Monetary Policy in East Asia: Common Concerns
By: Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy

IMES Discussion Paper Series 2007-E-18, September 2007. This paper was prepared for presentation at the Fourteenth International Conference of the Bank of Japan, "Growth, Integration and Monetary Policy in East Asia," Institute for Monetary Economic Studies, Bank of Japan, Topkyo, Japan, May 30-31, 2007.

Summary:
East Asia is home to a diverse collection of economies ranging in size from the largest countries to the smallest city states. The regional economies are in various stages of two great transitions--from central planning or extensive regulation to a reliance on markets, and from the use of traditional production processes to the application of modern industrial techniques.

The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice
By: Marvin Goodfriend, Professor of Economics; Chairman, The Gailliot Center for Public Policy

Federal Reserve Bank of St. Louis Review, March/April 2005, 87 (2, Part 2), pp. 243-62.

Summary:
Monetary theory and policy have been revolutionized in the two decades since October 1979, when the Federal Reserve under the leadership of Paul Volcker moved to stabilize inflation and bring it down. (Read more)

Lessons from the Failure of U.S. Electricity Restructuring
By: Seth A. Blumsack, Jay Apt and Lester Lave

The Electricity Journal, Vol. 19, Issue 2, 2006, pp. 15-32

Summary:
Blind faith is unlikely to produce a free market that is competitive.

Cofinancing To Manage Risk in the Motion Picture Industry
By: Phillip Leslie and Ronald L. Goettler

Journal of Economics & Management Strategy, Vol. 14, No. 2, Summer 2005, 231-261.

Summary:
Cofinancing is a term used in the movie industry to describe films for which multiple firms share the cost of production and revenues. We find that one-third of movies produced by major studios between 1987 and 200 are cofinanced.

Mutual Fund Flows and Performance in Rational Markets
By: Jonathan B. Berk and Richard C. Green

Journal of Political Economy, 2004, Vol. 112, No. 6

Summary:
We derive a parsimonious rational model of active portfolio management that reproduces many regularities widely regarded as anomalous. Fund flows rationally respond to past performance in the model even though performance is not persistent and investments with active managers do not outperform passive benchmarks on average.