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Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America
Grubb, Farley - National Bureau of Economic Research (NBER) - 2012
Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is...
Persistent link: https://www.econbiz.de/10011271405
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A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775
Grubb, Farley - National Bureau of Economic Research (NBER) - 2014
paper money in circulation and the method of injection. The quantity theory of money performs poorly when using prices and …
Persistent link: https://www.econbiz.de/10010951326
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Non-Legal-Tender Paper Money: The Structure and Performance of Maryland's Bills of Credit, 1767-1775
Grubb, Farley; Celia, Jim - National Bureau of Economic Research (NBER) - 2014
Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine the quantities outstanding and their redemption dates, providing a substantial correction to the literature. Over 80 percent of this paper money's current market value was expected real asset...
Persistent link: https://www.econbiz.de/10010951387
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Inflation targeting and private sector forecasts
Cecchetti, Stephen; Hakkio, Craig S. - National Bureau of Economic Research (NBER) - 2009
Transparency is one of the biggest innovations in central bank policy of the past quarter century. Modern central bankers believe that they should be as clear about their objectives and actions as possible. However, is greater transparency always beneficial? Recent work suggests that when...
Persistent link: https://www.econbiz.de/10008631102
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Fiscal Requirements for Price Stability
Woodford, Michael - National Bureau of Economic Research (NBER) - 2001
This paper argues that maintaining price stability requires not only commitment to an appropriate monetary policy rule, but an appropriate fiscal policy rule as well. 'Ricardian equivalence' does not imply that fiscal policy is irrelevant, except in the case of a certain class of policies...
Persistent link: https://www.econbiz.de/10005714367
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On the Optimal Choice of a Monetary Policy Instrument
Atkeson, Andrew; Chari, Varadarajan; Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2007
exchange rates, which cannot. As prices, interest and exchange rates are more transparent than money growth. All else equal …
Persistent link: https://www.econbiz.de/10005714373
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Is the Price Level Determined by the Needs of Fiscal Solvency?
Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 1998
A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to jump' to assure fiscal solvency. In this regime (which we call Fiscal Dominant), monetary policy has to work through seignorage to control the price level. If on...
Persistent link: https://www.econbiz.de/10005829067
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Backing, the Quantity Theory, and the Transition to the U.S. Dollar, 1723-1850
Rousseau, Peter - National Bureau of Economic Research (NBER) - 2007
on prices -- so much so that the colony's experience is sometimes seen as violating the classical quantity theory of … data on money, prices, and real activity in Pennsylvania from 1723 to 1774 and for the United States as a whole from 1790 … to 1850 (when the money stock is better measured) to show that the long-run behavior of money and prices is well …
Persistent link: https://www.econbiz.de/10005050453
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Gold, Fiat Money, and Price Stability
Bordo, Michael David; Dittmar, Robert F.; Gavin, … - National Bureau of Economic Research (NBER) - 2003
Which monetary regime is associated with the most stable price level? A commodity money regime such as the classical gold standard has long been associated with long-run price stability. But critics of the day argued that the regime was associated with too much short-run price variability and...
Persistent link: https://www.econbiz.de/10005027111
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem Hendrik - National Bureau of Economic Research (NBER) - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005036814