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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms

Bordo, Michael D. - 2011

This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...

Persistent link: https://www.econbiz.de/10013127756

The Great Inflation : Did the Shadow Know Better?

Poole, William - 2011

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Persistent link: https://www.econbiz.de/10013127975

Monetary Policy as Financial-Stability Regulation

Stein, Jeremy C. - 2011

This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an...

Persistent link: https://www.econbiz.de/10013128276

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

Deng, Yongheng - 2011

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Persistent link: https://www.econbiz.de/10013128599

Global Liquidity Trap

Fujiwara, Ippei - 2011

a global liquidity trap is its international dependence. Whether or not a country's nominal interest rate is hitting the … produced in the two countries are Edgeworth complements or substitutes. We also compare several classes of simple interest …

Persistent link: https://www.econbiz.de/10013128606

Asset Prices, Credit Growth, Monetary and Other Policies : An Australian Case Study

Bloxham, Paul - 2011

The long-running debate about the role of monetary policy in responding to rising asset prices has received renewed attention in the wake of the global financial crisis. This paper contributes to this debate by describing the Australian experience of a cycle in house prices and credit from 2002...

Persistent link: https://www.econbiz.de/10013128609

Fiscal Limits in Advanced Economies

Leeper, Eric M. - 2011

Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

Persistent link: https://www.econbiz.de/10013129132

Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets

Reinhart, Carmen M. - 2011

. We take a close look at the responses of asset markets to changes in the short-term policy interest rate since the … founding of the Fed in 1914. Changes in the federal funds rate have no systematic effect on either long-term interest rates or …-term interest rates. This is consistent with a global view of capital markets where massive cross-border flows shape the …

Persistent link: https://www.econbiz.de/10013129137

Temporarily Unstable Government Debt and Inflation

Davig, Troy - 2011

Many advanced economies are heading into an era of fiscal stress: populations are aging and governments have made substantially more promises of old-age benefits than they have made provisions to finance. This paper models the era of fiscal stress as stemming from relentlessly growing promised...

Persistent link: https://www.econbiz.de/10013129225

Monetary Policy Strategy : Lessons from the Crisis

Mishkin, Frederic S. - 2011

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy...

Persistent link: https://www.econbiz.de/10013130559

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