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Money and the transmission mechanism in the optimizing IS-LM specification
Nelson, Edward - Federal Reserve Bank of St. Louis - 2003
recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version … tends to understate the value of money as an indicator for monetary policy. …
Persistent link: https://www.econbiz.de/10005707651
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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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Base drift and the longer run growth of M1 : experience from a decade of monetary targeting
Broaddus, Alfred; Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1985
This article discusses a technical aspect of the Federal Reserve's monetary targeting procedure that has come to be known as "base drift." The Fed has been announcing larger ranges for the growth of M1 and other monetary aggregates since 1975. These ranges have been expressed in terms of rates...
Persistent link: https://www.econbiz.de/10004993991
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The U.K.'s rocky road to stability
Batini, Nicoletta (contributor); Nelson, Edward (contributor) - 2005
"This paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank...
Persistent link: https://www.econbiz.de/10003053139
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The case for price stability
Goodfriend, Marvin (contributor);  … - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001582857
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Monetary and fiscal theories of the price level: the irreconcilable differences
McCallum, Bennett T.; Nelson, Edward - Federal Reserve Bank of St. Louis - 2006
bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it …
Persistent link: https://www.econbiz.de/10005360634
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Government debt, output, and asymmetric information
Haslag, Joseph H.; Betts, D.C. - Federal Reserve Bank of St. Louis - 1987
Recent explanation of monetary policy and its effect have centered upon a non-cooperative game involving the monetary authority and the private sector. Notably absent from the discussion of asymmetric information and its impact on decision making is fiscal policy. This note examines a simple...
Persistent link: https://www.econbiz.de/10005352761
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Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data
Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004
responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …
Persistent link: https://www.econbiz.de/10005352806
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Optimal monetary and fiscal policies in a search theoretic model of monetary exchange
Gomis-Porqueras, Pere; Peralta-Alva, Adrian - Federal Reserve Bank of St. Louis - 2008
show that subsidies in decentralized markets can be implemented to alleviate underproduction, while money is still …% of lifetime consumption. When lump sum monetary transfers are not available, a positive production subsidy may be …
Persistent link: https://www.econbiz.de/10005353004
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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