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Financial stability, deflation, and monetary policy

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 2001

The paper explores the relationship between financial stability, deflation, and monetary policy. A discussion of narrow liquidity, broad liquidity, market liquidity, and financial distress provides the foundation for the analysis. There are two preliminary conclusions. Equity prices are a...

Persistent link: https://www.econbiz.de/10004993948

Structure from shocks

Dotsey, Michael - Federal Reserve Bank of Richmond - 1999

Arguments in favor of Keynesian models as opposed to real business cycle models are often made on the grounds that the correlations and impulse response patterns found in the latter are inconsistent with the data. A recent and prominent example of this reasoning is Gali (1999). But certain...

Persistent link: https://www.econbiz.de/10004994012

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

Banking and the political support for dollarization

Ennis, Huberto M. (contributor) - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001547020

Avoiding the inflation tax

Ennis, Huberto M. - Federal Reserve Bank of Richmond - 2005

Persistent link: https://www.econbiz.de/10005387444

Money, trade credit and asset prices

Lacker, Jeffrey M.; Schreft, Stacey L. - Federal Reserve Bank of Richmond - 1991

We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is … monetary policy and for time series analysis using money and trade credit. …

Persistent link: https://www.econbiz.de/10004993896

Money, credit, banking and payments system policy

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1989

particular institutions for commodity money. Information-intensive lending and payments services have been provided jointly by …

Persistent link: https://www.econbiz.de/10004993902

Stored value cards: costly private substitutes for currency

Lacker, Jeffrey M. - Federal Reserve Bank of Richmond - 1996

A model in which both currency and stored value cards are used to make payments is presented. I compare steady-state equilibria with and without stored value cards. Stored value cards are beneficial because they help alleviate the deadweight loss due to inflation. When the nominal interest rate...

Persistent link: https://www.econbiz.de/10004993915

A critique of theories of money stock determination

Hetzel, Robert L. - Federal Reserve Bank of Richmond - 1986

Many different models of money stock determination exist in the literature. An attempt is made here to understand why … that the price level adjust in order to cause the real quantity of money to equal the real quantity demanded. In contrast …, in the real bills or banking school tradition, the nominal quantity of money adjusts in order to provide the real …

Persistent link: https://www.econbiz.de/10004993919

The recent financial deregulation and the interest elasticity of the simple M1 demand function : an empirical note

Mehra, Yash P. - Federal Reserve Bank of Richmond - 1985

The main objective of this note is to examine whether the interest elasticity of money demand has increased during the … last few years. A simple money demand regression that includes additional intercept and slope dummy variables defined over … the elasticity of money demand with respect to market interest rates has for now increased. No shifts are detected in …

Persistent link: https://www.econbiz.de/10004993925

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