Banking consolidation, spurred by interstate branching deregulation, is changing markets' competitive structure. Policymakers and regulators have focused on the implications for customers in retail and wholesale markets rather than consolidation's impact on correspondent banking markets (where...

An analysis of the relationship between stock-market gyrations and business fixed investment, using the q theory (the ratio of the market value of financial liabilities to the replacement value of physical assets).

An examination of the relationship between inflation and equity prices, concluding that equity prices respond rationally to such factors as real interest rates and risk.