Federal Reserve Bank of St. Louis Review
A quarterly research journal intended for an economically informed but broad readershipfrom the undergraduate student to the PhD. In print and online.
MAY/JUNE 2010 Vol. 92, No. 3
The following three papers were modified from a panel discussion given at the Federal Reserve Bank of Philadelphia's policy forum, "Policy Lessons from the Economic and Financial Crisis," December 4, 2009.
Three Lessons for Monetary Policy from the Panic of 2008
This article is a modified version of a presentation given at the Federal Reserve Bank of Philadelphia’s policy forum "Policy Lessons from the Economic and Financial Crisis," December 4, 2009. The presentation was made during a panel discussion that also included John Taylor and N. Gregory Mankiw.
Nonlinear Effects of School Quality on House Prices
We reexamine the relationship between quality of public schools and house prices and find it to be nonlinear. Unlike most studies in the literature, we find that the price premium parents must pay to buy a house in an area associated with a better school increases as school quality increases.
Institutional Causes of Output Volatility
The authors investigate the relationship between the quality of institutions and output volatility. Using instrumental variable regressions, they address whether higher entry barriers and lower property rights protection lead to higher volatility.
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