The Bernanke-Blinder credit-view model is expanded to encompass a small, open economy with fixed exchange rates. In contrast to conventional wisdom and traditional models, monetary policy is resurrected as a stabilization tool. We show that various financial sector shocks have real aggregate...

The Federal Election Campaign Act as passed in 1971 and amended in 1974 represented landmark federal legislation. It imposed new restrictions on campaign contributions and contained path-breaking provisions for the use of public funds to partially finance the campaigns of qualifying presidential...

The Bernanke-Blinder credit-view model is expanded to encompass a small, open economy with fixed exchange rates. In contrast to conventional wisdom and traditional models, monetary policy is resurrected as a stabilization tool. Further, various financial sector shocks are shown to have real...

The Mundell-Fleming model is expanded to include a "credit channel" by adding a market for bank loans. In contrast to the predictions of the traditional Mundell-Fleming model, asset shifts in bank portfolios between bonds and bank loans produce aggregate demand effects in our credit-channel...

This paper investigates the hypothesis that economic growth is affected by banking structure and fiscal policies. We use data from the 48 contiguous states for the period 1950–1980 aggregated into six five-year time periods, primarily to test the effect of the following factors on growth of...