#1989-008A "The Effects of Financial Innovations on the Measurement, Control and Efficacy of the M1 and M2 Aggregates"
by John A. Tatom


No abstract provided More...

#1989-007A "An Admissible Monetary Aggregate for The United Kingdom"
by Michael T. Belongia, and K. Alec Chrystal


No abstract provided More...

PUBLISHED: Review of Economics and Statistics, August 1991, 73(3), pp. 497-503

#1989-006A "On the Frequency of Large Stock Returns: Putting Booms and Busts into Perspective"
by Dennis W. Jansen, and Casper de Vries


Numerous articles have investigated the distribution of share prices, and find that the yields are leptokurtic. There is still controversy about the amount of leptokurtosis, and hence about the most appropriate distribution to use in modeling returns. More...

PUBLISHED: Review of Economics and Statistics, February 1991, 73(1), pp. 18-24

#1989-005A "The Optimality of Nominal Income Targeting When Wages are Indexed to Price"
by Michael D. Bradley, and Dennis W. Jansen


In this paper we analyze nominal income targeting when wages can be indexed to the price level. This combination of a contemporaneous nominal income targeting policy rule with optimal wage indexing provides the optimal monetary response to both demand and supply shocks, and achieves the full information output level in each period regardless of the elasticity of labor supply. More...

PUBLISHED: Southern Economic Journal, July 1989, 56(1), pp. 13-23

#1989-004A "Intertemporal Substitution and the Role of Monetary Policy: Policy Irrelevance Once Again"
by Dennis W. Jansen


Recently Marini (1985) demonstrates that a policy rule with proportional feedback to the current money stock from disturbances dated t-2 or further in the past will be effective at stabilizing output in Barro's (1976) model. This paper questions the robustness and logical consistency of Marini's result. More...

PUBLISHED: Economic Journal, June 1990, 100(401), pp. 561-66

#1989-003A "Do Fundamentals, Bubbles or Neither Determine Stock Prices? Some International Evidence"
by Gerald P. Dwyer, Jr., and R. W. Hafer


No abstract provided More...

#1989-002A "Contagious Bank Runs in the Free Banking Period"
by Iftekhar Hasan, and Gerald P. Dwyer, Jr.


In the free banking period in the United States, banks issued private banknotes without discretionary restriction of entry into banking. Previous research suggests that specific aspects of the free banking laws account for banks' difficulties, losses to noteholders, and the attendant relatively large number of banks closed. More...

#1989-001A "Tests of Rational Expectations in a Stark Setting"
by Gerald P. Dwyer, Jr., Arlington W. Williams, Raymond C. Battalio, and Timothy I. Mason


We test the hypothesis that forecasts by participants in a stark experimental setting are the same as the rational expectation. At least for a process as simple as a random walk, relatively sophisticated as well as relatively unsophisticated participants' forecasts can be characterized as consistent with rational expectations. More...

PUBLISHED: Economic Journal, May 1993, 103(418), pp. 586-601