Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...

Banking consolidation, spurred by interstate branching deregulation, is changing markets' competitive structure. Policymakers and regulators have focused on the implications for customers in retail and wholesale markets rather than consolidation's impact on correspondent banking markets (where...

Until this year, Citigroup was the only $1 trillion banking organization in the U.S. Now, there are two more—Bank of America has merged with FleetBoston, and J.P. Morgan Chase is about to complete its merger with Bank One. These megamergers are notable not only for their size but also for the...

Business cycle volatility has fallen in the United States during the past two decades. Trehan (2005) explains some of the possible mechanisms behind our now more stable economy. Some researchers have argued, for instance, that businesses manage inventory better today than in the past, or that...