Salary Inversion in Business Schools: Does a Rising Tide Lift All Boats?

The paper analyzes AACSB salary survey information from 1979 to 2008. The question addressed in this analysis is whether salary inversion is widespread across the three business disciplines of accounting, economics, and finance. We find limited evidence of mean level inversions, which is concentrated in recent years. Stochastic dominance methods confirm these results. We also develop a measure of salary dominance based on comparing the distribution of reported salaries. This statistic shows a significant trend towards salary inversion in finance and accounting

The Federal Reserve Amendments of 1917: The Beginning of a Seasonal Note Issue Policy.

The Federal Reserve adopted a policy of smoothing the seasonal behavior of interest rates after the amendments of 1917. These amendments reduced the "collateral" requirements for notes issued and thereby increased note issue capability. Notes in circulation more than doubled from June to December 1917. These amendments were passed to assist with war-related financing as their timing coincided with the entry of the United States into World War I. The smoothing of interest rates seasonals between 1914 and 1917 was not due to the founding of the Federal Reserve System, but rather to trade-related gold flows. Copyright 1991 by Ohio State University Press.