Showing 1 - 10 of 26
Persistent link: https://www.econbiz.de/10001982872
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
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
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
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
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
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
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
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
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