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Monetary mystique : secrecy and central banking

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1985

discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under …

Persistent link: https://www.econbiz.de/10004993949

Limited commitment and central bank lending

Goodfriend, Marvin; Lacker, Jeffrey M. - Federal Reserve Bank of Richmond - 1999

Central bank or International Monetary Fund lending should be regarded as a line of credit, analogous to private line … contractual mechanisms utilized by private line-of-credit providers are not effective for a central bank whose primary mission … lending reach. We consider in some detail five broad approaches to a central bank’s commitment problem: good offices only …

Persistent link: https://www.econbiz.de/10004993951

Should optimal discretionary monetary policy look at money?

Hornstein, Andreas; Dotsey, Michael - Federal Reserve Bank of Richmond - 2002

This paper examines whether monetary indicators are useful in implementing optimal discretionary monetary policy when the policy maker has incomplete information about the environment. We find that money does not contain useful information for the policy maker, if we calibrate the model to the...

Persistent link: https://www.econbiz.de/10004994008

Central banking under the gold standard

Goodfriend, Marvin - Federal Reserve Bank of Richmond - 1988

This paper is intended as a positive analysis of temporary government policy actions under a gold standard. To understand a gold standard is to understand the private valuation of money and gold as assets, and how their asset values can be influenced by government money and gold policy actions...

Persistent link: https://www.econbiz.de/10004994015

Financial deregulation, monetary policy, and central banking

Goodfriend, Marvin; King, Robert G. - Federal Reserve Bank of Richmond - 1988

The paper presents the results of research conducted as part of the American Enterprise Institute's project on financial services regulation. It is a revision of a paper that later appeared in a volume providing a comprehensive review of financial regulatory policy entitled, Restructuring...

Persistent link: https://www.econbiz.de/10004994018

State-contingent bank regulation with unobserved actions and unobserved characteristics

Prescott, Edward Simpson - Federal Reserve Bank of Richmond - 2004

This paper studies bank regulation in the presence of deposit insurance, where banks have private information on their own ability and their investment strategy. Banks choose the mean and variance of their portfolio return. Regulators wish to control banks' risk choice, even though all agents...

Persistent link: https://www.econbiz.de/10004993869

Challenges and choices in post-crisis East-Asia: simulations of investment policy reform in an intertemporal, global model

Diao, Xinshen; Li, Wenli; Yeldan, Erinc - Federal Reserve Bank of Richmond - 1998

The East Asian financial crisis exposed the problems of excessive government intervention in credit allocation and poor supervision of the banking system. We argue that the crisis is an opportunity to reformulate the strategies of growth by way of eliminating politicized intervention on...

Persistent link: https://www.econbiz.de/10004993870

The feasibility of market value accounting for commercial banks

Mengle, David L. - Federal Reserve Bank of Richmond - 1989

As the severity of the problems facing the federal deposit insurance funds become more obvious, the chorus of support for some form of market value accounting is growing. Proponents cite the benefits of increased disclosure and the discipline such accounting would bring about. Opponents argue...

Persistent link: https://www.econbiz.de/10004993871

Economic growth, liquidity, and bank runs

Ennis, Huberto M.; Keister, Todd - Federal Reserve Bank of Richmond - 2003

We construct an endogenous growth model in which bank runs occur with positive probability in equilibrium. In this setting, a bank run has a permanent effect on the levels of the capital stock and of output. In addition, the possibility of a run changes the portfolio choices of depositors and of...

Persistent link: https://www.econbiz.de/10004993927

Bank runs and institutions : the perils of intervention

Ennis, Huberto M.; Keister, Todd - Federal Reserve Bank of Richmond - 2007

Governments typically respond to a run on the banking system by temporarily freezing deposits and by rescheduling payments to depositors. Depositors may even be required to demonstrate an urgent need for funds before being allowed to withdraw. We study ex post efficient policy responses to a...

Persistent link: https://www.econbiz.de/10004993934