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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
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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
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Learning about monetary policy rules
Bullard, James; Mitra, Kaushik - Federal Reserve Bank of St. Louis - 2002
We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this area is that policymakers should be relatively...
Persistent link: https://www.econbiz.de/10005352838
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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
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Death of a theory
Bullard, James - Federal Reserve Bank of St. Louis - 2012
"Death of a Theory," presented in St. Louis. January 13, 2012.
Persistent link: https://www.econbiz.de/10010727311
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Sneak preview: death of a theory
Bullard, James - Federal Reserve Bank of St. Louis - 2012
"SNEAK PREVIEW: Death of a Theory." Presented at the Korea-America Economic Association, Chicago, Illinois. January 7, 2012.
Persistent link: https://www.econbiz.de/10010727349
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The value of inside and outside money: expanded version
Bullard, James; Smith, Bruce D. - Federal Reserve Bank of St. Louis - 2001
inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …
Persistent link: https://www.econbiz.de/10005360600
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The value of inside and outside money
Bullard, James; Smith, Bruce D. - Federal Reserve Bank of St. Louis - 2001
inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …
Persistent link: https://www.econbiz.de/10005360633
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Private and public circulating liabilities
Azariadis, Costas; Bullard, James; Smith, Bruce - Federal Reserve Bank of St. Louis - 2000
, either by themselves, or alongside a stock of outside money. In each case we provide results on the existence and …
Persistent link: https://www.econbiz.de/10005352978
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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