Journal of Money, Credit & Banking articles

Recent articles from Journal of Money, Credit & Banking

Daily changes in fed funds futures prices.
June 1, 2009... THE FEDERAL FUNDS rate is of considerable interest in economics and finance, both because it defines the shortest end of the term structure (the overnight rate being the shortest-maturity U.S. asset traded) and because it is the rate directly targeted and controlled by the Federal Reserve....

Uncovering the hit list for small inflation targeters: a Bayesian structural analysis.
June 1, 2009... IN THE RECENTLY POPULAR CLASS of dynamic stochastic general equilibrium (DSGE) models, private economic agents such as consumers and firms are often modeled as optimizing decision makers. However, central bank behavior is typically described by a reduced-form monetary policy rule rather than...

Monetary policy in a forward-looking input-output economy.
June 1, 2009... Recent years have witnessed significant innovations in monetary policy as many central banks have adopted inflation targeting as their objective. Bernanke et al. (1999) and King (2005) have noted that, in general, countries that have adopted inflation targeting have been able to draw down...

Which microfinance institutions are becoming more cost effective with time? Evidence from a mixture model.
June 1, 2009... MICROFINANCE INSTITUTIONS, OR MFIs, serve as important providers of credit to poorer borrowers and thus can play a significant role in programs to alleviate poverty and promote economic opportunity in nations around the world (Morduch 1999a, Zohir and Matin 2004). These institutions make...

Do mergers improve information? Evidence from the loan market.
June 1, 2009... THE UNPRECEDENTED MERCER wave observed in the last decade is reshaping the corporate landscape in most countries, in mature and innovative sectors alike. According to Thomson Financial, between 1990 and 2001 there were 54,143 M&As in the major industrial countries, with total value equal to...