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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

The Determination of Long-Term Interest Rates : Implications for Monetary and Fiscal Policies

Friedman, Benjamin M. - 1979

The object of this paper is to bring to bear on financial-non financial interactions a richer approach to modeling the determination of long-term interest rates. in a series of previous papers. I have developed an alternative model based explicitly on the truism that any factor affecting...

Persistent link: https://www.econbiz.de/10012478782

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

Friedman, Benjamin M. - 2010

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as …-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

Debt Restructuring

Friedman, Benjamin M. - 2000

What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...

Persistent link: https://www.econbiz.de/10012471039

Views on the Likelihood of Financial Crisis

Friedman, Benjamin M. - 1990

A review of major lines of thinking about developments in the 1980s bearing on the likelihood of a financial crisis in the United States supports four principal conclusions:<br>First, financial crises have historically played a major role in large fluctuations in business activity. A financial...

Persistent link: https://www.econbiz.de/10012475624

Crowding Out Or Crowding In? The Economic Consequences of Financing Government Deficits

Friedman, Benjamin M. - 1978

The prevailing view of the economic consequences of financing government deficits, as reflected in the recent economics literature and in recent public policy debates, reflects serious misunderstandings. Debt-financed deficits need not "crowd out" any private investment, and may even "crowd in"...

Persistent link: https://www.econbiz.de/10012478866

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

The experience of U.S. monetary policy during 1979-82 provided useful and potentially important new evidence about how monetary policy affects economic activity. This paper considers, inthe light of that evidence, six familiar propositions supporting the use of monetary aggregate targets for...

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