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Journal Article
Regional wage divergence and national wage inequality
Phillips, Keith R. (1992-10)
Throughout much of the 1980s, wage inequality increased in the United States. Previous research has found that a rise in earnings by educational level and increased wage dispersion across occupations were important factors in the rise in wage inequality. Researchers, however, have noted that much of the rise in wage inequality was left unexplained by the demographic and industry factors that they examined. In this study, Keith R. Phillips extends the analysis by examining the impact on wage inequality of a divergence in regional wages that occurred during the 1980s. ; The author finds that ...
Economic and Financial Policy Review , Issue Q IV , Pages 31-44

Journal Article
Velocities of M1 and the monetary base: a correction of standard formulas
Osborne, Dale K. (1986-01)
Economic and Financial Policy Review , Issue Jan , Pages 10-24

Journal Article
Problem loans and the profitability of eleventh district commercial banks
Clair, Robert T.; Gunther, Jeffery W. (1987-11)
Economic and Financial Policy Review , Issue Nov , Pages 15-27

Journal Article
Banking and currency crisis recovery: Brazil's turnaround of 1999
Gruben, William C.; Welch, John H. (2001-10)
Of the many countries that suffered exchange rate crises in the 1990s, Brazil and Korea recovered most rapidly. This article analyzes the Brazilian recovery. William Gruben and John Welch focus on the freedom that Brazilian bank health gave to the central bank to pursue a postcrisis monetary policy that would settle markets, reestablish price stability, and encourage investment and the return of foreign capital. Brazilian bank health was not an accident; it reflected not only bank responses to precrisis changes in government regulations, but also to large precrisis interest rate increases ...
Economic and Financial Policy Review , Issue Q IV , Pages 12-23

Journal Article
The Texas construction sector: the tail that wagged the dog
Phillips, Keith R.; Yücel, Mine K.; Petersen, D'Ann M. (1994-04)
The boom-to-bust days of the Texas construction industry will linger in people's memory for many years. D'Ann Petersen, Keith Phillips, and Mine Yucel examine the factors that led to the rise and fall of the Texas construction industry and determine the role the industry played in the state's volatile economy during the 1970s and 1980s. ; Petersen, Phillips, and Yucel employ an econometric model to analyze the roles residential and nonresidential construction played in the state's economic fluctuations from 1976 through 1990. The authors find that, although large swings in oil prices were the ...
Economic and Financial Policy Review , Issue Q II , Pages 23-33

Journal Article
Policy priorities and the Mexican exchange rate crisis
Gruben, William C. (1996-01)
Mexico's December 1994 devaluation and subsequent financial crisis came as a surprise even to some analysts who focus on Latin American financial markets. This article outlines the events leading up to the devaluation and discusses the tension that mounted throughout 1994 between policies to address growing banking-sector problems in Mexico, the policies designed to preserve the nation's exchange rate regime, and the pressures induced by rising U.S. interest rates. The article concludes that-while each difficulty impeded the resolution of the other-the explosive nature of the ensuing crisis ...
Economic and Financial Policy Review , Issue Q I , Pages 19-29

Journal Article
Alternative methods of corporate control in commercial banks
Prowse, Stephen D. (1995-07)
In this article, Stephen Prowse investigates how owners of commercial banks encourage management to follow value-maximizing policies. While the "corporate control mechanism" in nonfinancial firms is well documented, for the banking industry much less evidence is available. Moreover, unique factors in the operating environment of commercial banks may mean that their corporate control mechanism operates differently from that of nonfinancial firms. ; Prowse analyzes a sample of bank holding companies (BHCs) from 1987 to 1992 to determine how many underwent a change in corporate control by ...
Economic and Financial Policy Review , Issue Q III , Pages 24-36

Journal Article
Government debt and the stock market
Cox, W. Michael (1986-09)
Economic and Financial Policy Review , Issue Sep , Pages 1-9

Journal Article
The transition to consumption taxation, part 1: the impact on existing capital
Viard, Alan D. (2000-07)
Alan Viard reviews the transitional impact on existing capital from replacing the income tax with a consumption tax. This replacement generally reduces the real value of existing capital because it does not receive the tax relief given to new investment. If the income and consumption taxes had stylized forms and capital were produced without adjustment costs, the proportional decline would equal the consumption tax rate--a 25 percent tax would uniformly reduce the value of existing capital by 25 percent. Under more realistic assumptions, however, the actual decline is likely to be smaller ...
Economic and Financial Policy Review , Issue Q3 , Pages 2-22

Journal Article
Monetary policy and recent business-cycle experience
Haslag, Joseph H.; Hein, Scott E.; Hafer, Rik (1994-07)
Some critics of recent monetary policy have focused on slow M2 growth, claiming that the Federal Reserve is too interested in price stability and is forsaking its growth mandate. Others criticize the Fed for achieving price stability too cautiously and urge the adoption of a rule that seeks to eliminate inflation more quickly. ; R. W. Hafer, Joseph Haslag and Scott Hein examine two alternative monetary policies and gauge their expected impacts on economic activity. Both policies are simulated over the period 198792. One policy, a GNP-targeting rule similar to one proposed by Bennett McCallum, ...
Economic and Financial Policy Review , Issue Q III , Pages 14-28

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