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Nominal debt as a burden on monetary policy
Díaz-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Federal Reserve Bank of Chicago - 2004
We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....
Persistent link: https://www.econbiz.de/10005419963
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The case of the undying debt
Velde, François - Federal Reserve Bank of Chicago - 2009
public finances since the 18th century. …
Persistent link: https://www.econbiz.de/10008636088
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Government equity and money: John Law’s system in 1720 France
Velde, François - Federal Reserve Bank of Chicago - 2003
John Law’s System was a radical restructuring of French public finances, carried out from 1716 to 1720. It involved on … the one hand a conversion of the existing French public debt into something like government equity, on the other hand the … uncontrolled money creation. The System ended with the recreation of a public debt at, surprisingly, the same level as before. …
Persistent link: https://www.econbiz.de/10005726297
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Interest rate rules are infeasible and fail to complete macroeconomic models
Hoehn, James G. - Federal Reserve Bank of Cleveland - 1987
A discussion of the circumstances under which interest rate rules are consistent with nominal determinacy in macroeconomic models.
Persistent link: https://www.econbiz.de/10005526598
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Non-nested specification tests and the intermediate target for monetary policy
Toida, Mitsuru; Gavin, William T. - Federal Reserve Bank of Cleveland - 1983
An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.
Persistent link: https://www.econbiz.de/10005428295
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Monetary policy and real interest rates: new evidence from the money stock announcements
Gavin, William T.; Karamouzis, Nicholas V. - Federal Reserve Bank of Cleveland - 1984
This paper presents new evidence on how asset prices respond to new information about the money stock. It shows that the information content of money stock announcements and the response of asset prices to new information in the announcements vary with changes in the monetary policy regime, the...
Persistent link: https://www.econbiz.de/10005428402
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Some benefits of cyclical monetary policy
Cavalcanti, Ricardo de O.; Nosal, Ed - Federal Reserve Bank of Cleveland - 2005
In this paper, we present a simple random-matching model in which different seasons translate into different propensities to consume and produce. We find that the cyclical creation and destruction of money is beneficial for welfare under a wide variety of circumstances. Our model of seasons can...
Persistent link: https://www.econbiz.de/10005428405
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Federal reserve credibility and the market's response to the weekly M1 announcements
Gavin, William T.; Karamouzis, Nicholas V. - Federal Reserve Bank of Cleveland - 1985
A presentation of new evidence on the issue of Federal Reserve System credibility, examining the response pattern of asset prices to the weekly M1 announcements under different operating procedures and monetary policy regimes.
Persistent link: https://www.econbiz.de/10005428424
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Generational accounting: a new approach for understanding the effects of fiscal policy on saving
Auerbach, Alan J.; Gokhale, Jagadeesh; Kotlikoff, … - Federal Reserve Bank of Cleveland - 1991
An application of generational accounting to fiscal policies that feature intergenerational redistribution. The authors consider different policies, only some of which show up as a change in the deficit, and explore their impact on the net national saving rate.
Persistent link: https://www.econbiz.de/10005428212
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Generational accounts: a meaningful alternative to deficit accounting
Auerbach, Alan J.; Gokhale, Jagadeesh; Kotlikoff, … - Federal Reserve Bank of Cleveland - 1991
A presentation of a set of generational accounts that can be used as an alternative to the federal budget deficit in assessing intergenerational policy, concluding that the fiscal burdens on future generations will be significantly larger than those on existing generations if current tax policy...
Persistent link: https://www.econbiz.de/10005428372