thoughts on the Future of Payments and Central Banking
Edward J. Green, "We Need to Think Straight about Electronic Payments," pp. 668-670
James J. McAndrews, "Arrangements for Access to Payment Credit," pp. 671-673
Arthur J. Rolnick, "Maintaining a Uniform (Electronic) Currency," pp. 674-678
James B. Thompson, "The Role of Central Banks in Money and Payments Systems," pp. 677-681
Articles
Shantanu Dutta, Mark Bergen, Daniel Levy, and Robert Venable, "Menu Costs, Posted Prices, and Multiproduct Retailers," pp. 683-703
Ngee-Choon Chia and John Whalley, "The Tax Treatment of Financial Intermediation" [zip] pp. 704-719 (there is no read me file for this file archive)
Fwu-Ranq Chang, "Homogeneity and the Transactions Demand for Money," pp. 720-730
Owen F. Humpage, "U.S. Intervention: Assessing the Probability of Success" [zip] pp. 731-747 (there is no read me file for this file archive)
Kam Hon Chu, "Free Banking and Information Asymmetry" [zip] pp. 748-762 (For more information see the read me file for this file archive.)
James Peery Cover, "The Role of Seasonal Interest Rate Fluctuations in a Classical Model." pp. 763-784
Edward F. Buffie, "Public Sector Wage Cycles and the Co-movement of the Fiscal Deficit and Inflation in Less-developed Countries," pp. 785-810
Donald H. Dutkowsky, "Taxation and Monetary Aggregation," pp. 811-817