Similar Search Results

Romer, Christina D. - 1994

This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...

Persistent link: https://www.econbiz.de/10012474154

The Evolution of Economic Understanding and Postwar Stabilization Policy

Romer, Christina D. - 2002

functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the … economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve …'s internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the …

Persistent link: https://www.econbiz.de/10012469435

Monetary Policy and the Well-Being of the Poor

Romer, Christina D. - 1998

This paper investigates monetary policy's influence on poverty and inequality in both the short run and the long run. We find that the short-run and long-run relationships go in opposite directions. The time-series evidence from the United States shows that a cyclical boom created by...

Persistent link: https://www.econbiz.de/10012472020

Federal Reserve Private Information and the Behavior of Interest Rates

Romer, Christina D. - 1996

Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal Reserve and commercial inflation forecasts. We...

Persistent link: https://www.econbiz.de/10012473150

Institutions for Monetary Stability

Romer, Christina D. - 1996

importantly, from imperfect understanding of the economy and the effects of policy. Using recent and historic episodes from the …

Persistent link: https://www.econbiz.de/10012473291

Credit Channel or Credit Actions? An Interpretation of the Postwar Transmission Mechanism

Romer, Christina D. - 1993

This paper shows that the disproportionate impact of tight monetary policy on banks' ability to lend is largely the consequence of Federal Reserve actions aimed at reducing bank loans directly, rather than an inherent feature of the monetary transmission mechanism. We provide two types of...

Persistent link: https://www.econbiz.de/10012474460

Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz

Romer, Christina D. - 1989

This paper uses the historical record to isolate episodes in which there were large monetary disturbances not caused by output fluctuations. It then tests whether these monetary changes have important real effects. The central part of the paper is a study of postwar U.S. monetary history. We...

Persistent link: https://www.econbiz.de/10012476082

A New Data Set on Monetary Policy : The Economic Forecasts of Individual Members of the FOMC

Romer, David H. - 2009

This paper describes a new data set of the forecasts of output growth, inflation, and unemployment prepared by individual members of the Federal Open Market Committee. The paper discusses the scope of the data set, possibilities for extending it, and some potential uses. It offers a preliminary...

Persistent link: https://www.econbiz.de/10012463441

The FOMC versus the Staff : Where Can Monetary Policymakers Add Value?

Romer, Christina D. - 2008

Should monetary policymakers take the staff forecast of the effects of policy actions as given, or should they attempt to include additional information? This paper seeks to shed light on this question by testing the usefulness of the FOMC's own forecasts. Twice a year, the FOMC makes forecasts...

Persistent link: https://www.econbiz.de/10012464897

Choosing the Federal Reserve Chair : Lessons from History

Romer, Christina D. - 2003

economy functions and what monetary policy can accomplish. When the Federal Reserve chairman and other policymakers have … cannot stimulate a depressed economy or that slack is ineffective in reducing inflation, as was the case in the 1930s and the …

Persistent link: https://www.econbiz.de/10012468533