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The P-star approach to the link between money and prices
Tatom, John A. - Federal Reserve Bank of St. Louis - 1990
This paper examines several specification errors in the M2-based P* model and develops an M1-based estimate of this model. The apparent statistical significance of M2 is shown to arise from a spurious regression that uses a non-stationary regressor and because the significance test for M2 is...
Persistent link: https://www.econbiz.de/10005352827
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Aggregate price shocks and financial stability: the United Kingdom 1796-1999
Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001
This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find...
Persistent link: https://www.econbiz.de/10005352840
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The cyclical relationship between output and prices: an analysis in the frequency domain
Pakko, Michael R. - Federal Reserve Bank of St. Louis - 1997
Recent research showing negative correlations between detrended output and prices during the postwar period has brought … into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to … the sample period considered. This paper examines the relationship between output and prices in the frequency domain …
Persistent link: https://www.econbiz.de/10005360577
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Aggregate price shocks and financial instability: a historical analysis
Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001
This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial distress. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a...
Persistent link: https://www.econbiz.de/10005360618
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Inflation in the G7: mind the gap(s)?
Morley, James; Piger, Jeremy M.; Rasche, Robert H. - Federal Reserve Bank of St. Louis - 2011
We investigate the importance of trend inflation and the real-activity gap for explaining observed inflation variation in G7 countries since 1960. Our results are based on a bivariate unobserved-components model of inflation and unemployment in which inflation is decomposed into a stochastic...
Persistent link: https://www.econbiz.de/10009024026
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Evaluating unconventional monetary policies -why aren’t they more effective?
Wen, Yi - Federal Reserve Bank of St. Louis - 2013
We use a general equilibrium finance model that features explicit government purchases of private debts to shed light on some of the principal working mechanisms of the Federal Reserve’s large-scale asset purchases (LSAP) and their macroeconomic effects. Our model predicts that unless private...
Persistent link: https://www.econbiz.de/10010699995
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Quantitative easing, global inflation, and commodity standards
Bullard, James - Federal Reserve Bank of St. Louis - 2011
Presented at the Bowling Green Area Chamber of Commerce. February 24, 2011.
Persistent link: https://www.econbiz.de/10010727289
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The optimal inflation target in an economy with limited enforcement
Bullard, James; Antinolfi, Gaetano; Azariadis, Costas - Federal Reserve Bank of St. Louis - 2008
Presented at Indiana University.
Persistent link: https://www.econbiz.de/10010727290
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The optimal inflation target in an economy with limited enforcement
Bullard, James; Antinolfi, Gaetano; Azariadis, Costas - Federal Reserve Bank of St. Louis - 2008
Presented at New Perspectives on Monetary Policy Design. Sponsored by the Bank of Canada and the Centre De Recerca en Economia Internacional. Barcelona, Spain.
Persistent link: https://www.econbiz.de/10010727292
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Price level targeting: the Fed has it about right
Bullard, James - Federal Reserve Bank of St. Louis - 2012
October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.
Persistent link: https://www.econbiz.de/10010727304