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International evidence on the stability of the optimizing IS equation

Kara, Amit (contributor); Nelson, Edward (contributor) - 2003 - [Elektronische Ressource], rev

Persistent link: https://www.econbiz.de/10001982872

Monetary policy: why money matters, and interest rates don’t

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2012

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

Persistent link: https://www.econbiz.de/10010558739

International evidence on the stability of the optimizing IS equation

Kara, Amit; Nelson, Edward - Federal Reserve Bank of St. Louis - 2004

In this paper we provide international evidence on the issue of whether the optimizing IS equation is more stable than a backward-looking alternative. The international evidence consist of estimates of IS equations on quarterly data for the UK and Australia, both for the full sample of the last...

Persistent link: https://www.econbiz.de/10005707758

Monetary policy transparency: transparent about what?

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2003

This paper puts the issue of monetary policy transparency into a broad economic perspective. In so doing, it narrows the focus from that which frequently appears in this literature. The analysis is predicated on the assertion that the sole economic argument for transparency is policy...

Persistent link: https://www.econbiz.de/10005490910

Demographics, redistribution, and optimal inflation

Bullard, James; Garriga, Carlos; Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2012

May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.

Persistent link: https://www.econbiz.de/10010727313

The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures of monetary policy shocks, such as the federal funds futures rate. I show that because interest rates and market-based measures of monetary policy shocks respond simultaneously...

Persistent link: https://www.econbiz.de/10005077869

How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-to-control-inflation to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks can control inflation rather than a consequence of marked...

Persistent link: https://www.econbiz.de/10005077875

Monetary policy: why money matters and interest rates don't

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2008

to control the price level by manipulating aggregate demand by adjusting their interest rate target. At best, money …'s role is tertiary. Indeed, a few prominent and influential macroeconomists have suggested that money is not essential, or … feature of money is that it guarantees "final payment" and is essential for price determination. It also suggests that the …

Persistent link: https://www.econbiz.de/10005707745

Unanticipated money and the anticipated liquidity effect: some further evidence

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1987

This paper investigates the impact of unanticipated changes in the money stock on the money, stock and foreign exchange … rise and stock prices fall in response to an unanticipated rise in the money stock. These results are broadly interpreted … compare the consistency of the response across markets to unanticipated changes in the money stock. The results suggest that …

Persistent link: https://www.econbiz.de/10005707757

A new federal funds rate target series: September 27, 1982, - December 31, 1993

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

meetings, the FOMC Blue Book, the Report of Open Market Operations and Money Market Conditions, and data that the author …

Persistent link: https://www.econbiz.de/10005352810