The Monetary Control Act of 1980 radically changed the role of the Federal Reserve in the interbank clearing market. Among other things, the Act required the Fed to give all depository institutions equal access to its payments services and to price those services competitively. In this article,...

Deposit insurance, while reducing the threat of bank runs, also lessens bankers’ incentives to control risks. Reforms of the deposit insurance system are necessary to discourage excessive risk taking such as characterized the recent S&L crisis. The adoption of market value accounting, early...

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Anatoli Kuprianov and William Lupoletti employ the VAR technique to forecast the regional economy in “The Economic Outlook for Fifth District States in 1984.” The authors document the experiences of the economies of Maryland, Virginia, West Virginia, North Carolina, South Carolina, and the...