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Bullard, James; Mitra, Kaushik - Federal Reserve Bank of St. Louis - 2002

variables other than inflation. …

Persistent link: https://www.econbiz.de/10005352838

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2006

Motivated, on the one hand, by the belief that the Fed controls the short-term rate through open market operations, and on the other, by "the lack of convincing proof that this is what happens," Hamilton (1997) suggested that more convincing evidence of the liquidity effect could be obtained...

Persistent link: https://www.econbiz.de/10005352851

A model of near-rational exuberance

Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2007

We study how the use of judgment or "add-factors" in forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in a standard self-referential environment....

Persistent link: https://www.econbiz.de/10005352864

The inflationary effects of the use of reserve ratio reductions, or open market purchases, to reduce market interest rates: a theoretical comparison

Russell, Steven; Espinosa, Marco - Federal Reserve Bank of St. Louis - 1990

Persistent link: https://www.econbiz.de/10005352880

The daily and policy-relevant liquidity effects

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2007

In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary … financial intermediaries and households; by affecting expectations of the future paths of short-term interest rates, inflation …

Persistent link: https://www.econbiz.de/10005352881

Forecasting inflation and growth: do private forecasts match those of policymakers?

Gavin, William T.; Mandal, Rachel J. - Federal Reserve Bank of St. Louis - 2000

FOMC projections are important because they provide information for evaluating current monetary policy intentions and because they indicate what FOMC members think will be the likely consequence of their policies. Results here show that the Blue Chip consensus forecasts are a good proxy for the...

Persistent link: https://www.econbiz.de/10005352919

The monetary instrument matters

Gavin, William T.; Keen, Benjamin D.; Pakko, Michael R. - Federal Reserve Bank of St. Louis - 2005

dynamic stochastic general equilibrium framework, we examine the effects of alternative monetary policy rules on inflation … persistence, the information content of monetary data, and real variables. We show that inflation persistence and the variability … of inflation relative to money growth depends on whether the central bank follows a money growth rule or an interest rate …

Persistent link: https://www.econbiz.de/10005352925

Tobin's imperfect asset substitution in optimizing general equilibrium

Andres, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2004

In this paper, we present a dynamic optimizing model that allows explicitly for imperfect substitutability between different financial assets. This is specified in a manner which captures Tobin's (1969) view that an expansion of one asset's supply affects both the yield on that asset and the...

Persistent link: https://www.econbiz.de/10005352930

Is the response of output to monetary policy asymmetric? evidence from a regime-switching coefficients model

Lo, Ming Chien; Piger, Jeremy - Federal Reserve Bank of St. Louis - 2003

This paper investigates regime switching in the response of U.S. output to a monetary policy action. We find substantial, statistically significant, time variation in this response, and that this time variation corresponds to "high response" and "low response" regimes. We then investigate...

Persistent link: https://www.econbiz.de/10005352937

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

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

In October 1982 the FOMC deemphasized M1 and moved to what is commonly referred to as a borrowed reserves operating procedure. Sometime thereafter the FOMC switched to a funds rate targeting procedure but never formally announced the change. Given the close correspondence between a borrowed...

Persistent link: https://www.econbiz.de/10005352941