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September/October 2007

Posted 2007-09-01

Currency Design in the United States and Abroad: Counterfeit Deterrence and Visual Accessibility

by Marcela M. Williams and Richard G. Anderson

Despite the increasing use of electronic payments, currency retains an important role in the payment system of every country. In this article, the authors compare and contrast trade-offs among currency design features, including those primarily intended to deter counterfeiting and those to improve usability by the visually impaired.

Posted 2007-09-01

Experiments in Financial Liberalization: The Mexican Banking Sector

by Rubén Hernández-Murillo

Since the liberalization of its trade in the mid-1980s, Mexico has pursued an aggressive globalization strategy, which today makes it the country with the most free trade agreements in the world. 

Posted 2007-09-01

How Well Does Employment Predict Output?

by Kevin L. Kliesen

Economists, policymakers, and financial market analysts typically pay close attention to aggregate employment trends because employment is thought to be an important indicator of macroeconomic conditions. One difficulty is that there are two separate surveys of employment ...

Posted 2007-09-01

The Effectiveness of Monetary Policy

by Robert H. Rasche and Marcela M. Williams

This analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an “effective monetary policy,” monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.