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Is Quantity Theory Still Alive?
Uhlig, Harald; Teles, Pedro - National Bureau of Economic Research (NBER) - 2010
countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …
Persistent link: https://www.econbiz.de/10008680930
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The Macroeconomic Effects of Interest on Reserves
Ireland, Peter - National Bureau of Economic Research (NBER) - 2012
interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the …
Persistent link: https://www.econbiz.de/10011262796
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The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?"
Nelson, Edward; Schwartz, Anna J. - National Bureau of Economic Research (NBER) - 2007
Paul Krugman's essay "Who Was Milton Friedman?" seriously mischaracterizes Friedman's economics and his legacy. In this paper we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern...
Persistent link: https://www.econbiz.de/10005085208
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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
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/10005714373
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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
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Optimal Taylor Rules in New Keynesian Models
House, Christopher; Boehm, Christoph E. - National Bureau of Economic Research (NBER) - 2014
and the inflation rate without error, then it is typically optimal to respond infinitely strongly to observed deviations … from the central bank's targets. If it observes inflation and the output gap with error, the central bank will temper its … terms of estimated output and inflation then it is optimal to respond infinitely strongly to estimated deviations from the …
Persistent link: https://www.econbiz.de/10010951201
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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
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The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
Calvo, Guillermo - National Bureau of Economic Research (NBER) - 2012
Fiat money contains the seeds of its own destruction. It has no intrinsic value and, yet, it can be exchanged for valuable consumption and production goods. As Hahn (1965) shows, this situation puts fiat money's market value or liquidity premium at the brink of collapse. In this paper I will...
Persistent link: https://www.econbiz.de/10010796587
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International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile
Cowan, Kevin N.; De Gregorio, Jose - National Bureau of Economic Research (NBER) - 2005
This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early...
Persistent link: https://www.econbiz.de/10005089075
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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
The market value of colonial New Jersey's paper money is decomposed into its real asset present value and its liquidity premium. Its real asset present value accounted for over 80 percent, whereas its value as money per se accounted for under 20, percent of its market value. Colonial paper money...
Persistent link: https://www.econbiz.de/10010951326