[...]Our first suggestion is to reduce the fragmentation oftrading in STRIPS by assigning the same CUSIP number to allSTRIPS maturing on a common date—thus making thoseSTRIPS fungible with each other. In addition to enhancing theliquidity of the STRIPS market, this action would ensure...

In the field of housing economics, there is a long traditionof evaluating housing outcomes for the entire populationand various subgroups by tracking four key variables, orconcepts: the physical adequacy of the occupied housingunit, the number of people living in the unit relative to thenumber...

[...]In this paper, we update this affordability debateusing data from the 1990s. We follow Gyourko and Linneman(1993) in addressing the affordability issue by asking asimple question: Is a home of a given quality from ten ortwenty years ago more or less affordable today to a householdsimilarly...

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

[...]The New York City Social Indicators Survey (SIS)project represents one effort to track the consequences ofpolicy reform and devolution for inequality and well-beingin the largest and most diverse city in the United States.The project uses a telephone survey to collect data from arepeated...

The second half of the 1990s has seen substantialchanges in the wealth of Americanhouseholds, primarily owing to movements inthe stock market. From mid-1994 to mid-1997, the aggregate value of household sector equityholdings (including those owned by nonprofits, mutualfunds, and pensions and...

[...]The purpose of this article is to develop a clearerpicture of the importance of payments services to the bankingindustry. This goal is served by taking a broad view of thepayments business and analyzing information provided bylarge bank holding companies (BHCs) in their annualreports. BHCs...

[...]In this article, we provide insight into the policyaspects of this informational time decay by assessing howthe length of time between bank examinations affects thequality of information available to supervisors. For thesepurposes, we define the quality of information in terms ofhow...

[...]We address several questions in this paper. First,how could macro markets be useful to the average person?Second, how large are the potential benefits from diversificationif these markets were to be introduced andused optimally? Third, can existing financial marketsachieve a similar degree...

[...]This article examines how Japanese exporters areresponding to the conflicting objectives of maintainingstable profit margins and stable export sales when the valueof the yen fluctuates. We find that Japanese firms tend tostrike a balance between these goals. The firms’ foreigncustomers do...