Economic Perspectives

A professional journal containing articles on economics, monetary theory and policy, payments systems, banking and finance, based in the Chicago, Illinois, region.

Articles from Vol. 23, No. 3, Fall

Birth, Growth, and Life or Death of Newly Chartered Banks
Introduction and summary Thousands of new commercial banks have been chartered in the U.S. over the past two decades. As the U.S. banking industry continues to consolidate, these de novo banks are potentially important for preserving competition...
New Facts in Finance
Introduction and summary The last 15 years have seen a revolution in the way financial economists understand the investment world. We once thought that stock and bond returns were essentially unpredictable. Now we recognize that stock and bond returns...
Portfolio Advice for a Multifactor World
Introduction and summary A companion article in this issue, "New facts in finance," summarizes the revolution in how financial economists view the world. Briefly, there are strategies that result in high average returns without large betas, that...
State Budgets and the Business Cycle: Implications for the Federal Balanced Budget Amendment Debate
Introduction and summary A proposal to amend the U.S. Constitution to require that the federal budget be balanced has been a part of the national debate for over 25 years. Following its inclusion as one of the central planks of the Republican Contract...
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