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Volume 46 (2014)

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ARTICLES

The Allocation of Aggregate Risk, Secondary Market Trades and Financial Boom-Bust Cycles, Paul Baudry and Amartya Lahiri
   
Legal Traditions and Initial Endowments in Shaping the Path of Financial Development, Daniel Oto-Peralías and Diego Romero-Ávila
 
Deep Habits in the New Keynesian Phillips Curve, Thomas A. Lubik and Wing Leong Teo
    
Labor Selection, Turnover Costs and Optimal Monetary Policy, Ester Faia, Wolfgang Lechthaler, and Christian Merkl
 
Location Decisions of Foreign Banks and Competitive Advantage, Stijn Claessens and Neeltje van Horen
 
Bank Earnings Management and Tail Risk during the Financial Crisis, Lee J. Cohen, Marcia Millon Cornett, Alan J. Marcus, and Hassan Tehranian
 
Who Anticipated the Great Depression?  Gustav Cassel versus Keynes and Hayek on the Interwar Gold Standard, Douglas A. Irwin
 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Divisia Monetary Aggregates, the Great Ratios, and Classical Money Demand Functions, Apostolos Serletis and Periklis Gogas
 
Indeterminacy and Forecastability, Ippei Fujiwara and Yasuo Hirose

ARTICLES

Editors’ Introduction, Thorsten Beck, Jakob de Haan, and Robert DeYoumg
   
Banks’ Liquidity and the Cost of Liquidity to Corporations, Vitaly M. Bord and João A.C. Santos
 
Discussion of Bord and Santos, John O.S. Wilson
    
The Home Bias and the Credit Crunch:  A Regional Perspective, Andrea F. Presbitero, Gregory F. Udell, and Alberto Zazzaro
 
Discussion of Presbitero, Udell and Zazzaro, Steven Ongena
 
Sovereign Credit Risk, Banks’ Government Support, and Bank Stock Returns around the World, Ricardo Correa, Kuan-Hui Lee, Horacio Sapriza, and Gustavo Suarez
 
Discussion of Correa, Lee, Sapriza, and Suarez, Reint Gropp
 
 
Financial Sector in Flux, Arnoud W.A. Boot
 
The Future Financial System, Stephen G. Cecchetti
 
Our Financial Structures—Are They Prepared for Financial Instability? (12-395), Eric S. Rosengren
 
Maintaining Adequate Bank Capital (12-465), Mark J. Flannery
 
Does Macro-pru Leak?  Evidence from a UK Policy Experiment, Shekhar Aiyar, Charles W. Calomiris, and Tomasz Wieladek
 
Discussion of Aiyar, Calomiris, and Wieladek, Joe Peek
 
Too Big to be Efficient?  The Impact of Implicit Subsidies on Estimates of Scale Economies for Banks, Richard Davies and Belinda Tracey
 
Discussion of Davies and Tracey, Robert DeYoung
 
Bank Bonuses and Bail-Outs, Hendrik Hakenes and Isabel Schnabel
 
Discussion of Hakenes and Schnabel, Fabio Castiglionesi
 
Foreign Banks:  Trends and Impacts, Stijn Claessens and Neeltje van Horen
 
Discussion of Clasessens and van Horen, David Marqués-Ibañez
 
Multinational Banks and the Global Financial Crisis.  Weathering the Perfect Storm?, Ralph De Haas and Iman van Lelyveld
 
Discussion of De Haas and Van Lelyveld, Hans Degryse

ARTICLES

Trend Inflation and the Nature of Structural Breaks in the New Keynesian Phillips Curve, Chang-Jin Kim, Pym Manopimoke, and Charles R. Nelson

Which Fundamentals Drive Exchange Rates?  A Cross-Sectional Perspective), Lucio Sarno and Maik Schmeling

Returns to Scale, Market Power, and the Nature of Price Rigidity in New Keynesian Models with Self-Fulfilling Expectations), Kevin X.D. Huang and Qinglai Meng

 Sovereign Default, Credit to the Private Sector and Domestic Credit Market Institutions, Guido Sandleris

Economic Policy and the Great Depression in a Small Open Economy, Jonathan Payne and Lawrence Uren

Financial Aspects of Business Cycles:  An Analysis of Balance Sheet Adjustments of U.S. Nonfinancial Enterprises Over the Twentieth Century, Robert E. Krainer

Liquidity Coinsurance and Bank Capital, Fabio Castiglionesi, Fabio Ferrozzi, Gyöngyi Lóranth, and Loriana Pelizzon

Foreign Entry into Underwriting Services:  Evidence from Japan’s “Big Bang” Deregulation, Jose A. Lopez and Mark M. Spiegel

Reason for Reserve?  Reserve Requirements and Credit, Nada Mora

 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Finance and Property Rights:  Exploring Other Directions, Niloy Bose, Antup Panini Murshid, and Chitralekha Rath

Business Cycle Implications of Internal Consumption Habit for New Keynesian Models, Takashi Kano and James M. Nason

Credit Indicators as Predictors of Economic Activity:  A Real-Time VAR Analysis, N. Kundan Kishor and Evan F. Koenig