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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

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

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

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

Optimal monopoly investment and capacity utilization under random demand

Nickerson, David B.; Reynolds, Stanley S. - Federal Reserve Bank of St. Louis - 1990

Unique value-maximizing programs of irreversible capacity investment and capacity utilization are described and shown to exist under general conditions for monopolist exhibiting capital adjustment costs and serving random consumer demand for a nondurable good over an infinite horizon. Stationary...

Persistent link: https://www.econbiz.de/10005352871

Is inflation too low?

Poole, William - Federal Reserve Bank of St. Louis - 1998

Remarks prepared for 16th Annual Monetary Conference, Cato Institute, Washington, D.C. - Oct. 22, 1998

Persistent link: https://www.econbiz.de/10005526222

Inflation, financial stability and economic growth

Poole, William - Federal Reserve Bank of St. Louis - 2007

A speech at the Global Interdependence Center (GIC) Abroad in Chile Conference, Universidad Adolfo Ibanez, Santiago, Chile, March 5, 2007

Persistent link: https://www.econbiz.de/10005526231

Understanding inflation

Poole, William - Federal Reserve Bank of St. Louis - 2007

Speech before the New York Chapter, National Association for Business Economics (NABE), New York, April 2, 2007

Persistent link: https://www.econbiz.de/10005526253

How costly is sustained low inflation for the U.S. economy?

Bullard, James; Russell, Steven - Federal Reserve Bank of St. Louis - 1998

We study the welfare cost of inflation in a general equilibrium life cycle model with growth, costly financial intermediation, and taxes on nominal quantities. We find a stationary equilibrium of the model matches a wide variety of facts about the postwar U.S. economy. We then calculate that the...

Persistent link: https://www.econbiz.de/10005490871

The Great Inflation of the seventies: what really happened?

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

This paper revisits the issue of what factors motivated the macroeconomic policies that led to the Great Inflation of the 1970s. A satisfactory explanation must be consistent with (1) the estimated monetary policy reaction function; (2) the timing patterns relating monetary policy developments...

Persistent link: https://www.econbiz.de/10005490874