Search Results
Journal Article
An early childhood investment with a high public return
Conference Paper
Credit availability in the Minneapolis-St. Paul Hmong community
Conference Paper
Market disciplines as a regulator of bank risk
Working Paper
Stabilization policy: a framework for analysis
Report
Explaining the demand for free bank notes
This paper explains why the risky notes of banks established during the Free Banking Era (1837?63) were demanded even when relatively safe specie (gold and silver coin) was an alternative. Free bank notes were demanded because they were priced to reflect the expected value of their backing. The empirical evidence supports this explanation. Specifically, in New York, Wisconsin, and Indiana the expected value of backing was sufficient for free bank notes to circulate at par, which they did. In Minnesota the backing for notes was very poor: they exchanged well below par, being treated as ...
Journal Article
A case for branch banking in Montana
Report
Inflation, money, and output under alternative monetary standards
Our study examines whether there is a systematic relationship between the monetary standard under which a country operates and the rate of inflation it experiences. It also explores whether there are other properties of inflation, money, and output that differ between economies operating under a commodity standard and economies operating under a fiat standard. The basis for our study is price, money, and output data for 15 countries that have operated under both types of monetary standards. For each of these countries the data cover 80 years, and for most the data cover more than 100 years. ...
Journal Article
Interview with Stanley Fischer