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July/August 1988

Posted 1988-07-01

Monetarism is Dead; Long Live the Quantity Theory

by William G. Dewald

William G. Dewald distinguishes between simplistic monetarism, which he believes “was widely interpreted as providing an alternative to short-run Keynesian model forecasts” and “the Quantity Theory, whose focus is on the long run.”

Posted 1988-07-01

Prospects for International Policy Coordination: Some Lessons from the EMS

by Michael T. Belongia

Michael T. Belongia, in the second article in this issue, examines the performance of the European Monetary System. This group of countries has agreed, since 1979, to peg bilateral exchange rates within specified bounds, presumably to enhance overall economic performance.

Posted 1988-07-01

International Linkages in the Term Structure of Interest Rates

by Clemens J.M. Kool and John A. Tatom

Clemens J. M. Kool and John A. Tatom use this approach to study the relationship of short- and long-term interest rates for five countries: the United States, Canada, the United Kingdom, West Germany, and Japan. Kool and Tatom explain the theoretical basis for expecting interest rates to be connected across countries.

Posted 1988-07-01

How Much Lower Can the Unemployment Rate Go?

by Keith M. Carlson

Keith M. Carlson, in the fourth article in this Review, examines the question, How much lower can the employment rate go without accelerating inflation? This critical rate, usually referred to as the “natural rate of unemployment,” was the subject of major research in the late 1970s.

Posted 1988-07-01

A Comparison of Proposals to Restructure the U.S. Financial System

by R. Alton Gilbert

R. Alton Gilbert describes six of the major proposals for restructuring the financial system and examines how they might affect the returns to shareholders of banking organizations as well as the potential losses to federal deposit insurance funds.

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