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The Future of Monetary Policy : The Central Bank as an Army With Only a Signal Corps

Friedman, Benjamin M. - 1999

from the central bank's role as a monopolist over the supply of bank reserves. Several trends already visible in the … efficacy of monetary policy. These developments include the erosion of the demand for bank-issued money, the proliferation of … nonbank credit, and aspects of the operation of bank clearing mechanisms. What to make of these threats from a public policy …

Persistent link: https://www.econbiz.de/10012471361

The Value of Intermediate Targets in Implementing Monetary Policy

Friedman, Benjamin M. - 1984

This paper reports empirical results indicating that there is no compelling evidence in favor of singling outany one variable as "the intermediate target" of monetary policy. Of the variables considered here - including money (M1), credit, a long-term interest rate, and whichever of either...

Persistent link: https://www.econbiz.de/10012477599

Lessons from the 1979-1982 Monetary Policy Experiment

Friedman, Benjamin M. - 1984

The experience of U.S. monetary policy during 1979-82 provided useful and potentially important new evidence about how monetary policy affects economic activity. This paper considers, inthe light of that evidence, six familiar propositions supporting the use of monetary aggregate targets for...

Persistent link: https://www.econbiz.de/10012477824

Monetary Policy with a Credit Aggregate Target

Friedman, Benjamin M. - 1982

central bank can exert direct control, and (4) that data on it be readily available on a timely basis. The evidence presented …

Persistent link: https://www.econbiz.de/10012478125

Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism

Friedman, Benjamin M. - 1982

The evidence presented in this paper leads to three conclusions about possible effects on the U.S. long-term capital. raising mechanism due to the sharp increase in interest rate volatility that has followed the Federal Reserve System's adoption of new monetary policy procedures in 1979. First,...

Persistent link: https://www.econbiz.de/10012478191

Interest Rate Implications for Fiscal and Monetary Policies : A Postscript on the Government Budget Constraint

Friedman, Benjamin M. - 1982

An earlier paper by the author investigated the quantitative implications, for the effectiveness of fiscal and monetary policies, of a model treating the determination of long-term interest rates by explicitly imposing the market clearing equilibrium condition that the quantity of bonds issued...

Persistent link: https://www.econbiz.de/10012478225

The Roles of Money and Credit in Macroeconomic Analysis

Friedman, Benjamin M. - 1981

This paper considers the implications, for macroeconomic modeling and for monetary policy, of the interrelationships among money, credit and nonfinancial economic activity. Data for the United States since World War II show that the volume of outstanding credit is as closely related to economic...

Persistent link: https://www.econbiz.de/10012478280

Debt Management Policy, Interest Rates, and Economic Activity

Friedman, Benjamin M. - 1981

The maturity structure of the U.S. government's outstanding debt has undergone large changes over time, at least in part because of shifts in the Treasury's debt management policy. During most of the post World War I1 period, an emphasis on short-term issues rapidly reduced the debt's average...

Persistent link: https://www.econbiz.de/10012478281

The Relative Stability of Money and Credit "Velocities" in the United States : Evidence and Some Speculations

Friedman, Benjamin M. - 1981

Is credit as closely related to income as is money? Results presented in the first half of this paper, based on a variety of methodological approaches, consistently indicate that the aggregate of outstanding credit liabilities of all nonfinancial borrowers in the United States bears as close a...

Persistent link: https://www.econbiz.de/10012478476

The Determination of Long-Term Interest Rates : Implications for Monetary and Fiscal Policies

Friedman, Benjamin M. - 1979

The object of this paper is to bring to bear on financial-non financial interactions a richer approach to modeling the determination of long-term interest rates. in a series of previous papers. I have developed an alternative model based explicitly on the truism that any factor affecting...

Persistent link: https://www.econbiz.de/10012478782