Their findings should be treated carefully, however, as analysis by the staff of the Federal Reserve Board suggests that modest changes in methodology, such as lengthening the sample period, correcting for small-sample bias, or changing  BIS Review 29/2007  1  is not just a U.S. phenomenon, as some studies have found similar results for a number of other countries.
3  (I might proudly note in passing that the staff of the Federal Reserve System is responsible for much of this research. To avoid boring you, I will refrain from providing references to this research, but the version on this speech on the Board’s web site will include this information and will provide a more nuanced discussion of these results.)