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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

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 Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy

Friedman, Benjamin M. - 1996

A familiar question raised by the Federal Reserve System's evolving use of money growth targets over the past twenty years is whether monetary policymakers had sound economic reasons for changing their procedures as they did -- either in adopting money growth targets in the first place, or in...

Persistent link: https://www.econbiz.de/10012473398

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

Monetary Policy with a Credit Aggregate Target

Friedman, Benjamin M. - 1982

The principal criteria for the selection of an intermediate target for monetary policy are (1) that the target be closely related to the nonfinancial objectives of monetary policy, (2) that it contain information about the future movements of those relevant aspects of the nonfinancial economy,...

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

Debt Management Policy, Interest Rates, and Economic Activity

Friedman, Benjamin M. - 1981

part because of shifts in the Treasury's debt management policy. During most of the post World War I1 period, an emphasis … opposite policy just as rapidly lengthened (and is now lengthening) the average maturity, Such changes in debt management … presented in this paper indicates that debt management actions of a magnitude comparable to the recent changes in U.S. debt …

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

Decoupling at the Margin : The Threat to Monetary Policy from the Electronic Revolution in Banking

Friedman, Benjamin M. - 2000

The threat to monetary policy from the electronic revolution in banking is the possibility of a decoupling' of the operations of the central bank from markets in which financial claims are created and transacted in ways that, at some operative margin, affect the decisions of households and firms...

Persistent link: https://www.econbiz.de/10012470781

Changing Effects of Monetary Policy on Real Economic Activity

Friedman, Benjamin M. - 1990

Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are at least potentially important for the effect of monetary policy on real economic activity include the elimination of Regulation Q interest ceilings and the development of the...

Persistent link: https://www.econbiz.de/10012475757

Implications of Corporate Indebtedness for Monetary Policy

Friedman, Benjamin M. - 1990

The extraordinary increase in reliance on debt by U.S. business in the 1980s has generated widespread concern that overextended borrowers may become unable to meet their obligations and that proliferating defaults could then lead to some kind of rupture of the financial system, with ensuing...

Persistent link: https://www.econbiz.de/10012475771

Targets and Instruments of Monetary Policy

Friedman, Benjamin M. - 1988

The notion of targets and instruments is basic to the conceptual framework that economists have used to bring economic analysis to bear on practical issues of how central banks can and/or should conduct monetary policy. This paper surveys the literature of targets and instruments of monetary...

Persistent link: https://www.econbiz.de/10012476396