By continuing to browse this site you agree to us using cookies as described in About Cookies
Notice: Wiley Online Library will be unavailable on Saturday 7th Oct from 03.00 EDT / 08:00 BST / 12:30 IST / 15.00 SGT to 08.00 EDT / 13.00 BST / 17:30 IST / 20.00 SGT and Sunday 8th Oct from 03.00 EDT / 08:00 BST / 12:30 IST / 15.00 SGT to 06.00 EDT / 11.00 BST / 15:30 IST / 18.00 SGT for essential maintenance. Apologies for the inconvenience.
An earlier draft of this paper was prepared while I was an economist with the Federal Reserve Bank of New York. The views expressed, however, are my own and not those of that institution. I wish to express appreciation for helpful comments by two of my former colleagues at the Bank, Jack Guttentag and Haskell Wald; my colleagues at Michigan State University, especially Carl Brehm, Herbert Kisch, Abba Lerner, and Thomas Mayer, have also made helpful comments. Finally, I wish to thank Moody's Investors Service for the assistance they gave. I alone, of course, am responsible for any errors which may remain.