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Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989
eschweiler, Bernard; Bordo, Michael D. - 2021
best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical … authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard … in Germany was always geared toward maintaining price stability with the exception of the two world war periods. Germany …
Persistent link: https://www.econbiz.de/10013224864
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Opting Out of the Great Inflation : German Monetary Policy after the Break Down of Bretton Woods
Beyer, Andreas - 2013
banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the …
Persistent link: https://www.econbiz.de/10012753277
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Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
Calomiris, Charles W. - 2011
In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...
Persistent link: https://www.econbiz.de/10013131502
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Should Central Banks Raise Their Inflation Targets? Some Relevant Issues
McCallum, Bennett T. - 2011
Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian reasoning, lies between the Friedman-rule value of...
Persistent link: https://www.econbiz.de/10013125586
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The Explanatory Power of Monetary Policy Rules
Taylor, John B. - 2007
This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of phenomenon in macroeconomics and finance, including the Great Moderation, the correlation between exchange rates and interest rates, and the shift in the response of the term...
Persistent link: https://www.econbiz.de/10012775473
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Optimal Monetary Growth
Abel, Andrew B. - 2007
In the absence of monetary superneutrality, inflation affects capital accumulation and the demand for real balances. This paper derives the combination of monetary and lump-sum fiscal policy which maximizes the sum of discounted utilities of representative consumers in present and future...
Persistent link: https://www.econbiz.de/10012777376
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Optimal Monetary Policy in an Operational Medium-Sized DSGE Model
Adolfson, Malin - 2010
We show how to construct optimal policy projections in Ramses, the Riksbank's open-economy medium-sized DSGE model for forecasting and policy analysis. Bayesian estimation of the parameters of the model indicates that they are relatively invariant to alternative policy assumptions and supports...
Persistent link: https://www.econbiz.de/10012759208
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On the Optimal Choice of a Monetary Policy Instrument
Atkeson, Andrew - 2010
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/10012759838
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Money Stock Targeting, Base Drift and Price-Level Predictability : Lessons from the U.K. Experience
Bordo, Michael D. - 2010
It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does not run into the Lucas critique, and applying this...
Persistent link: https://www.econbiz.de/10012762757
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Optimality of the Friedman Rule in Economies with Distorting Taxes
Chari, Varadarajan V.; Christiano, Lawrence J.; Kehoe, … - 2021
We find conditions for the Friedman rule to be optimal in three standard models of money. These conditions are homotheticity and separability assumptions on preferences similar to those in the public finance literature on optimal uniform commodity taxation. We show that there is no connection...
Persistent link: https://www.econbiz.de/10013215349