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Channels of monetary policy : proceedings of the Nineteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis
In: Review / Federal Reserve Bank of St. Louis 77 (1995) 3
Persistent link: https://www.econbiz.de/10001187699
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013
Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed debt levels and payment to income ratios suggest the...
Persistent link: https://www.econbiz.de/10011027315
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Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Wheelock, David; Carlson, Mark A. - Federal Reserve Bank of St. Louis - 2014
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...
Persistent link: https://www.econbiz.de/10010784192
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Reaction functions in a small open economy: What role for non-traded inflation?
Santacreu, Ana Maria - Federal Reserve Bank of St. Louis - 2005
preferences are relatively biased towards inflation stabilization, responding directly to overall inflation results in better … macroeconomic outcomes. If instead the central bank places relatively more weight on output stabilization, responding directly to …
Persistent link: https://www.econbiz.de/10010961579
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Money, liquidity and welfare
Wen, 文一 - Federal Reserve Bank of St. Louis - 2014
This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in … monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet … best match both the aggregate money demand curve suggested by Lucas (2000) and the variance of household consumption …
Persistent link: https://www.econbiz.de/10010739561
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Money and the transmission mechanism in the optimizing IS-LM specification
Nelson, Edward - Federal Reserve Bank of St. Louis - 2003
tends to understate the value of money as an indicator for monetary policy. …
Persistent link: https://www.econbiz.de/10005707651
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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
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Determinacy, learnability, and monetary policy inertia
Bullard, James; Mitra, Kaushik - Federal Reserve Bank of St. Louis - 2003
We document that monetary policy inertia can help alleviate problems of indeterminacy and non-existence of stationary equilibrium observed for some commonly-studied monetary policy rules. We also find that inertia promotes learnability of equilibrium. The context is a simple, forward-looking...
Persistent link: https://www.econbiz.de/10005707764
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Committing and reneging: a dynamic model of policy regimes.
Haubrich, Joseph G.; Ritter, Joseph A. - Federal Reserve Bank of St. Louis - 1999
Actual policy decisions are made in real time and are not irrevocable. These observations are mundane, but most policy modeling has neglected them. We show that when policy is made in an environment of uncertainty, costs of switching policies give the option to wait positive value. This insight...
Persistent link: https://www.econbiz.de/10005490988