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Sticky Prices Versus Monetary Frictions : An Estimation of Policy Trade-offs

Aruoba, S. Boragan - 2009

bilateral exchanges for which money is essential. The model is estimated and evaluated based on postwar U.S. data. We document … its money demand properties and determine the optimal long-run inflation rate that trades off the New Keynesian distortion … against the distortion caused by taxing money and hence transactions in the decentralized market. Target rates of -1% or less …

Persistent link: https://www.econbiz.de/10012463778

Inflation, Monetary Policy and Stock Market Conditions

Bordo, Michael D. - 2008

This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. We estimate a latent variable VAR to examine how macroeconomic and policy shocks affect the condition of the stock market. Further, we examine the...

Persistent link: https://www.econbiz.de/10012464627

Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms

Bordo, Michael D. - 2004

, productivity, the price level, money and credit stocks during each episode. Two booms stand out in terms of their length and rate … consistent relationship between inflation and stock market booms, though booms have typically occurred when money and credit …

Persistent link: https://www.econbiz.de/10012467986

Was the Great Depression a Watershed for American Monetary Policy?

Calomiris, Charles W. - 1997

The Great Depression changed the institutions governing monetary policy. These changes included the departure from the gold standard, an opening of a a new avenue for monetizing government debt, changes in the structure of the the Federal Reserve System, and new monetary powers of the Treasury....

Persistent link: https://www.econbiz.de/10012472858

Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System

Jaremski, Matthew S. - 2015

Established by a three person committee in 1914, the structure of the Federal Reserve System has remained essentially unchanged ever since, despite criticism at the time and over ensuing decades. With Congress now considering reforms to the System, this paper examines the original selection of...

Persistent link: https://www.econbiz.de/10012457116

The Great Inflation : Did the Shadow Know Better?

Poole, William - 2011

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Persistent link: https://www.econbiz.de/10012461747