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Monetary mystique : secrecy and central banking

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1985

discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under …

Persistent link: https://www.econbiz.de/10004993949

Should optimal discretionary monetary policy look at money?

Hornstein, Andreas; Dotsey, Michael - Federal Reserve Bank of Richmond - 2002

This paper examines whether monetary indicators are useful in implementing optimal discretionary monetary policy when the policy maker has incomplete information about the environment. We find that money does not contain useful information for the policy maker, if we calibrate the model to the...

Persistent link: https://www.econbiz.de/10004994008

Financial deregulation, monetary policy, and central banking

Goodfriend, Marvin; King, Robert G. - Federal Reserve Bank of Richmond - 1988

The paper presents the results of research conducted as part of the American Enterprise Institute's project on financial services regulation. It is a revision of a paper that later appeared in a volume providing a comprehensive review of financial regulatory policy entitled, Restructuring...

Persistent link: https://www.econbiz.de/10004994018

Limited commitment and central bank lending

Goodfriend, Marvin; Lacker, Jeffrey M. - Federal Reserve Bank of Richmond - 1999

Central bank or International Monetary Fund lending should be regarded as a line of credit, analogous to private line … contractual mechanisms utilized by private line-of-credit providers are not effective for a central bank whose primary mission … lending reach. We consider in some detail five broad approaches to a central bank’s commitment problem: good offices only …

Persistent link: https://www.econbiz.de/10004993951

Central banking under the gold standard

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1988

This paper is intended as a positive analysis of temporary government policy actions under a gold standard. To understand a gold standard is to understand the private valuation of money and gold as assets, and how their asset values can be influenced by government money and gold policy actions...

Persistent link: https://www.econbiz.de/10004994015

Optimal monetary policy

Khan, Aubhik; King, Robert G.; Wolman, Alexander L. - Federal Reserve Bank of Richmond - 2000

Optimal monetary policy maximizes welfare, given frictions in the economic environment. Constructing a model with two sets of frictions - the Keynesian friction of costly price adjustment by imperfectly competitive firms and the Monetarist friction of costly exchange of wealth for goods - we...

Persistent link: https://www.econbiz.de/10004993913

The case for price stability

Goodfriend, Marvin; King, Robert G. - Federal Reserve Bank of Richmond - 2001

Reasoning within the New Neoclassical Synthesis (NNS) we previously recommended that price stability should be the primary objective of monetary policy. We called this a neutral policy because it keeps output at its potential, defined as the outcome of an imperfectly competitive real business...

Persistent link: https://www.econbiz.de/10004993924

Optimal disinflationary paths

Ireland, Peter N. - Federal Reserve Bank of Richmond - 1995

This paper characterizes optimal monetary policy in the context of a general equilibrium model with optimizing agents and staggered price setting. Starting from a steady state with positive inflation, a rapid disinflation is desirable when announcements of future monetary policy are fully...

Persistent link: https://www.econbiz.de/10004993939

Wicksell's monetary framework and dynamic stability

Graboyes, Robert F.; Humphrey, Thomas M. - Federal Reserve Bank of Richmond - 1990

Traditionally, central banks seeking to stabilize general prices have followed policies similar to those advocated by …

Persistent link: https://www.econbiz.de/10004993989

Overcoming the zero bound on interest rate policy

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 2000

central bank to target negative nominal interest rates. A carry tax could be imposed on currency to create more leeway to make … economy by creating liquidity broadly defined. A central bank needs more fiscal support than usual from the Treasury to pursue …

Persistent link: https://www.econbiz.de/10004994054