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The Federal Reserve Bank of St. Louis Review

A journal of national and international economic developments, particularly focusing on their monetary aspects.

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JANUARY/FEBRUARY 1998 Vol. 80, No. 1

Measuring Real Investment: Trends in the United States and International Comparisons pp. 3-18 (PDF 159k)
by Milka S. Kirova and Robert E. Lipsey
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Still Charging: The Growth of Credit Card Debt Between 1992 and 1995 pp. 19-28 (PDF 177k)
by Peter S. Yoo

Inflation, Real Interest Tax Wedges, and Capital Formation pp. 29-36 (PDF 176k)
by William G. Dewald

What Has Become of the 'Stability-Through-Inflation' Argument? pp. 37-45 (PDF 166k)
by James B. Bullard and Alvin L. Marty


MARCH/APRIL 1998 Vol. 80, No. 2

Reforming Social Security in Theory and Practice

Proceedings of a Symposium held at the Federal Reserve Bank of St. Louis April 11, 1997

Mending But Not Ending Social Security: The Individual Accounts Plan pp. 7-10 (PDF 45k)
by Edward M. Gramlich

The Personal Security System: A Framework for Reforming Social Security pp. 11-14 (PDF 37k)
by Laurence J. Kotlikoff and Jeffrey Sachs

Social Security Reform in Latin America pp. 15-18 (PDF 45k)
by Olivia S. Mitchell

Reforming Social Security: A Welfare Analysis pp. 19-30 (PDF 183k)
by Rowena A. Pecchenino and Patricia S. Pollard

Privatizing U.S. Social Security: Some Possible Effects on Intergenerational Equity and the Economy pp. 31-38 (PDF 136k)
by Laurence J. Kotlikoff


MAY/JUNE 1998 Vol. 80, No. 3

Lessons From Financial History

Proceedings of the Twenty-Second Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis

President's Message pp. 5-6 (PDF 27k)

Editor's Introduction pp. 7-12 (PDF 43k)

Were Banks Special Intermediaries in Late Nineteenth Century America? pp. 13-32 (PDF 155k)
by Eugene N. White

Commentary pp. 33-36 (PDF 191k)
by Naomi R. Lamoreaux
Commentary for " Were Banks Special Intermediaries in Late Nineteenth Century America?"

Banking Systems and Economic Growth: Lessons from Britain and Germany in the Pre-World War I Era pp. 37-48 (PDF 136k)
by Caroline Fohlin

Commentary pp. 49-52 (PDF 38k)
by Peter Temin
Commentary for " Banking Systems and Economic Growth: Lessons from Britain and Germany in the Pre-World War I Era"

The Financial Crisis of 1825 and the Restructuring of the British Financial System pp. 53-76 (PDF 421k)
by Larry Neal

Commentary pp. 77-82 (PDF 231k)
by Michael D. Bordo
Commentary for " The Financial Crisis of 1825 and the Restructuring of the British Financial System"

U.S. Securities Markets and the Banking System, 1790-1840 pp. 83-98 (PDF 129k)
by Richard Sylla

Commentary pp. 99-104 (PDF 47k)
by Kenneth A. Snowden
Commentary for " U.S. Securities Markets and the Banking System, 1790-1840"

Lessons from a Laissez-Faire Payments System: The Suffolk Banking System (1825-58) pp. 105-116 (PDF 124k)
by Arthur J. Rolnick, Bruce D. Smith, and Warren E. Weber

Commentary pp. 117-120 (PDF 46k)
by Randall S. Kroszner
Commentary for " Lessons from a Laissez-Faire Payments System: The Suffolk Banking System (1825-58)"

Did the Fed's Founding Improve the Efficiency of the U. S. Payments System? pp. 121-142 (PDF 221k)
by R. Alton Gilbert

Commentary pp. 143-150 (PDF 225k)
by John A. James
Commentary for " Did the Fed's Founding Improve the Efficiency of the U.S. Payments System?"

American Banks During the Great Depression: A New Research Agenda pp. 151-152 (PDF 34k)
by Joseph R. Mason


JULY/AUGUST 1998 Vol. 80, No. 4

Technical Analysis and the Profitability of U.S. Foreign Exchange Intervention pp. 3-18 (PDF 211k)
by Christopher J. Neely
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Universal Banking, Control Rights and Corporate Finance in Germany pp. 19-42 (PDF 200k)
by William R. Emmons and Frank A. Schmid

How Closely Do Banks Manage Vault Cash? pp. 43-54 (PDF 160k)
by Donald S. Allen
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A Guide to Nominal Feedback Rules and Their Use for Monetary Policy pp. 55-63 (PDF 190k)
by Michael J. Dueker and Andreas M. Fischer


SEPTEMBER/OCTOBER 1998 Vol. 80, No. 4

A Policymaker Confronts Uncertainty pp. 3-8 (PDF 58k)
by William Poole

Monetary Theory in the Laboratory pp. 9-26 (PDF 251k)
by John Duffy

The FOMC in 1997: A Real Conundrum pp. 27-40 (PDF 174k)
by Peter S. Yoo

Price Stability and Financial Stability: The Historical Record pp. 41-62 (PDF 386k)
by Michael D. Bordo and David C. Wheelock
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NOVEMBER/DECEMBER 1998

Monetary Policy and the Long Boom pp. 3-12 (PDF 216k)
by John B. Taylor

Historical U.S. Money Growth, Inflation, and Inflation Credibility pp. 13-24 (PDF 1.5M)
by William G. Dewald
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Tests of the Market's Reaction to Federal Funds Rate Target Changes pp. 25-36 (PDF 401k)
by Daniel L. Thornton
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Shoe-Leather Costs of Inflation and Policy Credibility pp. 37-50 (PDF 1007k)
by Michael R. Pakko
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