Economic Commentary
Providing you with in-depth analysis of current economic and financial issues.
1980
- December 15, 1980
- The Pricing of Float and an Efficient Payments Mechanism
- This Economic Commentary examines the pricing of float and the related issue of the efficiency of the payments mechanism. (PDF)
- December 1, 1980
- How Should Banking Markets Be Delineated?
- This Economic Commentary discusses the theory of banking markets and examines the two basic approaches in delineating market areas. The analysis indicates that the supply-and-demand approach is preferable to the service-area approach, from both theoretical and practical standpoints. (PDF)
- October 20, 1980
- Municipal Finance in Ohio
- To provide a better perspective of recent budget adjustments, this Economic Commentary examines the budget performance of Ohio’s state and local governments between 1962 and 1978. (PDF)
- October 6, 1980
- Repricing Payments and Incentives for the Development of Electronic Funds Transfer
- Electronic funds transfer (EFT) is widely regarded as the technology that could replace paper and assure a more efficient payments industry. The Depository Institutions Deregulation and Monetary Control Act of 1980 has made sweeping modifications in the regulatory structure that may finally allow this market test to proceed by removing barriers both to competition among depository institutions as well as to rational pricing of payment services. The extent to which that test is likely to take place is the subject of this Economic Commentary. (PDF)
- September 8, 1980
- The Productivity Slowdown: Is Oil the Culprit?
- One of the most controversial topics debated in the United States today is the dramatic fall in productivity growth in recent years. As such, this Commentary is in basic agreement with the work done by researchers at the Federal Reserve Bank of St. Louis. This is in contrast to the views of most other authors. (PDF)
- August 25, 1980
- State and Local Budgets during Business Contractions
- This Economic Commentary examines the behavior of the state and local sector’s budget during postwar business contractions. (PDF)
- August 11, 1980
- Shifts in the Composition of Fixed Investment In the 1970s
- This Economic Commentary examines the composition of investment, independent of the level of investment, during the 1970s. Data are drawn from a small sample of machinery and equipment firms in the Fourth Federal Reserve District. Investment composition for a “typical firm” is estimated for the periods 1970-73 and 1976-79 and separately for the recession years of 1974-75. (PDF)
- July 28, 1980
- The Consumer Price Index: Concepts, Construction, and Controversy
- This Economic Commentary examines the construction of the Consumer Price Index and explores some of the inherent problems that have prompted the controversy surrounding its use in measuring inflation, particularly during periods of rapidly changing prices. (PDF)
- July 14, 1980
- Competition between Thrift Institutions and Banks In Ohio
- This Economic Commentary examines some changes in the competitive structure of Ohio’s financial markets between 1973 and 1978. The growing strength of thrifts is clearly indicated by a significant increase in their share of deposits at both the state and local levels. In addition, the competitive structure of individual banking markets is examined with and without thrift institutions. (PDF)
- June 30, 1980
- Industrial Structure and Recession In Ohio
- As a means of interpreting the present recession, this Economic Commentary examines the influence of the industrial structure on employment in Ohio during the recessions in 1966-67,1969-70, and 1973-75. (PDF)
- June 16, 1980
- Interest-Rate Futures
- This Economic Commentary examines some of the ways in which financial institutions can use futures markets to minimize interestrate risk and focuses on some of the problems confronting potential hedgers. (PDF)
- June 2, 1980
- Turnabout in U.S. Merchandise Trade
- This Economic Commentary contrasts lasts year’s improvement in the balance of trade with the large adverse swing of the preceding three years. The erticle also exammes the rather uncertain outlook for trade in 1980. (PDF)
- May 19, 1980
- Market Share Gainers and Losers
- This Economic Commentary identifies and explains some factors that contributed to market deposit growth of individual banks during the 1970s. (PDF)
- May 5, 1980
- After Silver and Gold: Some Sober Thoughts on Speculative Bubbles
- Speculative bubbles often cause widespread economic disruption, both when prices soar and when they crash. Can speculative bubbles be prevented? (PDF)
- April 7, 1980
- Reappraising the Economic Outlook for 1980
- An uncertainty that clouds most forecasts is the marked change in consumer spending-saving behavior. Another economic uncertainty discussed by the round-table economists concerns the rearmament program. (PDF)
- March 24, 1980
- Inflation and Cost-of-Living Adjustment Clauses
- Inflation has played a major role during the past few years in determining the substance and form of collective bargaining agreements. This Economic Commentary examines the inituences of inflation on negotiated settlements, with special emphasis on cost-of-living adjustment clauses. (PDF)
- March 3, 1980
- The New Aggregates, Economic Activity, and Monetary Policy
- For a number of decades, economists have questioned traditional distinctions between money and other liquid assets and between commercial banks and other financial intermediaries. Over time these distinctions have become increasingly blurred. Yet there are fundamental differences in regulatory treatment of commercial banks and other financial intermediaries. (PDF)
- February 25, 1980
- Fiscal 1981 Budget Recommendations
- This Economic Commentary summarizes the president’s budget, highlighting the many uncertainties surrounding the estimates; it then places postwar budget trends in perspective. (PDF)
- February 11, 1980
- Sector Contributions to Recession
- Through the fall of 1979, a surprisingly resilient economy time-and-again forestalled an announcement that a recession was upon us. (PDF)
- January 28, 1980
- The Surge in Gold Prices
- In the past several months the price of gold has soared to unprecedented heights, creating a maelstrom of activity in the gold market. This Commentary discussesreasons for the price surge, sources and uses of gold, the relationship of old to U.S. money, the impact of gold prices on inflation and economic activity, and the uitability of gold asan investment. (PDF)