A deterioration in the link between the M2 monetary aggregate and GDP, along with large errors in predicting M2 growth, led the Board of Governors to downgrade the M2 aggregate as a reliable indicator of monetary policy in 1993. In this paper, we argue that the financial condition of depository...

Discount window borrowing is an important source of liquidity for depository institutions. This article estimates the demand for adjustment credit of 240 commercial banks during 1981-90. By focusing on the borrowing behavior of individual banks, the authors are able to clarify some anomalies...

The growth of the European financial markets, together with the new, stricter regulations on the US financial markets, has spurred a debate over the competitiveness of the US financial markets. In this paper, we contribute to this debate by investigating the relative competitiveness of the US...

Differences between large and small banks' net purchase behavior in the (uncollaterized) federal funds and (collateralized) repurchase agreements markets are documented. The larger a bank's asset size, the larger, ceteris paribus, its Federal Funds purchases. The threshold-asset size is in the...

A large fraction of the companies that went private between 1990 and 2007 were fairly young public firms, often with the same management team making the crucial restructuring decisions both at the time of the initial public offering (IPO) and the buyout. Why did these public firms decide to...

In the wake of the dot.com collapse, investor sentiment toward initial public offerings (IPOs) has turned negative. To many investors, IPOs have come to symbolize the insider abuses and stock market excesses of the Internet bubble period; to others, investing in IPOs is inherently fraught with...