Economic Policy Review

A policy-oriented journal focusing on economic and financial market issues. The Review publishes new research by Federal Reserve Bank of New York economists, papers by affiliated economists, and the proceedings of Bank-sponsored conferences. Executive summaries of select articles are available online.
See: Economic Policy Review Executive Summaries »
Editor: Kenneth D. Garbade
Browse the Economic Policy Review:  
1997 Articles
Volume 3, Number 4December
Download full bookPDF82 pages / 516 kb

Bank Capital Requirements for Market Risk: The Internal Models Approach
Darryll Hendricks and Beverly Hirtle

The Benefits of Branching Deregulation
Jith Jayaratne and Philip E. Strahan

What Moves the Bond Market?
Michael J. Fleming and Eli M. Remolona

Is There an Inflation Puzzle?
Cara S. Lown and Robert W. Rich

Volume 3, Number 3August
Special Issue on Inflation Targeting
Download full bookPDF115 pages / 1,531 kb
A Framework for the Pursuit of Price Stability
William J. McDonough
Inflation Targeting: Lessons from Four Countries
Frederic S. Mishkin and Adam S. Posen

In recent years, a number of central banks have chosen to orient their monetary policy toward the achievement of numerical inflation targets. This study examines the experience of the first three countries to adopt an inflation-targeting strategy—NewZealand, Canada, and the United Kingdom. It also considers the German experience with a monetary targeting scheme that incorporated many elements of inflation targeting even earlier. The authors find that the countries adopting a numerical inflation target have successfully maintained low inflation rates. Other benefits of inflation targeting include increased central bank accountability, heightened public understanding of monetary policy, and an improved climate for economic growth.
IntroductionPDF2 pages / 44 kb
Part I. The Rationale for Inflation TargetingPDF5 pages / 130 kb
Part II. Design Issues in the Implementation of Inflation TargetsPDF3 pages / 71 kb
Part III. German Monetary Targeting: A Precursor to Inflation TargetingPDF14 pages / 196 kb
Part IV. New ZealandPDF16 pages / 399 kb
Part V. CanadaPDF20 pages / 465 kb
Part VI. United KingdomPDF15 pages / 364 kb
Part VII. How Successful Has Inflation Targeting Been?PDF6 pages / 181 kb
Part VIII. Conclusions: What Have We Learned?PDF4 pages / 109 kb
EndnotesPDF7 pages / 195 kb
ReferencesPDF6 pages / 195 kb
Volume 3, Number 2July
Download full bookPDF107 pages / 1,420 kb

Creating an Integrated Payment System: The Evolution of Fedwire
Adam M. Gilbert, Dara Hunt, and KennethC.Winch

The Round-the-Clock Market for U.S. Treasury Securities
Michael J. Fleming

Market Returns and Mutual Fund Flows
Eli M. Remolona, Paul Kleiman, and DebbieGruenstein

The Evolving External Orientation of Manufacturing: Profile of Four Countries
José Campa and Linda S. Goldberg

Credit, Equity, and Mortgage Refinancings
Stavros Peristiani, Paul Bennett, GordonMonsen, RichardPeach, and JonathanRaiff

Volume 3, Number 1February
Download full bookPDF130 pages / 638 kb
The Metropolitan Economy in the National and WorldArenas
Proceedings of a Conference Held at the Federal Reserve Bank of NewYork in November1996