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Economic Review

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Volume 91, Number 3
Third Quarter 2006

One Proxy at a Time: Pursuing Social Change through Shareholder Proposals
Paula Tkac
This article provides a rare examination of socially responsible investors, using a comprehensive data set to categorize the investors and identify their objectives and the firms they target.


How Resilient Is the Modern Economy to Energy Price Shocks?
Rajeev Dhawan and Karsten Jeske
Using a model that incorporates energy use into the production function, the authors explore why energy price hikes had vastly different effects on economic growth from 1970 to 1985 than they have today.

The Federal Home Loan Bank System: The “Other” Housing GSE
Mark J. Flannery and W. Scott Frame
Recent financial and accounting difficulties at some Federal Home Loan Banks (FHLBs) caught many observers off guard. This article analyzes differences in the FHLBs’ risk-taking incentives versus Fannie Mae’s and Freddie Mac’s.
Official Dollarization and the Banking System in Ecuador and El Salvador
Myriam Quispe-Agnoli and Elena Whisler
Ecuador officially dollarized in 2000 to help alleviate an economic and banking crisis, while El Salvador dollarized in 2001 to enhance already successful reforms. This article examines whether dollarization has brought the benefits expected.


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