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A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775
Grubb, Farley - National Bureau of Economic Research (NBER) - 2014
The market value of colonial New Jersey's paper money is decomposed into its real asset present value and its liquidity premium. Its real asset present value accounted for over 80 percent, whereas its value as money per se accounted for under 20, percent of its market value. Colonial paper money...
Persistent link: https://www.econbiz.de/10010951326
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Non-Legal-Tender Paper Money: The Structure and Performance of Maryland's Bills of Credit, 1767-1775
Grubb, Farley; Celia, Jim - National Bureau of Economic Research (NBER) - 2014
Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine the quantities outstanding and their redemption dates, providing a substantial correction to the literature. Over 80 percent of this paper money's current market value was expected real asset...
Persistent link: https://www.econbiz.de/10010951387
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Inflation targeting and private sector forecasts
Cecchetti, Stephen; Hakkio, Craig S. - National Bureau of Economic Research (NBER) - 2009
. Specifically, we estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private … sector forecasts of inflation. Using a panel data set that includes 15 countries over 20 years we find no convincing evidence … that adopting an inflation targeting regime leads to a reduction in the dispersion of private sector forecasts of inflation …
Persistent link: https://www.econbiz.de/10008631102
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Fiscal Requirements for Price Stability
Woodford, Michael - National Bureau of Economic Research (NBER) - 2001
, except in the case of a certain class of policies (called 'Ricardian' policies). The role of fiscal developments in inflation …
Persistent link: https://www.econbiz.de/10005714367
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On the Optimal Choice of a Monetary Policy Instrument
Atkeson, Andrew; Chari, Varadarajan; Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2007
The optimal choice of a monetary policy instrument depends on how tight and transparent the available instruments are and on whether policymakers can commit to future policies. Tightness is always desirable; transparency is only if policymakers cannot commit. Interest rates, which can be made...
Persistent link: https://www.econbiz.de/10005714373
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Is the Price Level Determined by the Needs of Fiscal Solvency?
Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 1998
A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to jump' to assure fiscal solvency. In this regime (which we call Fiscal Dominant), monetary policy has to work through seignorage to control the price level. If on...
Persistent link: https://www.econbiz.de/10005829067
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Backing, the Quantity Theory, and the Transition to the U.S. Dollar, 1723-1850
Rousseau, Peter - National Bureau of Economic Research (NBER) - 2007
Among the thirteen original colonies, Pennsylvania was most successful at issuing paper money with only minimal effects on prices -- so much so that the colony's experience is sometimes seen as violating the classical quantity theory of money. Quantity theorists usually attribute this apparent...
Persistent link: https://www.econbiz.de/10005050453
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Gold, Fiat Money, and Price Stability
Bordo, Michael David; Dittmar, Robert F.; Gavin, … - National Bureau of Economic Research (NBER) - 2003
uses an interest rate rule to target an inflation rate. We find that strict inflation targeting, even though it introduces … level and inflation uncertainty by an order of magnitude at all horizons. …
Persistent link: https://www.econbiz.de/10005027111
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem Hendrik - National Bureau of Economic Research (NBER) - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005036814
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Did France Cause the Great Depression?
Irwin, Douglas A. - National Bureau of Economic Research (NBER) - 2010
The gold standard was a key factor behind the Great Depression, but why did it produce such an intense worldwide deflation and associated economic contraction? While the tightening of U.S. monetary policy in 1928 is often blamed for having initiated the downturn, France increased its share of...
Persistent link: https://www.econbiz.de/10008565069