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Journal Article
Gresham's law or Gresham's fallacy?
Weber, Warren E.; Rolnick, Arthur J. (1986-01)
In this article, the authors argue the answer to their title depends on whether a qualifier is added to the standard version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the market). Rolnick and Weber next explain why the common qualifier to this law, which requires the mint to fix the rate of exchange at face value, does not reinstate the law. The common qualifier fails to give plausible reasons for how ...
Quarterly Review , Volume 10 , Issue Win , Pages 17-24

Journal Article
Money and the U.S. economy in the 1980s: a break from the past?
Christiano, Lawrence J. (1986-07)
Quarterly Review , Volume 10 , Issue Sum , Pages 2-13

Journal Article
The Great Depression in the United States from a neoclassical perspective
Ohanian, Lee E.; Cole, Harold L. (1999-01)
Can neoclassical theory account for the Great Depression in the United States?both the downturn in output between 1929 and 1933 and the recovery between 1934 and 1939? Yes and no. Given the large real and monetary shocks to the U.S. economy during 1929?33, neoclassical theory does predict a long, deep downturn. However, theory predicts a much different recovery from this downturn than actually occurred. Given the period?s sharp increases in total factor productivity and the money supply and the elimination of deflation and bank failures, theory predicts an extremely rapid recovery that ...
Quarterly Review , Volume 23 , Issue Win , Pages 2-24

Journal Article
Measurement with minimal theory
McGrattan, Ellen R. (2010-07)
Applied macroeconomists interested in identifying the sources of business cycle fluctuations typically have no more than 40 or 50 years of data at a quarterly frequency. With sample sizes that small, identifi cation may not be possible even with correctly specifi ed representations of the data. In this article, I investigate whether small samples are indeed a problem for some commonly used statistical representations. I compare three?a vector autoregressive moving average (VARMA), an unrestricted state space, and a restricted state space?that are all consistent with the same prototype ...
Quarterly Review , Issue July , Pages 2-13

Journal Article
Modern business cycle analysis: a guide to the Prescott-Summers debate
Manuelli, Rodolfo E. (1986-10)
Quarterly Review , Volume 10 , Issue Fall , Pages 3-8

Journal Article
Deposit insurance reform; or, deregulation is the cart, not the horse
Kareken, John H. (1990-01)
This paper, originally published in the spring 1983 Quarterly Review, explains why flat-rate deposit insurance gives financial intermediaries an incentive to take on too much risk. It also discusses the purposes of deposit insurance and some ways reforms might serve those purposes. Three possible reforms are discussed: abolishing the insurance and requiring depository institutions to either hold safe assets or mark to market, reducing the deposit ceilings for insurance, and risk-adjusting the insurance premia. ; Originally published in Quarterly Review, Spring 1983
Quarterly Review , Volume 14 , Issue Win , Pages 3-11

Journal Article
As the nation's economy goes, so goes Minnesota's
Litterman, Robert B.; Todd, Richard M. (1982-04)
Quarterly Review , Volume 6 , Issue Spr / Sum

Journal Article
Acceptability, means of payment, and media of exchange
Kiyotaki, Nobuhiro; Wright, Randall (1992-07)
This essay explains the use of fiat money, or why intrinsically useless objects are accepted as payment in transactions. People accept a particular object as a means of payment because others do: social conventions matter more than the intrinsic characteristics of the object itself. Not everything can become a fiat money, though. If an object is especially costly to hold, for example, it will not be accepted as a means of payment. This explanation of fiat money is illustrated in a simple theoretical economic model. ; This essay was originally published in The New Palgrave Dictionary of Money ...
Quarterly Review , Volume 16 , Issue Sum , Pages 18-21

Journal Article
Changes in the wealth of nations
Parente, Stephen L.; Prescott, Edward C. (1993-04)
This study systematically examines the distribution of the wealth of nations and how it has evolved over time. A nation's wealth is measured by its real per-capita gross domestic product. The study documents the following key economic development facts that a theory of economic development must be consistent with: There is a great disparity in wealth between the richest and poorest countries. This disparity has changed little in the postwar period. There was an upward shift in the distribution of the wealth of nations. There has been considerable relative wealth mobility, with some ...
Quarterly Review , Volume 17 , Issue Spr , Pages 3-16

Journal Article
The published work of S. Rao Aiyagari (bibliography)
anonymous (1997-07)
This article is a progress report on research that attempts to include one type of market incompleteness and frictions in macroeconomic models. The focus of the research is the absence of insurance markets in which individual-specific risks may be insured against. The article describes some areas where this type of research has been and promises to be particularly useful, including consumption and saving, wealth distribution, asset markets, business cycles, and fiscal policies. The article also describes work in each of these areas that was presented at a conference sponsored by the Federal ...
Quarterly Review , Volume 21 , Issue Sum

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