federal reserve bank of st. louis - impact of changing economic conditions … · 2019. 3. 18. ·...

25
WORKING PAPER SERIES Impact of Changing Economic Conditions on Life Insurance Companies Roger W. Spencer and Michael J. Heppen Working Paper 1969-009A http://research.stlouisfed.org/wp/1969/1969-009.pdf March 1969 FEDERAL RESERVE BANK OF ST. LOUIS Research Division 411 Locust Street St. Louis, MO 63102 ______________________________________________________________________________________ The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Photo courtesy of The Gateway Arch, St. Louis, MO. www.gatewayarch.com

Upload: others

Post on 25-Feb-2021

2 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,

WORKING PAPER SERIES

Impact of Changing Economic Conditions on Life Insurance Companies

Roger W. Spencer and

Michael J. Heppen

Working Paper 1969-009A http://research.stlouisfed.org/wp/1969/1969-009.pdf

March 1969

FEDERAL RESERVE BANK OF ST. LOUIS Research Division 411 Locust Street

St. Louis, MO 63102 ______________________________________________________________________________________

The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors.

Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors.

Photo courtesy of The Gateway Arch, St. Louis, MO. www.gatewayarch.com

Page 2: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 3: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 4: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 5: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 6: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 7: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 8: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 9: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 10: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 11: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 12: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 13: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 14: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 15: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 16: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 17: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 18: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 19: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 20: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 21: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 22: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 23: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 24: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,
Page 25: Federal Reserve Bank of St. Louis - Impact of Changing Economic Conditions … · 2019. 3. 18. · Federal Reserve Bank of St. Louis, economic research, Roger W. Spencer, Roger Spencer,