Journal of Money, Credit & Banking

Reports major findings in the study of financial institutions, financial markets, monetary and fiscal policy, credit markets, money and banking.

Articles from Vol. 21, No. 2, May

Budget Deficits, Stability, and the Dynamics of Hyperinflation
Budget Deficits, Stability, and the Monetary Dynamics of Hyperinflation LARGE BUDGET DEFICITS FINANCED BY MONEY CREATION are widely believed to be the primary force sustaining prolonged high inflation processes. The relationship appears to be closer...
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Financial Market Effects on Aggregate Money Demand: A Bayesian Analysis
Financial Market Effects on Aggregate Money Demand: A Bayesian Analysis EMPIRICAL RESEARCHERS IN AGGREGATE MONEY DEMAND have long been concerned with the degree of substitutability between money and other capital assets and the impact on money holdings...
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Impact of Deposit-Rate Ceiling Changes on Bank Stock Returns
Impact of Deposit-Rate Ceiling Changes on Bank Stock Returns TWO EFFECTS OF UNANTICIPATED CHANGES in government regulation of firms or industries can be investigated with capital market data: wealth effects and risk effects. Analyses of wealth effects...
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One-Sided Uncertainty about Future Fiscal Policy
One-Sided Uncertainty about Future Fiscal Policy MODERN MACROECONOMIC MODELS TYPICALLY contain the assumption that agents know policy rules. This is reasonable if the policy authorities maximize a known objective function since public and private...
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Scottish Banking before 1844: A Model for Laissez-Faire?
Scottish Banking before 1845: A Model for Laissez-Faire? ECONOMISTS HAVE BEGUN TO DEVOTE increasing attention to what the banking and financial system would look like if trends toward laissez-faire, through both deliberate deregulation and financial...
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Taxes and Futures-Forward Price Difference in the 91-Day T-Bill Market
Taxes and the Futures-Forward Price Difference in the 91-Day T-Bill Market IN JANUARY 1976, FUTURES TRADING in 91-day U.S. Treasury bills began on the International Monetary Market. Soon after, traders as well as academics noticed a seeming anomaly...
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The End of the Hungarian Hyperinflation of 1945-1946
The End of the Hungarian Hyperinflation of 1945 - 1946 HYPERINFLATION HAS BEEN DESCRIBED as a laboratory study of the effects of a change in the rules under which fiscal and monetary policies are conducted (Sargent 1986, ch. 3). The rational expectations...
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