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Federal Reserve Bank of St. Louis Review

A quarterly research journal intended for an economically informed but broad readership—from the undergraduate student to the PhD. In print and online.

NOVEMBER/DECEMBER 2003 Vol. 85, No. 6

Fed Transparency: How, Not Whether

This article was originally presented as a speech at the Global Independence Center, Federal Reserve Bank of Philadelphia, August 21, 2003.

Burgernomics: A Big Mac™ Guide to Purchasing Power Parity

McEcon? What can two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun tell us about economics? Plenty. Economists Michael Pakko and Patricia Pollard use worldwide Big Mac prices to study the law of one price.

Banking Antitrust: Are the Assumptions Still Valid?

Out with the old? Economists Alton Gilbert and Adam Zaretsky find that, even though regulatory changes in the 1990s changed the landscape of banking competition, most of the current evidence confirms that the old assumptions of antitrust analysis are still valid.

The Use of Long-Run Restrictions for the Identification of Technology Shocks

Economists have long assumed that shocks (i.e., unexpected changes) to technology affect the business cycle, though they are difficult to identify. Neville Francis, Michael Owyang, and Athena Theodorou review the current methods of identifying them and propose a framework to expand the existing literature.


SEPTEMBER/OCTOBER 2003 Vol. 85, No. 5

Institutions for Stable Prices: How To Design an Optimal Central Bank Law

This article was adapted from a speech given at the First Conference of the Monetary Stability Foundation, Deutsche Bundesbank, Frankfurt, Germany, December 5, 2002.

How Banks Can Self-Monitor Their Lending To Comply with the Equal Credit Opportunity Act

The authors show how banks can monitor their own standards and practices to meet the obligations of the Equal Credit Opportunity Act—that is, by examining if their loan decisions are fair and equitable to all.

The 2001 Recession: How Was It Different and What Developments May Have Caused It?

Economist Kevin Kliesen shows how the 2001 recession was unusual in several respects—in some ways, the mildest on record—and examines some of its likely causes.

A Reconstruction of the Federal Reserve Bank of St. Louis Adjusted Monetary Base and Reserves

The St. Louis Fed has a long tradition of monetarism—focusing on the role of money and how much of it is out there.This article retools the way money in the economy is measured and notes what changed.


JULY/AUGUST 2003 Vol. 85, No. 4

Finance and Real Economic Activity

Proceedings of the Twenty-Seventh Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis

Complete Issue

Includes proceedings of the Twenty-Seventh Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis, "Finance and Real Economic Activity".

Monetary Policy and Financial Market Evolution


Commentary on "Monetary Policy and Financial Market Evolution"


Commentary on "More on Finance and Growth: More Finance, More Growth?"

Equity Market Liberalization in Emerging Markets


Commentary on "Equity Market Liberalization in Emerging Markets"


Commentary on "Historical Perspectives on Financial Development and Economic Growth"

The Real Effects of U.S. Banking Deregulation


Commentary on "The Real Effects of U.S. Banking Deregulation"


Commentary on "Life-Cycle Dynamics in Industrial Sectors: The Role of Banking Market Structure"


MAY/JUNE 2003 Vol. 85, No. 3

Housing in the Macroeconomy


MARCH/APRIL 2003 Vol. 85, No. 2

Identifying Business Cycle Turning Points in Real Time


JANUARY/FEBRUARY 2003 Vol. 85, No. 2

The Financial Condition of U.S. Banks: How Different Are Community Banks?

Some of the data relating to this article can be found in Fred II under "Regional, including Employment and Banking Data" > "Condition of U.S. Banks". CAMELS data are confidential and cannot be distributed.


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