An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.

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.

An examination of the federal deficit and of the possible effects of persistently high levels of federal debt on real interest rates, private investment, and the economy's real growth.

A description of cash management methods, covering collection, disbursement, and investment techniques. Topics include lock boxes, wire transfers, depository transfer checks, controlled disbursement, zero balancing, money-market instruments, and sweeping arrangements.

An examination of how to assess the inflationary effects of current monetary policy, reviewing the behavior of a selected measure of core inflation over the past decade and contrasting this pattern with the inflation expectations of both households and professional forecasters, concluding that...

An explanation of P-Star, evaluating its usefulness both as an indicator of potential inflation and as a method of assessing the Federal Reserve's long-term goal of price stability.

An assessment of the usefulness of a real-interest-rate guidepost for communicating long-term monetary policy intentions to the public. The author contends that because of inherent complexities in the relationship between real interest rates and policy objectives, a policy framework expressed in...

An analysis of the current relationship between stock prices, dividends, earnings, and returns, aimed at examining the causes of the recent stock market surge. It reveals that the markets level cannot be explained by any single fundamental element of standard stock valuation models, but rather...

An examination of the small-sample properties of nonparametric changepoint tests using Monte Carlo analysis to investigate the probabilities of false-positive tests under alternative assumptions about the time-series properties of the underlying process. ; An analysis of whether depositor...

This paper demonstrates how options on federal funds futures, which began trading in March 2003, can be used to recover the implied probability density function (PDF) for future Federal Open Market Committee (FOMC) interest rate outcomes. The discrete nature of the choices made by the FOMC...