Working Papers From 1992 - Federal Reserve Bank of Richmond

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1992 Working Papers

Endogenous Financial Innovation and the Demand for Money

By Peter N. Ireland
Working Paper 92-3
Released: December 1992

This paper embeds two key ideas about the nature of financial innovation taken from the empirical literature into a familiar equilibrium monetary model. It provides formal support for several alternative econometric specifications for money demand that...

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Deficits and Long-Term Interest Rates: An Empirical Note

By Yash P. Mehra
Working Paper 92-2
Released: July 1992

This note examines whether long-term nominal interest rates are cointegrated with budget deficits over the period 1959 to 1990. A key finding of this note is that long-term rates are cointegrated with deficits if a one-year ahead inflation forecast...

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Identifying Credit Crunches

By Stacey L. Schreft & Raymond E. Owens
Working Paper 92-1
Released: March 1992

This article emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit crunches that is centered around the political economy of the period under study. The process is applied to the 1960-91 period, and ...

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