Vol. 83, No. 3
Third Quarter 1998
Competitiveness and Price Setting in Dealer Markets
Lucy F. Ackert and Bryan K. Church
This article explores the Nasdaq pricing controversy in light of economic theory and evidence of alleged collusion.
How Powerful Is Monetary Policy in the Long Run?
Marco A. Espinosa-Vega
This article reexamines the view that monetary policy affects real (inflation-adjusted) economic variables in the short run but that its powers fade quickly in the long run (that is, that money is long-run superneutral).
Credit Union Issues
Aruna Srinivasan and B. Frank King
This article attempts to provide a basis for thinking about current credit union issues. It outlines the origins of credit unions' special legal status as attempts to solve problems such as limited information about individual borrowers who could provide no security and costly procedures for collecting unsecured debt.
The Federal Government's Budget Surplus: Cause for Celebration?
Gerald P. Dwyer Jr. and R.W. Hafer
This article discusses the importance of going beyond the budget deficit to consider both spending and taxes when analyzing the federal government's budget.