Economic Commentary
Providing you with in-depth analysis of current economic and financial issues.
1986
- December 15, 1986
- The Changing Nature of Our Financial Structure: Where Are We Headed? Where Do We Want to Go?
- An analysis of the changes taking place in the banking industry, with a discussion of four options for reforming the structure of our banking system, and a recommendation for the most effective action. (PDF)
- December 1, 1986
- Labor Cost Differentials: Causes and Consequences
- A discussion of the complex relationship between labor costs and economic growth, with the contention that labor costs not only help determine rates of economic growth, but also respond to growth. (PDF)
- November 15, 1986
- Is the Consumer Overextended?
- An evaluation of consumer spending and the part it plays in the expansion of the economy, with a discussion of the role of debt and assets as constraints on future spending. (PDF)
- November 1, 1986
- Competition and Bank Profitability: Recent Evidence
- A discussion of the traditional structure-performance theory and the contestable market theory as they pertain to competition and bank profitability in the banking industry. The author uses data from a sample of Ohio and Pennsylvania banks. (PDF)
- October 15, 1986
- Debt Growth and the Financial System
- An examination of the extraordinary growth of domestic nonfinancial debt since 1982 and a discussion of policy issues raised by its relation to the stability of the financial system. (PDF)
- October 1, 1986
- Monetarism and the M1 Target
- An examination of the apparent breakdown in the relationship between M1 and economic activity, with a discussion of the historical perspective of the breakdown of velocity in the 1980s, and of the monetarist position on recent experience. (PDF)
- September 15, 1986
- Alternative Methods for Assessing Risk-Based Deposit Insurance Premiums
- A discussion of various proposals to allow the Federal Deposit Insurance Corporation to vary the cost of deposit insurance on the basis of risk. (PDF)
- September 1, 1986
- Implications of a Tariff on Oil Imports
- An examination of the possible positive and negative effects that could result from a hypothetical $10 per barrel increase in tariffs on crude oil and refined oil products. (PDF)
- August 15, 1986
- Will the Dollar’s Decline Help Ohio Manufacturers?
- An analysis of the wage, productivity, and competitive factors that might prevent Ohio manufacturers from getting full benefit from the sharp drop in the foreign-exchange value of the dollar. (PDF)
- August 1, 1986
- Target Zones for Exchange Rates?
- An examination of proposals to improve the international monetary system by creating central exchange rates and a discussion of why such a policy might not be in the best interest of the United States. (PDF)
- July 15, 1986
- Equity, Efficiency, and Mispriced Deposit Guarantees
- A discussion of federal deposit insurance, with the contention that it can be misused and can help destabilize the financial system by permitting insured institutions to take irresponsible risks. (PDF)
- July 1, 1986
- Domestic Nonfinancial Debt: After Three Years of Monitoring
- An examination of the historical and current behavior of domestic nonfinancial debt, with a discussion of B.M. Friedman’s theories and an analysis of the recent unexpected surge in debt and its policy implications. (PDF)
- June 15, 1986
- The Emerging Service Economy
- A description and examination of the expanding service economy, with the contention that its growth reflects a natural and inevitable response to rising wealth. (PDF)
- June 1, 1986
- The Thrift Industry: Reconstruction in Progress
- A review of the problems faced by the savings and loan industry, with a discussion of the effects of regulatory actions and of the difficulties caused by erosion of the industry’s capital position. (PDF)
- May 15, 1986
- How Good Are Corporate Earnings?
- A discussion of the difference between reported profits and economic profits, their behavior in expansions, and the role of the capital consumption adjustment in the NIPA statistics in measuring profits. (PDF)
- May 1, 1986
- Monetary Policy Debates Reflect Theoretical Issues
- A review of some of the important developments in economic theory that have altered our understanding of the real-nominal interaction, and a discussion of the implications for monetary policy. (PDF)
- April 15, 1986
- A Revised Picture: Has Our View of the Economy Changed?
- A discussion of the major statistical changes in the December 1985 benchmark revisions of the National Income and Product Accounts statistics and of their impact on business cycle timing and magnitudes. (PDF)
- April 1, 1986
- The Government Securities Market and Proposed Regulation
- An examination of the government securities market, with a description of market participants and regulatory proposals. (PDF)
- March 15, 1986
- Should We Be Concerned About the Speed of the Depreciation?
- An analysis of possible effects on the U.S. economy of rapid depreciation of the foreign-exchange value of the dollar, that includes discussion on interest rates, prices, real GNP, and potential problems for the Federal Reserve System. (PDF)
- March 1, 1986
- American Automobile Manufacturing: It’s Turning Japanese
- A discussion of the movement of Japanese auto production facilities to the United States, with emphasis on conditions in the Fourth Federal Reserve District and on growth of the just-in-time inventory supply process. (PDF)
- February 15, 1986
- Can We Count on Private Pensions?
- The characteristics, problems, and safety of private pension plans are discussed, with an examination of reforms introduced by passage of the Pension Reform Act of 1974 and creation of the Pension Benefit Guaranty Corporation. (PDF)
- February 1, 1986
- Junk Bonds and Public Policy
- A discussion of the characteristics and use of speculative, low-rated bonds in debt-based financing, with comment on the policy implications of the increasing use of these instruments. (PDF)
- January 15, 1986
- Bank Holding Company Voluntary Nonbanking Asset Divestitures
- An examination of nonbanking asset divestitures, with an analysis of financial effects on the holding company, based on a study of 42 voluntary nonbank asset sales. (PDF)
- January 1, 1986
- A Correct Value for the Dollar
- A discussion of factors that affect determination of the dollar’s value in foreign-exchange markets, with an emphasis on various interpretations of the concept of equilibrium. (PDF)