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Discount window borrowing, monetary policy, and the post-October 6, 1979 Federal Reserve operating procedure

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1981

This paper is intended to be an analysis of discount window borrowing as it relates to more general issues of monetary control. The topic deserves a new look because of the central role of discount window borrowing under the post-October 6, 1979 "reserve targeting" operating strategy.

Persistent link: https://www.econbiz.de/10004993911

A weekly perfect foresight model of the nonborrowed reserve operating procedure

Goodfriend, Marvin; Anderson, Gary; Kashyap, Anil; … - Federal Reserve Bank of Richmond - 1984

Of the many studies analyzing the Federal Reserve's post-October 6, 1979 nonborrowed reserve (NBR) operating procedure, none has focused upon weekly money market dynamics under rational expectations. This paper employs the rational expectations assumption in an explicit institutional model of...

Persistent link: https://www.econbiz.de/10004993968

The formulation of monetary policy

Hetzel, Robert L. - Federal Reserve Bank of Richmond - 1984

The purpose of this paper is to elucidate the way in which current institutional arrangements shape the character of monetary policy. It is emphasized that the Fed, in order to preserve its independence, formulates monetary policy in a way that prevents the formation of coalitions within the...

Persistent link: https://www.econbiz.de/10004994023

Monetary policy in the early 1980's

Hetzel, Robert L. - Federal Reserve Bank of Richmond - 1984

A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are...

Persistent link: https://www.econbiz.de/10004994047

Discretionary monetary policy in the Calvo model

Zandweghe, Willem Van; Wolman, Alexander - Federal Reserve Bank of Richmond - 2011

-period Taylor model, discretionary policy in the Calvo model does not accommodate predetermined prices in a way that inevitably …

Persistent link: https://www.econbiz.de/10009321093

Customer flows, countercyclical markups, and the persistent effects of monetary shocks

Ireland, Peter N. - Federal Reserve Bank of Richmond - 1995

This paper develops a general equilibrium model in which households face fixed costs associated with searching for a new supplier of consumption goods. These search costs provide firms with some monopoly power over their existing customers and generate the kind of customer flow dynamics first...

Persistent link: https://www.econbiz.de/10004993865

Money, trade credit and asset prices

Lacker, Jeffrey M.; Schreft, Stacey L. - Federal Reserve Bank of Richmond - 1991

find that the equilibrium prices of arbitrary contingent claims to future currency differ from those from one-good cash …

Persistent link: https://www.econbiz.de/10004993896

Optimal monetary policy

Khan, Aubhik; King, Robert G.; Wolman, Alexander L. - Federal Reserve Bank of Richmond - 2000

Optimal monetary policy maximizes welfare, given frictions in the economic environment. Constructing a model with two sets of frictions - the Keynesian friction of costly price adjustment by imperfectly competitive firms and the Monetarist friction of costly exchange of wealth for goods - we...

Persistent link: https://www.econbiz.de/10004993913

The case for price stability

Goodfriend, Marvin; King, Robert G. - Federal Reserve Bank of Richmond - 2001

Reasoning within the New Neoclassical Synthesis (NNS) we previously recommended that price stability should be the primary objective of monetary policy. We called this a neutral policy because it keeps output at its potential, defined as the outcome of an imperfectly competitive real business...

Persistent link: https://www.econbiz.de/10004993924

The pitfalls of monetary discretion

Khan, Aubhik; King, Robert G.; Wolman, Alexander L. - Federal Reserve Bank of Richmond - 2001

multiplicity is a form of policy complementarity. Specifically, prices set in the current period embed expectations about future … policy, and actual future policy responds to these same prices. For a range of values of the fundamental state variable — a … ratio of predetermined prices — there is complementarity between actual and expected policy, and multiple equilibria occur …

Persistent link: https://www.econbiz.de/10004993940