Review - Federal Reserve Bank of St. Louis

Review - Federal Reserve Bank of St. Louis is a magazine focusing on Finance

Articles from Vol. 84, No. 5, September/October

Aviation Security and Terrorism: A Review of the Economic Issues
"Protecting this system demands a high level of vigilance because a single lapse in aviation security can result in hundreds of deaths, destroy equipment worth hundreds of millions of dollars, and have immeasurable negative impacts on the economy and...
Financial Stability
Presented at the Council of State Governments, Southern Legislative Conference Annual Meeting, New Orleans, Louisiana, August 4, 2002 I am pleased to be here to address this session of the annual meeting of the Southern Legislative Conference. Since...
Has Japan Been Left out in the Cold by Regional Integration?
I. INTRODUCTION A regional trading bloc (RTB) is a grouping of countries in which trade between members faces fewer restrictions (i.e., tariffs, quotas, nontariff barriers) than trade between a member and a nonmember. One of the most significant recent...
How Well Do Monetary Fundamentals Forecast Exchange Rates?
In the last decade or so, exchange rate economics has seen a number of important developments, with substantial contributions to both the theory and the empirical understanding of exchange rate determination. Important developments in econometrics and...
Stock Market Returns, Volatility, and Future Output
Stock market volatility is the systematic risk faced by investors who hold a market portfolio (e.g., a stock market index fund). Schwert (1989b) has undertaken an extensive study of stock market volatility, using historical data back to the 19th century...
The FOMC's Balance-of-Risks Statement and Market Expectations of Policy Actions
In January 2000 the Federal Open Market Committee (FOMC) instituted the practice of issuing a "balance of risks" statement along with its policy decision at the close of each FOMC meeting. The balance-of-risks statement was intended to indicate the Committee's...