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Monetary policy: why money matters, and interest rates don’t

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2012

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

Persistent link: https://www.econbiz.de/10010558739

A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

Persistent link: https://www.econbiz.de/10005360567

Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...

Persistent link: https://www.econbiz.de/10005076715

How Long Can the U.S. Consumers Carry the economy on Their Shoulders?

Arestis, Philip; Karakitsos, Elias - EconWPA - 2003

The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and fiscal support and mortgage refinancing have partly offset increased consumer cautiousness. The consumer will remain on a tightrope...

Persistent link: https://www.econbiz.de/10005408134

The efficient market hypothesis and identification in structural VARs

Sarno, Lucio; Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2003

Structural vector autoregression (SVAR) models are commonly used to investigate the effect of structural shocks on economic variables. The identifying restrictions imposed in many of these exercises have been criticized in the literature. This paper extends this literature by showing that if the...

Persistent link: https://www.econbiz.de/10005360546

The conditions for a Sustainable U.S. Recovery: The Role of Investment

Arestis, Philip; Karakitsos, Elias - EconWPA - 2003

The anemic U.S. economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to ….e., the all-time-high indebtedness in the face of falling asset prices) are preventing investment from picking up and are …

Persistent link: https://www.econbiz.de/10005408108

The Case for Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

excess of private savings over investment at the desired level of economic activity. The paper outlines the "functional …

Persistent link: https://www.econbiz.de/10005408077

Reinventing Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of...

Persistent link: https://www.econbiz.de/10005408097

Are government spending multipliers greater during periods of slack? evidence from 20th century historical data

Owyang, Michael T.; Ramey, Valerie A.; Zubairy, Sarah - Federal Reserve Bank of St. Louis - 2013

A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...

Persistent link: https://www.econbiz.de/10011027317

A new federal funds rate target series : september 27, 1982 - december 31, 1993

Thornton, Daniel L. (contributor) - 2005

Persistent link: https://www.econbiz.de/10003342430