The paper develops a monetary endogenous growth model of a financially repressed small open economy, characterized by curb markets, capital mobility, transaction costs in domestic and foreign capital markets, and a flexible exchange rate system, to analyze the impact of financial liberalization...

Although there is only one national monetary policy, that does not mean that monetary policy does not affect some regions of the country more than others. We know that business cycles differ across states and regions, and a number of studies have examined how monetary policy may affect regions...

The popular press would lead us to believe that during the stock market boom of the 1990s just about everyone was buying and selling bonds every day. In fact, evidence shows that most households make only infrequent changes to their investment portfolios. "In The Role of Market Segmented Markets...

President Santomero reviews both the areas of agreement and those open to debate and offers his perspective on them. He concludes with some thoughts about the implications for the conduct of monetary policy.

Do monetary policy actions have a uniform national effect? Or do the separate, but interdependent, regions of the country respond differently to changes in policy? In this article, Jerry Carlino and Bob DeFina demonstrate that monetary policy does have differential effects across regions. They...