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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

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

Did France Cause the Great Depression?

Irwin, Douglas A. - National Bureau of Economic Research (NBER) - 2010

countries under enormous deflationary pressure. Counterfactual simulations indicate that world prices would have increased … and world prices had continued. The results indicate that France was somewhat more to blame than the United States for the …

Persistent link: https://www.econbiz.de/10008565069

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

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

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

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

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

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

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011207908