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Global stagflation
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2022
Persistent link: https://www.econbiz.de/10013262657
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The Imbalances of the Bretton Woods System 1965 to 1973 : U.S. Inflation, the Elephant in the Room
Bordo, Michael D. - 2018
This paper argues that the key deep underlying fundamental for the growing international imbalances leading to the collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by expansionary fiscal and monetary policies—the elephant in...
Persistent link: https://www.econbiz.de/10012906267
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Crunch Time : Fiscal Crises and the Role of Monetary Policy
Greenlaw, David - 2013
Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...
Persistent link: https://www.econbiz.de/10013077956
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
Persistent link: https://www.econbiz.de/10013223567
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Federal Reserve Policy and Bretton Woods
Bordo, Michael D.; Humpage, Owen - 2021
During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the...
Persistent link: https://www.econbiz.de/10013224132
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The aftermath of debt surges
Kose, M. Ayhan; Ohnsorge, Franziska; Reinhart, Carmen M.; … - 2021
Persistent link: https://www.econbiz.de/10012617494
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Is Monetary Policy Effective During Financial Crises?
Mishkin, Frederic S. - 2010
This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary...
Persistent link: https://www.econbiz.de/10012757933
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Inflation during the pandemic : what happened? what is next?
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2021
Persistent link: https://www.econbiz.de/10012588342
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How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession
Bordo, Michael D.; Duca, John V. - 2021
In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...
Persistent link: https://www.econbiz.de/10013234066
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Monetary Policy in a Financial Crisis
Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge E. - 2021
What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what … ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time … the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a …
Persistent link: https://www.econbiz.de/10013248087