Publications

Policy Credibility and the Design of Central Banks
Roberto Chang
In recent years several countries have granted greater independence to their central banks; others have made price stability the only objective of monetary policy. These two trends can be seen as social responses to a fundamental problem of central bank credibility called the time inconsistency of monetary policy.

A Dynamic Multivariate Model for Use in Formulating Policy
Tao Zha
This article presents a forecasting model that seems to overcome conceptual and empirical difficulties encountered in other models and promises to provide policymakers with a more useful tool for anticipating policy effects.

The Rise of Risk Management
J. David Cummins, Richard D. Phillips, and Stephen D. Smith
This article provides a review of the rationales concerning why corporations might engage in risk-management practices.

The Impact of Fraud on New Methods of Retail Payment
William Roberds
This article considers how certain features of new forms of payment differ from more traditional forms and whether these features will detract from marketplace acceptance of the new media.