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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

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

Discussion of Australia's Prosperous 2000s: Housing and the Mining Boom

Richardson, Chris - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10009385675

Australia's Prosperous 2000s: Housing and the Mining Boom

Kearns, Jonathan; Lowe, Philip - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10009385678

Australia's Prosperous 2000s: Housing and the Mining Boom

Kearns, Jonathan; Lowe, Philip - Reserve Bank of Australia - 2011

The 2000s was a particularly eventful decade for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and, Australia...

Persistent link: https://www.econbiz.de/10009393020

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

Wrap-up Discussion

Edwards, John; Gruen, David; Quiggin, John - Reserve Bank of Australia

Persistent link: https://www.econbiz.de/10009385685

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