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A New Model of Inflation, Trend Inflation, and Long-Run Inflation Expectations

Chan, Joshua C. C. - 2015

A knowledge of the level of trend inflation is key to many current policy decisions, and several methods of estimating … trend inflation exist. This paper adds to the growing literature which uses survey-based long-run forecasts of inflation to … estimate trend inflation. We develop a bivariate model of inflation and long-run forecasts of inflation which allows for the …

Persistent link: https://www.econbiz.de/10013013307

U.S. Intervention and the Early Dollar Float : 1973-1981

Bordo, Michael D. - 2010

The dollar's depreciation during the early floating rate period, 1973-1981, was a symptom of the Great Inflation. In …

Persistent link: https://www.econbiz.de/10013135219

U.S. Foreign-Exchange-Market Intervention During the Volcker-Greenspan Era

Bordo, Michael D. - 2010

The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...

Persistent link: https://www.econbiz.de/10013139393

U.S. Monetary-Policy Evolution and U.S. Intervention

Bordo, Michael D. - 2011

The United States all but abandoned its foreign-exchange-market intervention operations in late 1995, when they proved corrosive to the credibility of the Federal Reserve's commitment to price stability. We view this decision as the culmination of the evolution of U.S. monetary policy over the...

Persistent link: https://www.econbiz.de/10013119099

On the Evolution of U.S. Foreign-Exchange-Market Intervention : Thesis, Theory, and Institutions

Bordo, Michael D. - 2011

Reserve's ability to credibly commit to low and stable inflation. This chapter also provides a theoretical discussion of …

Persistent link: https://www.econbiz.de/10013123428

A Brief Empirical History of U.S. Foreign-Exchange Intervention : 1973-1995

Bordo, Michael D. - 2010

This paper assesses U.S. foreign-exchange intervention since the inception of generalized floating. We find that intervention was by and large ineffectual. We first identify which interventions were successful according to three criteria. Then, we test whether the number of observed successes...

Persistent link: https://www.econbiz.de/10013152710

Bretton Woods and the U.S. Decision to Intervene in the Foreign-Exchange Market, 1957-1962

Bordo, Michael D.; Humpage, Owen; Schwartz, Anna J. - 2013

The deterioration in the U.S. balance of payments after 1957 and an accelerating loss of gold reserves prompted U.S. monetary authorities to undertake foreign-exchange-market interventions beginning in 1961. We discuss the events leading up to these interventions, the institutional arrangements...

Persistent link: https://www.econbiz.de/10014223411