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Journal Article
Reduced defense purchasing: anticipating the impact on state and industry employment
Taylor, Lori L. (1990-11)
Despite Iraq's invasion of Kuwait, budgetary pressures in the United States make significant cuts in defense purchasing seem inevitable. Lori L. Taylor analyzes the employment consequences of cutting billions of dollars in defense purchasing. She finds that while certain industries and areas would experience some economic difficulties, job losses would be negligible nationwide. ; Taylor estimates the near-term and long-term effects of a 10-percent cut in real defense purchasing. Using input-output analysis, she determines which industries are defense dependent and identifies the impact on ...
Economic and Financial Policy Review , Issue Nov , Pages 17-27

Journal Article
EMU at 1
Wynne, Mark A. (2000-01)
Economic and monetary union (EMU) among eleven of the fifteen members of the European Union began on January 1, 1999. The national currencies of the eleven were abolished and replaced with a new single currency, the euro. Responsibility for monetary policy shifted from the national central banks to the European Central Bank. Many commentators in the United States thought EMU would never come about or, if it did, that it would not last long. In this article Mark Wynne reviews EMU's first year. He looks at how the economy of the euro area has fared under the single monetary policy, ...
Economic and Financial Policy Review , Issue Q1 , Pages 14-28

Journal Article
The long (and short) on taxation and expenditure policies
Becsi, Zsolt (1993-09)
Much of the 1992 presidential campaign focused on which fiscal policies would best promote economic growth. In this article, Zsolt Becsi develops an analytical and graphical framework to evaluate the long- and short-run effects of a variety of taxation and expenditure policies. ; Becsi shows that many tax schemes in their macro-economic effects are essentially taxes on labor or capital or both. While taxes on labor and capital both tend to depress private consumption and output in the long run, Becsi shows that a revenue-neutral reduction of capital taxes and increase in labor taxes are ...
Economic and Financial Policy Review , Issue Sep , Pages 51-64

Journal Article
Do interest rates help predict inflation?
Emery, Kenneth M.; Koenig, Evan F. (1992-10)
Accurate forecasts of inflation are important to policymakers and to individuals who must make decisions on the basis of expectations about the future purchasing power of the dollar. ; Recent research on forecasting inflation has shown that interest rates, by themselves, may provide useful information about future inflation. In this article, Kenneth M. Emery and Evan F. Koenig investigate whether interest rates contain information about future inflation beyond that found in traditional inflation-forecasting models. In other words, does adding interest rates to traditional inflation models ...
Economic and Financial Policy Review , Issue Q IV , Pages 1-17

Journal Article
The Texas index of leading economic indicators: a revision and further evaluation
Phillips, Keith R. (1990-07)
In this article, Keith R. Phillips revises the Texas index of leading economic indicators that he introduced two years ago. He does so in response to recent structural changes in the state economy and the availability of new data. The Federal Reserve Bank of Dallas has produced the Texas leading index monthly since July 1988. ; Using a newly developed technique for evaluating leading indexes, Phillips finds that the revised Texas leading index has performed well in predicting movements in the Texas economy since 1981. He also finds that monthly revisions in the leading index are generally ...
Economic and Financial Policy Review , Issue Jul , Pages 17-25

Journal Article
Banks venture into new territory
Robinson, Kenneth J. (2002)
Financial modernization legislation passed in 1999 allows banking organizations to directly invest in any type of company. This merchant banking authority gives banks greater opportunities to provide venture capital to start-up companies and later-stage equity financing to more mature firms. Kenneth Robinson examines how banks have pursued their new merchant banking powers. Robinson finds evidence that organizations that engage in merchant banking tend to be larger than those that do not. His findings are also consistent with the hypothesis that banks may be attempting to lower their average ...
Economic and Financial Policy Review

Journal Article
Seigniorage revenue and monetary policy: some preliminary evidence
Haslag, Joseph H. (1998-07)
Producing new money is inexpensive, making seigniorage--the revenues earned from creating new money--attractive. However, the social costs of faster money creation most likely are greater than the production costs. These marginal social costs may put limits on how much real seigniorage revenue the government can earn. In this article, Joseph Haslag looks across countries to assess the typical reliance on seigniorage revenue. In addition, Haslag determines whether countries with combinations of high rates of money growth and high reserve requirements tend to rely especially heavily on ...
Economic and Financial Policy Review , Issue Q III , Pages 10-20

Journal Article
The performance of black-owned banks in their primary market areas
Clair, Robert T. (1988-11)
Economic and Financial Policy Review , Issue Nov , Pages 11-20

Journal Article
The economic impact of bank structure: a review of recent literature
Guzman, Mark G. (2000-04)
The recent passage of the Financial Services Modernization Act, along with numerous bank mergers over the past few years, has focused attention on the banking system in general and on the sector's industrial organization in particular. Because of this, economists have recently begun developing theoretical models to more fully understand the economic impact of the industry's market structure. Mark Guzman reviews some of this research and draws two conclusions. First, a banking monopoly may benefit certain aspects of the economy. In particular, a monopoly bank can help overcome some of the ...
Economic and Financial Policy Review , Issue Q2 , Pages 11-25

Journal Article
Money and inflation in a deregulated financial environment
Rosenblum, Harvey; Cox, W. Michael (1989-05)
Economic and Financial Policy Review , Issue May , Pages 1-19

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