Showing papers by "Federal Reserve Bank of St. Louis published in 1988"
TL;DR: In this paper, it is argued that the recent decline in oil and energy prices is permanent and comparable to the 197374 and 1979-80 energy price shocks, while recently the price has been halved.
109 citations
TL;DR: In this paper, the authors examined whether the agricultural loan ratios of rural subsidiaries of large bank holding companies differ from the ratios of other banks in the same rural counties in each of the years 1975, 1980, and 1985.
Abstract: This article examines whether the agricultural loan ratios of rural subsidiaries of large bank holding companies differ from the ratios of other banks in the same rural counties. In each of the years 1975, 1980, and 1985, the ratio of agricultural loans to total assets is significantly lower for the subsidiaries of large bank holding companies. These results are interpreted as evidence that the subsidiaries of large bank holding companies have greater opportunities to diversify risk by lending to businesses in a variety of industries.
44 citations
TL;DR: In this article, the authors show that the current spot rate is a better predictor of the future spot rate than is the current forward rate of appropriate maturity, and that in general, current spot rates are better predictors of future spot rates than are forward rates.
15 citations
TL;DR: Santoni as discussed by the authors argued that when the Bank of England was privately owned control of the money supply was tighter and inflation lower than under government control, and he also argued that private ownership of the bank of England improved monetary control.
Abstract: Would private ownership of the Bank of England improve monetary control? G. J. Santoni of the Federal Reserve Bank of St Louis argues that when the Bank of England was privately owned control of the money supply was tighter and inflation lower than under government control.