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Is monetary policy becoming less effective?

Fair; Ray C. - Federal Reserve Bank of San Francisco - 1995

This paper estimates the amount by which the effectiveness of monetary policy in changing real output for a given change in interest rates has declined due to the increased size of the federal government debt.

Persistent link: https://www.econbiz.de/10005401534

Measuring monetary policy

Bernanke, Ben S.; Mihov, Ilian - Federal Reserve Bank of San Francisco - 1995

Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a "demi-structural" VAR approach, which extracts...

Persistent link: https://www.econbiz.de/10005401588

Regime switching in the dynamic relationship between the federal funds rate and nonborrowed reserves

Huh, Chan - Federal Reserve Bank of San Francisco - 1995

volatile regime. Innovations in money growth are associated with a strong anticipated inflation effect in the high inflation …

Persistent link: https://www.econbiz.de/10005401620

Federal Reserve interest rate targeting, rational expectations, and the term structure

Rudebusch, Glenn D. - Federal Reserve Bank of San Francisco - 1995

The amount of information in the yield curve for forecasting future changes in short rates varies with the maturity of the rates involved. Indeed, spreads between certain long and short rates appear unrelated to future changes in the short rate--contrary to the rational expectations hypothesis...

Persistent link: https://www.econbiz.de/10005401631

When is inflation low?

Poole, William - Federal Reserve Bank of San Francisco - 1994

Recent research has clarified the nature of measurement errors in U.S. price indexes. Changes in the quality of goods create severe problems. Laspeyres-type indexes suffer from substitution bias from one good to another and from one type of outlet to another. Available evidence suggests that the...

Persistent link: https://www.econbiz.de/10005078247

The monetary transmission mechanism: an empirical framework

Taylor, John B. - Federal Reserve Bank of San Francisco - 1995

This paper describes an empirical framework for analyzing the monetary transmission mechanism through which changes in monetary policy affect real GDP and inflation. The framework reflects the work of a large number of empirical researchers who have built econometric models of the impacts of...

Persistent link: https://www.econbiz.de/10005078259

Monetary "targeting" in Japan and the U.S.: which is more accurate?

Hutchison, Michael M.; Judd, John P. - Federal Reserve Bank of San Francisco - 1987

This paper examines the issue of whether differences in money targeting or base-drift procedures between Japan and the … concludes that these procedures probably are not important factors. ; We compare Bank of Japan (BoJ) money growth projections … with Federal Reserve money targets. We show that BoJ projections are not comparable to annual money targets set by the Fed …

Persistent link: https://www.econbiz.de/10005078266

Velocity in the 1980s: an analysis of interactions among monetary components

Judd, John P.; Trehan, Bharat - Federal Reserve Bank of San Francisco - 1987

We use vector autoregressions to examine the behavior of the velocities of alternative monetary aggregates, focusing on the role of disinflation and deregulation during the 1980s. By estimating a single system that contains income, prices, interest rates and the components of M3, we are able to...

Persistent link: https://www.econbiz.de/10005078276

The demand for money: where do we stand?

Judd, John P.; Motley, Brian; Trehan, Bharat - Federal Reserve Bank of San Francisco - 1988

Persistent link: https://www.econbiz.de/10005078279

The economic costs of achieving an M1 target over alternative time horizons: simulations with the FMP model

McElhattan, Rose - Federal Reserve Bank of San Francisco - 1974

Persistent link: https://www.econbiz.de/10005078280