Showing papers by "Federal Reserve Bank of St. Louis published in 1984"
TL;DR: In this article, the authors examine US macroeconomic data, 1947-1980, and conclude that declining oil and energy prices are not a business cycle phenomenon; indeed, the evidence offers support for the reverse causation -that energy prices cause business cycles.
6 citations
4 citations
TL;DR: The risk premium hypothesis suggests that absolute changes in short-term interest rates will be larger if the unanticipated component of the Federal Reserve's weakly money supply announcement is positive as mentioned in this paper.
3 citations
TL;DR: This paper showed that Almon's (1965) endpoint constraints do not constrain the endpoints, as commonly thought, and that these constraints have neither a basis in economic theory nor the econometric justification frequently ascribed to them.
Abstract: In this paper, we show that Almon's (1965) endpoint constraints do not constrain the endpoints, as commonly thought. In particular, the endpoints are not constrained to equal zero. Consequently, these constraints have neither a basis in economic theory nor the econometric justification frequently ascribed to them.
3 citations
TL;DR: In this article, the statistical importance and forecasting performance of a term structure money demand equation relative to two competing specifications is compared. And the evidence indicates that the term structure specification is preferred to one using a long-term interest rate, but not a short-term rate.
1 citations
TL;DR: The authors found that the variability of Japan's monetary targets is inversely related to the variability in U.S. M1, which is not the case in the case of foreign money growth.