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The Use and Meaning of Words in Central Banking : Inflation Targeting, Credibility, and Transparency

Friedman, Benjamin M. - 2002

Inflation targeting offers the promise of introducing to monetary policy a logic and consistency that some central …, inflation targeting also serves two further objectives that are of more questionable import, and while seemingly contradictory … vocabulary pertaining solely to inflation, inflation targeting fosters over time the atrophication of concerns for real outcomes …

Persistent link: https://www.econbiz.de/10012469742

Targets and Instruments of Monetary Policy

Friedman, Benjamin M. - 1988

The notion of targets and instruments is basic to the conceptual framework that economists have used to bring economic analysis to bear on practical issues of how central banks can and/or should conduct monetary policy. This paper surveys the literature of targets and instruments of monetary...

Persistent link: https://www.econbiz.de/10012476396

Who Puts the Inflation Premium Into Nominal Interests Rates?

Friedman, Benjamin M. - 1978

For expectations of price inflation to affect interest rates, they must affect the behavior of borrowers and lenders or … both. This paper analyzes the emergence of the inflation premium in long-term interest rates as the explicit result of … to estimate the magnitude of the inflation premium due to this portfolio behavior but also to evaluate the respective …

Persistent link: https://www.econbiz.de/10012478906

Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …

Persistent link: https://www.econbiz.de/10012462492

The Future of Monetary Policy : The Central Bank as an Army With Only a Signal Corps

Friedman, Benjamin M. - 1999

The influence of monetary policy over interest rates, and via interest rates over nonfinancial economic activity, stems from the central bank's role as a monopolist over the supply of bank reserves. Several trends already visible in the financial markets of many countries today threaten to...

Persistent link: https://www.econbiz.de/10012471361

The Value of Intermediate Targets in Implementing Monetary Policy

Friedman, Benjamin M. - 1984

This paper reports empirical results indicating that there is no compelling evidence in favor of singling outany one variable as "the intermediate target" of monetary policy. Of the variables considered here - including money (M1), credit, a long-term interest rate, and whichever of either...

Persistent link: https://www.econbiz.de/10012477599

Lessons from the 1979-1982 Monetary Policy Experiment

Friedman, Benjamin M. - 1984

price inflation and real economic growth, and with long-term interest rates. The evidence from the1979-82 experiment leads …

Persistent link: https://www.econbiz.de/10012477824

Monetary Policy with a Credit Aggregate Target

Friedman, Benjamin M. - 1982

The principal criteria for the selection of an intermediate target for monetary policy are (1) that the target be closely related to the nonfinancial objectives of monetary policy, (2) that it contain information about the future movements of those relevant aspects of the nonfinancial economy,...

Persistent link: https://www.econbiz.de/10012478125

Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism

Friedman, Benjamin M. - 1982

The evidence presented in this paper leads to three conclusions about possible effects on the U.S. long-term capital. raising mechanism due to the sharp increase in interest rate volatility that has followed the Federal Reserve System's adoption of new monetary policy procedures in 1979. First,...

Persistent link: https://www.econbiz.de/10012478191

Interest Rate Implications for Fiscal and Monetary Policies : A Postscript on the Government Budget Constraint

Friedman, Benjamin M. - 1982

An earlier paper by the author investigated the quantitative implications, for the effectiveness of fiscal and monetary policies, of a model treating the determination of long-term interest rates by explicitly imposing the market clearing equilibrium condition that the quantity of bonds issued...

Persistent link: https://www.econbiz.de/10012478225