Using a new methodology that allows nonlinearities, we find frequent support for external debt sustainability in a number of Latin American countries. Our findings reverse the results for several countries, obtained with traditional unit-root tests and present a richer framework for evaluating...

Recent theoretical developments and practical monetary policy concerns have revived interest on the concept of a “natural” equilibrium real interest rate. The natural real interest rate is potentially an important concept for monetary policy makers. The observable market real interest rate...

Stephen M. Miller uses money multiplier models to calculate the impact Edlin and Jaffee's proposal to sharply reduce excess banking reserves would have on the total supply of credit.

J. Costas Karfakis and Demetrios M. Moschos (1990) examine the interest rate linkages within the European Monetary System (EMS), concluding that the German interest rate plays a dominate role within the EMS. The authors reexamine the interest rate linkages within the EMS with the addition of the...

We adopt the intermediation approach, and use a flexible stochastic frontier to examine the cost efficiency of United States commercial banks with total assets in excess of & Million. We find an average overall inefficiency of just under 10 percent, a level somewhat lower than found in previous...