Federal Reserve Bank of St. Louis Review

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

MAY/JUNE 2012 Vol. 94, No. 3

Milton Friedman, the Demand for Money, and the ECB’s Monetary Policy Strategy

The European Central Bank (ECB) assigns greater weight to the role of money in its monetary policy strategy than most, if not all, other major central banks. Nevertheless, reflecting the ...

Liquidity Shocks, Real Interest Rates, and Global Imbalances

The author uses a simple neoclassical model to show how liquidity shocks at home and abroad can contribute to trade imbalances and low real interest rates. The author’s ...

An Application of Conventional Sovereign Debt Sustainability Analysis to the Current Debt Crises

The developing international debt crisis has unleashed unanticipated fears that more governments in some advanced economies may default on their sovereign debt and trigger a global financial tsunami. This article provides ...

Federal Reserve Lending to Troubled Banks During the Financial Crisis, 2007-2010

Numerous commentaries have questioned both the legality and appropriateness of Federal Reserve lend- ing to banks during the recent financial crisis. This article addresses ...


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