The fact that many companies have a long track record of consistent dividend increases suggests that managers believe …
Number 4, Fall 2019
Two Modes of Investment Banking: Technocrats, Relationship Managers, and Conflict
Efficient capital allocation in a market economy depends on the exchange of reliable information between providers of capital …
The Reference-Driven College Paper
(Or Why Your Students Should Read the JACF) The main objective of college finance courses should be critical …
Will Blockchain Be a Big Deal? Reasons for Caution
The initial enthusiasm for implementing blockchain in financial markets has been dampened considerably by its collision with economic …
FinTech, BigTech, and the Future of Banks
Banks are unique financial institutions in that they combine the production of liquid claims—that is, demand deposits—with loans. …
Monetary Policy Implementation: Making Better and More Consistent Use of...
Since December 2015, the Federal Reserve has operated a new “floor system” in which it brings about desired …
The Strange and Futile World of Trade Wars
U.S. President Donald Trump has a misguided, mercantilist view of international trade. He believes that an external (or …
The Fed’s Communications: Suggestions for Improvement
The chief economist of Berenberg Capital Markets proposes three broad ways of improving the Fed’s communications: (1) establish …
The Great Crash of 1929: A Look Back After 90...
The Great Crash of 1929 ranks among the climactic events of the last century, apparently heralding the beginning …
How to Promote Fed Independence: Perspectives from Political Economy and...
In two short histories of the independence of the U.S. Federal Reserve Bank since its creation in 1913—the …