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Bernanke, Ben; Blinder, Alan S. - 2021

Standard models of aggregate demand treat money and credit asymmetrically; money is given a special status, while loans … is that loans and bonds are imperfect substitutes. In the modified model, credit supply and demand shocks have … policy implication is that the relative value of money and credit as policy indicators depends on the variances of shocks to …

Persistent link: https://www.econbiz.de/10013224875

Measuring the Fed'S Revenue from Money Creation

Barro, Robert J. - 2021

The national accounts include the Fed's payments to the Treasury as a component of corporate taxes. These payments constituted 22% of reported corporate profits taxes in 1981. This paper discusses alternative concepts of inflationary finance. Measures for these concepts are reported for the...

Persistent link: https://www.econbiz.de/10013225598

Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

Calomiris, Charles W. - 2015

Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings...

Persistent link: https://www.econbiz.de/10013012699

Small and Large Price Changes and the Propagation of Monetary Shocks

Alvarez, Fernando - 2014

We document the presence of both small and large price changes in individual price records from the CPI in France and …

Persistent link: https://www.econbiz.de/10013053475

Floating a "Lifeboat" : The Banque De France and the Crisis of 1889

Hautcoeur, Pierre Cyrille - 2014

When faced with a run on a "systemically important" but insolvent bank in 1889, the Banque de France pre …

Persistent link: https://www.econbiz.de/10013054521

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael D. - 2014

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...

Persistent link: https://www.econbiz.de/10013043621

The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)

Bazot, Guillaume - 2014

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

Persistent link: https://www.econbiz.de/10013046162

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012947026

The Evolution of the Financial Stability Mandate : From its Origins to the Present Day

Toniolo, Gianni - 2015

history of six countries where there is sufficient information, three in Europe (England, France, and Italy) and three in the …

Persistent link: https://www.econbiz.de/10013030142

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10013030622

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