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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

The efficient market hypothesis and identification in structural VARs

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

Structural vector autoregression (SVAR) models are commonly used to investigate the effect of structural shocks on economic variables. The identifying restrictions imposed in many of these exercises have been criticized in the literature. This paper extends this literature by showing that if the...

Persistent link: https://www.econbiz.de/10005360546

Optimal taxation with imperfect competition and aggregate returns to specialization

Coto-Martínez, Javier; Garriga, Carlos; … - Federal Reserve Bank of St. Louis - 2007

In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous...

Persistent link: https://www.econbiz.de/10005352792

Optimal fiscal policy in the design of Social Security reforms

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2007

sizeable welfare gains, arising because of the reduction in labor supply distortions. In contrast, the welfare gains coming …

Persistent link: https://www.econbiz.de/10005352854

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522

Generational policy and the macroeconomic measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2009

In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age cohorts. This result is very important for policy evaluation, because it shows that the selection of tax...

Persistent link: https://www.econbiz.de/10004973893

Indirect taxation and the welfare effects of altruism on the optimal fiscal policy

Garriga, Carlos; Sánchez-Losada, Fernando - Federal Reserve Bank of St. Louis - 2009

taxation (consumption and estate taxes) with important welfare implications. We use three different altruistic approaches (warm …

Persistent link: https://www.econbiz.de/10008583257

A new federal funds rate target series : september 27, 1982 - december 31, 1993

Thornton, Daniel L. (contributor) - 2005

Persistent link: https://www.econbiz.de/10003342430

When did the FOMC begin targeting the federal funds rate? : What the verbatim transcripts tell us

Thornton, Daniel L. (contributor) - 2004 - [Elektronische Ressource],

Persistent link: https://www.econbiz.de/10002496906

Open market operations and the federal funds rate

Thornton, Daniel L. (contributor) - 2005

"The Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over...

Persistent link: https://www.econbiz.de/10003115153