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In this issue:

  • Upfront: The Myth of the Lock-in Effect
  • Past Performance, Future Results?
  • The Fed’s First (and Lasting) Job: Lender of Last Resort
  • How and Why the Fed Must Change in Its Second Century
  • What Can US History Tell Us About the European Union’s Prospects for Survival?
  • The Evolution of the Bank Examiner
  • Policy Watch: Better Housing Policies
  • Hot Topic: What Is the Beige Book?
  • Interview with Barry Eichengreen
  • Book Review: Here’s the Deal