Journal of Money, Credit, and Banking

Editors

Paul Evans, The Ohio State University
Mark J. Flannery, University of Florida
Kenneth D. West, University of Wisconsin, Madison

Advisory Board

Allen N. Berger, Board of Governors of hte Federal Reserve System
Ben Bernanke, Princeton University
Olivier Blanchard, Massachusetts Institute of Technology
John Y. Campbell, Harvard University
Stephen G. Cecchetti, The Ohio State University
Douglas W. Diamond, University of Chicago
Benjamin M. Friedman, Harvard University<
Bennett T. McCallum, Carnegie-Mellon University
Maureen O'Hara, Cornell University
Raghuram Rajan, University of Chicago
Anthony Saunders, New York University<

Associate Editors

Andrew B. Abel
George J. Benston
Mark Carey
Mario Crucini
Wouter den Haan
Martin Eichenbaum
Barry Eichengreen
Robert P. Flood,
Timothy S. Fuerst
Jeffrey C. Fuhrer
Marvin Goodfriend
Gary Gorton
James D. Hamilton
John Heaton
Patricia H. Hendershott
Donald D. Hester
Joel F. Houston
Peter N. Ireland
George C. Kanfman
Kenneth N. Kuttner
David E.W. Laidler
Kern K. Lewis
Deborah J. Lucas
Loretta J. Mester
Frederic S. Mishkin
Charles R. Nelson
David H. Papell
Jonathan A. Parker
George Pennacchi
Manju Puri
David Romer
Anthony Santomero
Thomas R. Saving
Anna J. Schwartz
Phillip E. Straham
Stephen J. Turnovsky
Gregory F. Udell
Neil Wallace
Carl Walsh

Referees

Brent W. Ambrose
William A. Barnett
Nicoletta Batini
Michael D. Bordo
Harold J. Brumm
Wea-Ya Chang
Thomas Chemmanw
Gordon W. Crawford
Dean Crowshore
William J. Crowder
Mario J. Crucini
Rubens Penha Cysne
Selva Demiraly
Erica Detregiache
MIchael B. Devereux
RObert DeYoung
Donald H. Dukowsky
David Eagle
Gary Ferrier
Mark D. Flood
Michael C. Fratanoni
Jeffrey H. Fuhrer
Haas Genherg
Graeme Guthrie
Richard S. Grossman
Jean Helwege
Joel Houston
Kyungho Jang
Eslyn Jean-Baptisite
Ryo Kato
John W. Keating
Miles S. Kimball
Kenneth Kuttner
Siman H. Kwan
Boang Soo Lee
Ross Levine
David J. Longwarch
Maria Soledad Martinez-Perez
Akito Matsumoto
Peter McAdam
John H. McDermott
Paul Mizen
Theodore Palivos
Joe Peek
Stavros Peristiani
Manju Puri
Helene Rey
Richard Rosen
Huntley Schaller
Apostolos Serletis
Soria Soreseu
Charles Steindel
Eric Swanson
Angel Ukide
Caroluine van Rickeghem
Ping Wang
Karl Whelan
James A. Wilcox