Federal Reserve Bank of St. Louis Review

Federal Reserve Bank of St. Louis Review is a magazine specializing in Finance topics.

Articles from Vol. 75, No. 2, March-April

Assessing Applied Econometric Results
IT IS A GREAT HONOR to be asked to participate in this conference to celebrate the work of Ted Balbach, who has long upheld the standard of relevant, independent, intelligible economic studies at the Federal Reserve Bank of St. Louis. My invitation...
Commentary
ROBERT RASCHE'S PAPER is divided into three parts. In the first part Rasche argues that many monetarist propositions have become widely accepted by macroeconomic theorists. With this I agree completely. The work of the so-called New Keynesians should...
Commentary
LEE HOSKINS HAS WRITTEN a fine paper on monetary policy. I share most of his views on the role and duties of central banks. Hoskins discusses why the conduct of monetary policy has been entrusted to central banks. He also examines the conditions that...
Commentary
HAROLD DEMSETZ RARELY FAILS to deliver a creative and thought-provoking paper, and this one is no exception. I have learned a great deal from Harold's writings over the years and usually find myself persuaded by his arguments. In this paper Demsetz...
Commentary
FIRST, LET ME EXPRESS my appreciation for the invitation to participate in this conference. I have made several visits to the Federal Reserve Bank of St. Louis and have enjoyed the hospitality of Ted and his associates. Carl Christ's paper was interesting...
Commentary
CARL CHRIST'S PAPER is a worthy tribute to Ted Balbach. It is broad ranging, thoughtful and provocative; and it deals with serious issues too. Moreover, no small matter for this discussant, it is readily accessible to the stochastically challenged....
Commentary
ALLAN MELTZER HAS PRESENTED a paper that rescues Milton Friedman's 1953 defense of flexible exchange rates from its critics and presents an impressive amount of empirical evidence against today's received opinion favoring fixed exchanges. Nothing is...
Commentary
MICHAEL BORDO PROVIDES US with a comprehensive, scholarly study of the history of the three main international monetary regimes: the gold standard, the dollar standard, and the floating exchange rate. He focuses on two important questions. First, which...
Financial Regulation and the Competitiveness of the Large U.S. Corporation
ACENTRAL QUESTION OF THE DAY is whether U.S. business firms are capable of success in highly competitive world markets. The question is embedded in hotly debated calls for the United States to develop an explicit industrial policy, in frequently expressed...
Monetary Aggregates, Monetary Policy and Economic Activity
ALMOST A QUARTER century has passed since the publication of the (in)famous Andersen-Jordan (AJ) equation.(1) For a good portion of that time, Ted Balbach has been associated with the research department of the Federal Reserve Bank of St. Louis, and...
Real Exchange Rates: Some Evidence from the Postwar Years
THE MOVE TO FLEXIBLE EXCHANGE RATES early in 1973 is the type of experiment that economic researchers experience rarely. A marked change in monetary regime from fixed to flexible rates was followed by years of floating rates. Initially, some governments...
Ted Balbach: An Appreciation
Anatol Berkman Balbach. Welcome to what is naively called the leisure class. And kiss your leisure good-bye: You had that by working for the Fed. Retirement? No, you've shed that and now you're on your own time as you rush from here to there, no longer...
The Gold Standard, Bretton Woods and Other Monetary Regimes: A Historical Appraisal
INTRODUCTION Two Questions Which international monetary regime is best for economic performance? One based on fixed exchange rates, including the gold standard and its variants? Adjustable peg regimes such as the Bretton Woods system and...
Views on Monetary Policy
THE IDEAL MONETARY POLICY requires a credible and predictable commitment to maintain the long-term purchasing power of a currency. The performance of central banks, which have traditionally been entrusted with monetary policymaking, is far from this...