Showing 1 - 8 of 8
held, and of the amount held abroad. Most macroeconomic models that address the role of outside money as a determinant of …
Persistent link: https://www.econbiz.de/10005352832
This paper presents a new method to estimate the amount of U.S. currency held abroad. The method exploits the fact the Federal Reserve System is the major processor of currency for depository institutions. The method exploits differentials across denominations in the ratios of shipments to...
Persistent link: https://www.econbiz.de/10005352909
Persistent link: https://www.econbiz.de/10003765665
Persistent link: https://www.econbiz.de/10003344534
The rational expectations revolution made clear that a complete macro model requires a specification of the government's economic policy. We argue that monetary policy should be conducted in such a way that the market can predict policy actions. An implication of market success in predicting...
Persistent link: https://www.econbiz.de/10005360639
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/10005352943
The analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an "effective monetary policy," monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.
Persistent link: https://www.econbiz.de/10005707702
This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...
Persistent link: https://www.econbiz.de/10005490991