Similar Search Results

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

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

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

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

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

Selection and monetary non-neutrality in time-dependent pricing models

Carvalho, Carlos; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

Given the frequency of price changes, the real effects of a monetary shock are smaller if adjusting firms are disproportionately likely to be ones with prices set before the shock. This selection effect is important in a large class of sticky-price models with time-dependent price adjustment. We...

Persistent link: https://www.econbiz.de/10010598263

Inventories, inflation dynamics, and the New Keynesian Phillips curve

Lubik, Thomas A.; Teo, Wing Leong - Federal Reserve Bank of Richmond - 2010

We introduce inventories into an otherwise standard New Keynesian model and study the implications for inflation dynamics. Inventory holdings are motivated as a means to generate sales for demand-constrained firms. We derive various representations of the New Keynesian Phillips curve with...

Persistent link: https://www.econbiz.de/10008616945

Discretionary monetary policy in the Calvo model

Zandweghe, Willem Van; Wolman, Alexander - Federal Reserve Bank of Richmond - 2011

We study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply. The steady-state inflation rate is above 8 percent for a baseline calibration, but it varies substantially with alternative structural parameter values. If the initial condition...

Persistent link: https://www.econbiz.de/10009321093

Large excess reserves in the U.S.: a view from the cross-section of banks

Ennis, Huberto M.; Wolman, Alexander L. - Federal Reserve Bank of Richmond - 2012

Bank reserves in the United States increased dramatically at the end of 2008. Subsequent asset purchase programs in 2009 and 2011 more than doubled the quantity of reserves outstanding. These events required major adjustments in banks' balance sheets. We study the evolution of reserve holdings...

Persistent link: https://www.econbiz.de/10010593680

Deep habits in the New Keynesian Phillips curve

Lubik, Thomas A.; Teo, Wing Leong - Federal Reserve Bank of Richmond - 2011

We derive and estimate a New Keynesian Phillips curve (NKPC) in a model where consumers are assumed to have deep habits. Habits are deep in the sense that they apply to individual consumption goods instead of aggregate consumption. This alters the NKPC in a fundamental manner as it introduces...

Persistent link: https://www.econbiz.de/10010551314