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Russia and the Soviet Union then and Now

Fischer, Stanley - 2021

The main focus of this paper is on the process and progress of economic reform in Russia. But I start with four … historical questions that bear on the current situation. How advanced was Russia in 1913? What relevance, if any, does the New … 1970s and 1980s? What role did Gorbachev's policies play in bringing about the final collapse of the Soviet Union? Russia …

Persistent link: https://www.econbiz.de/10013215354

Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86

Fischer, Stanley - 2007

Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and evaluated, with the aim of drawing lessons for monetary policy from the recent historical record. All four countries shifted during this period to money targeting, though with...

Persistent link: https://www.econbiz.de/10012777224

Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis

Fischer, Stanley - 2021

A country that decides to fix its exchange rate thereby gives up control over its own inflation rate and the determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all seigniorage. This paper uses an optimal inflation tax approach...

Persistent link: https://www.econbiz.de/10013215367

A Framework for Monetary and Banking Analysis

Fischer, Stanley - 2021

The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking, particularly the distinction between the portfolio management services provided by banks and their...

Persistent link: https://www.econbiz.de/10013218432

On Activist Monetary Policy with Rational Expectations

Fischer, Stanley - 2021

The paper examines the case for activist monetary policy. It accepts the view that expectations are formed rationally, but not the implication of flexible price, equilibrium, rational expectations models, that monetary policy cannot and should not be used to affect real magnitudes. The paper...

Persistent link: https://www.econbiz.de/10013224383

Should Nations Learn to Live with Inflation?

Fischer, Stanley; Summers, Lawrence H. - 2021

It is often argued that the most important costs of inflation can be substantially mitigated by indexing reforms. Yet governments in moderate inflation countries have generally been very reluctant to promote institutional changes that would reduce the costs of inflation. Capital income continues...

Persistent link: https://www.econbiz.de/10013240639

Seigniorage, Operating Rules and the High Inflation Trap

Bruno, Michael; Fischer, Stanley - 2021

A given amount of seigniorage revenue can be collected at either a high or a low rate of inflation. Thus there ray be two equilibria when a government finances its deficit by printing money--implying that an economy may be stuck in a high inflation equilibrium when, with the same fiscal policy,...

Persistent link: https://www.econbiz.de/10013248562

Rules Versus Discretion in Monetary Policy

Fischer, Stanley - 2021

This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the gold standard. These rules were ill-defined and not adhered to; active discretionary policy was...

Persistent link: https://www.econbiz.de/10013313787

Money, Interest and Prices

Fischer, Stanley - 2021

Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...

Persistent link: https://www.econbiz.de/10013230788

The Open Economy : Implications for Monetary and Fiscal Policy

Dornbusch, Rudiger; Fischer, Stanley - 2021

The exchange rate has by 1984 become as central to United States economic policy discussions as it has long been in the rest of the world. In this paper we show how the standard closed-economy macroeconomic model -- the Phillips curve augmented IS-LM analysis -- has to be modified for the United...

Persistent link: https://www.econbiz.de/10013227014