The growing reluctance to borrow at the discount window: an empirical investigation

Article Abstract:

The reluctance of banks to borrow adjustment credit from the discount window as a result of the Federal Reserve Systems' imposition of formal guidelines has weakened the demand for borrowed reserves during the 1980s. Federal Reserve Regulation A, which was introduced to ensure that borrowed reserves are used for appropriate purposes, imposes a nonprice mechanism that forces banks to exercise greater prudence in borrowing from the discount window. The growing reluctance of banks to borrow can be attributed to their declining financial position during that period.

Banking Regulation, Loans Regulation, Research, Banking industry, Laws, regulations and rules, Finance, United States. Federal Reserve Board, Discount (Finance), Loans, Government lending

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Estimating the effect of racial discrimination on first job wage offers

Article Abstract:

A technique for evaluating the impact of labor market discrimination on the differences in labor compensation has been developed and tested. The methodology is derived from a two-sided, search-matching model that takes into consideration such factors as unobserved offered wages and unobserved heterogeneity. The results of the tests suggest that the entire difference in racial-wage offer for high-school graduates and high-school dropouts can be accounted for by discrimination.

Wages & Hours Regulation, Social aspects, Economic aspects, Labor law, Wages, Wages and salaries, Racism, Race discrimination, Discrimination

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Near unit roots and the predictive power of yield spreads for changes in long-term interest rates

Article Abstract:

The usual rejection of the notion that yield spread analysis has the ability to predict changes in long-term interest, as implied by the expectations hypothesis, is examined. The rejection is believed to be due to the high persistence in the spread that occurs with the use of standard inference. The use of the asymptotically valid technique designed by Cavanagh et al. has resulted in the acceptance of the analysis put forward by the expectations hypothesis.

Banking Regulation NEC, Methods, Forecasts and trends, Interest rates, Yield-line analysis, Yield line analysis, Interest rate futures

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