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Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as …-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …

Persistent link: https://www.econbiz.de/10012462492

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

Friedman, Benjamin M. - 1999

The influence of monetary policy over interest rates, and via interest rates over nonfinancial economic activity, stems from the central bank's role as a monopolist over the supply of bank reserves. Several trends already visible in the financial markets of many countries today threaten to...

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

The Greenspan Era : Discretion, Rather Than Rules

Friedman, Benjamin M. - 2006

What stands out in retrospect about U.S. monetary policy during the Greenspan Era is the ongoing movement away from mechanistic restrictions on the conduct of policy, together with a willingness on occasion to depart even from what more flexible guidelines dictated by contemporary conventional...

Persistent link: https://www.econbiz.de/10012466551

The Use and Meaning of Words in Central Banking : Inflation Targeting, Credibility, and Transparency

Friedman, Benjamin M. - 2002

Inflation targeting offers the promise of introducing to monetary policy a logic and consistency that some central banks' deliberations sorely missed in the past. At least in today's inherited monetary policymaking context, however, inflation targeting also serves two further objectives that are...

Persistent link: https://www.econbiz.de/10012469742