Federal Reserve Bank of St. Louis Review

A bimonthly research journal intended for an economically informed but broad readership—from the undergraduate student to the PhD. In print and online.


MAY/JUNE 2010 Vol. 92, No. 3

Complete Issue

The following three papers were modified from a panel discussion given at the Federal Reserve Bank of Philadelphia's policy forum, "Policy Lessons from the Economic and Financial Crisis," December 4, 2009.

Three Lessons for Monetary Policy from the Panic of 2008

This article is a modified version of a presentation given at the Federal Reserve Bank of Philadelphia’s policy forum "Policy Lessons from the Economic and Financial Crisis," December 4, 2009. The presentation was made during a panel discussion that also included John Taylor and N. Gregory Mankiw.

Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis

This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the previous two decades by becoming more interventionist, less rules-based, and less predictable.

Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009

This article is an edited transcription of remarks given at the Federal Reserve Bank of Philadelphia’s policy forum "Policy Lessons from the Economic and Financial Crisis," December 4, 2009. The presentation was made during a panel discussion that also included James Bullard and John Taylor.

Nonlinear Effects of School Quality on House Prices

We reexamine the relationship between quality of public schools and house prices and find it to be nonlinear. Unlike most studies in the literature, we find that the price premium parents must pay to buy a house in an area associated with a better school increases as school quality increases.

Institutional Causes of Output Volatility

The authors investigate the relationship between the quality of institutions and output volatility. Using instrumental variable regressions, they address whether higher entry barriers and lower property rights protection lead to higher volatility.

 


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