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January/February 2007

Posted 2007-01-01

Milton Friedman, 1912-2006: Some Personal Reflections

by William Poole

William Poole reflects on the tremendous importance of Milton Friedman's work in economic science and his historic contributions to public policy.

Posted 2007-01-01

Understanding the Fed

by William Poole

This article was originally presented as a speech at the Dyer County Chamber of Commerce Annual Membership Luncheon, Dyersburg, Tennessee, August 31, 2006. 

Posted 2007-01-01

The Rise in Personal Bankruptcies: The Eighth Federal Reserve District and Beyond

by Thomas A. Garrett

Personal bankruptcy filings in the United States increased, per capita, nearly 350 percent between 1980 and 2005. This article first addresses the changes in economic and institutional factors that have occurred over the past 100 years, many of which have occurred in the past 30 years, which are likely contributors to the dramatic rise in personal bankruptcy filings seen across the country. 

Posted 2007-01-01

The Varying Effects of Predatory Lending Laws on High-Cost Mortgage Applications

by Giang Ho and Anthony Pennington-Cross

Federal, state, and local predatory lending laws are designed to restrict and in some cases prohibit certain types of high-cost mortgage credit in the subprime market. Empirical evidence using the spatial variation in these laws shows that the aggregate flow of high-cost mortgage credit can increase, decrease, or be unchanged after these laws are enacted. 

Posted 2007-01-01

Regional Business Cycle Phases in Japan

by Howard J. Wall

This article uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for the period 1976-2005.