Search Results

Using Federal Funds Futures Rates to Predict Federal Reserve Actions - Review

The federal funds futures rate naturally embodies the market’s expectation of the average behavior of the federal funds rate. But, as the authors explain, analysts cannot attempt to identify Fed policy from the behavior of the federal funds futures rate without making somewhat arbitrary additional assumptions. 

research.stlouisfed.org/.../using-federal-funds-futures-rates-to-predict-federal-reserve-actions

The FOMC in 1996: 'Watchful Waiting' - Review

In light of recent research findings, the authors review the 1996 policy posture of the FOMC, the monetary policymaking body of the Federal Reserve System. They find several areas in which the FOMC’s policy positions were consistent with the conclusions of recent research studies, whether or not these studies directly influenced the Committee’s thinking.

research.stlouisfed.org/publications/review/1997/07/01/the-fomc-in-1996-watchful-waiting

To Conclude: Keep Inflation Low and, in Principle, Eliminate It - Review

The U.S. economy performed well across the board in 1997, with low unemployment, robust economic growth, and the lowest sustained inflation in decades. Nevertheless, the current framework for monetary policymaking does not ensure that inflation is down for the count, says Federal Reserve Bank of St. Louis president Thomas C. Melzer in a speech reprinted here. 

research.stlouisfed.org/.../11/01/to-conclude-keep-inflation-low-and-in-principle-eliminate-it

Building New Monetary Services Indexes: Concepts Data and Methods - Review

The authors describe the construction of the monetary services indexes in detail and provide a road map of the St. Louis MSI database. 

research.stlouisfed.org/.../01/01/building-new-monetary-services-indexes-concepts-data-and-methods

Measuring Consumption: The Post-1973 Slowdown and the Research Issues - Review

The author first reviews the slowdown in consumption growth rates and then turns to the measures of current-dollar consumption expenditures—the numerator of the real consumption ratio. He then discusses the price statistics used for deflation, with particular attention given to the report of the CPI Commission (1996).

research.stlouisfed.org/.../measuring-consumption-the-post-1973-slowdown-and-the-research-issues

Introduction to the St. Louis Monetary Services Index Project - Review

The authors introduce the Federal Reserve Bank of St. Louis monetary services index (MSI) project, which seeks to provide researchers and policymakers with an extended database of new measures of monetary aggregates—the  MSIs—and related data.

research.stlouisfed.org/.../01/01/introduction-to-the-st-louis-monetary-services-index-project

Recent Developments in Wholesale Payments Systems - Review

Wholesale payments and settlement systems in G-10 countries have undergone significant change in recent years. Notably, central banks have sought to increase the safety and reliability of these systems. In this article, the author describes two approaches that have been pursued. 

research.stlouisfed.org/.../review/1997/11/01/recent-developments-in-wholesale-payments-systems

The Demand for Divisia Money in a Core Monetary Union - Review

Proponents of an aggregation theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money, especially for broad monetary aggregates. European monetary aggregation, which uses indices for monetary services, seems attractive because these indices can account for the imperfect substitutability between different currencies.

research.stlouisfed.org/.../1997/09/01/the-demand-for-divisia-money-in-a-core-monetary-union

Monetary Aggregation Theory and Statistical Index Numbers - Review

The authors survey the literature on the aggregation of monetary assets and summarizes theoretical results not readily available elsewhere. The article develops a dynamic, intertemporal consumer decision model and explains how monetary aggregation conditions may be obtained from a model of a competitive firm.

research.stlouisfed.org/.../1997/01/01/monetary-aggregation-theory-and-statistical-index-numbers

Charging Up a Mountain of Debt: Accounting for the Growth of Credit Card Debt - Review

Total U.S. credit card debt has almost doubled since 1988. Little is apparent from the aggregate data, however, about the composition of credit card debt growth. The author separates household data into two categories: changes in the number of households with credit cards, and changes in average credit card debt per household.

research.stlouisfed.org/.../