The Federal Reserve Bank of St. Louis publishes the current, preliminary research of staff economists, in some cases conducted in collaboration with outside economists. These research papers are circulated to stimulate discussion and critical comment. The content covers a wide range of categories, such as monetary theory and policy, macroeconomics, banking and finance, payment systems, and international, national, and regional economics. The views expressed in these research papers are those of the authors and do not necessarily reflect the positions of the Federal Reserve Bank of St. Louis or the Federal Reserve System.
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