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A comparison of discount rate models using international stock market data

Kasa, Kenneth - Federal Reserve Bank of San Francisco - 1994

of stock returns in the U.S., Japan, England, Germany, and Canada. The data consist of quarterly returns (in dollars) on …

Persistent link: https://www.econbiz.de/10005078342

Optimal policy with limited commitment

Kasa, Kenneth - Federal Reserve Bank of San Francisco - 1994

This paper uses Whiteman's(1986) frequency-domain optimization methodology to parameterize the precommitment period in a standard rational expectations policy design model. This allows researchers to adopt an empirical approach to the time consistency issue. That is, the operative commitment...

Persistent link: https://www.econbiz.de/10005078309

Monetary control, interest rates and exchange rates: the case of Japan, 1973-1986

Hutchison, Michael M. - Federal Reserve Bank of San Francisco - 1986

This paper analyzes the extent to which Japan's success at maintaining a low and stable inflation rate since the mid …-1970s, while avoiding a major recession, is attributable to a switch in monetary control procedures by the Bank of Japan … toward a so-called "money focused" monetary policy. Through estimation of an explicit Bank of Japan (BoJ) reaction function …

Persistent link: https://www.econbiz.de/10005078235

Japanese monetary policy, flow of funds and financial liberalization

Cargill, Thomas F. - Federal Reserve Bank of San Francisco - 1986

Persistent link: https://www.econbiz.de/10005078250

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 … U.S. are significant contributing factors to Japan's superior macroeconomic performance over the last decade, and … concludes that these procedures probably are not important factors. ; We compare Bank of Japan (BoJ) money growth projections …

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

U.S.-Japanese bilateral trade and the yen-dollar exchange rate: an empirical analysis

Haynes, Stephen E.; Hutchison, Michael M. - Federal Reserve Bank of San Francisco - 1984

Persistent link: https://www.econbiz.de/10005078271

Political business cycles in a parliamentary setting: the case of Japan

Cargill, Thomas F.; Hutchison, Michael M. - Federal Reserve Bank of San Francisco - 1988

Persistent link: https://www.econbiz.de/10005078349

Time varying equilibrium real rates and monetary policy analysis

Trehan, Bharat; Wu, Tao - Federal Reserve Bank of San Francisco - 2004

Although it is generally recognized that the equilibrium real interest rate (ERR) varies over time, most recent work on policy analysis has been carried out under the assumption that this rate is constant. We show how this assumption can affect inferences about the conduct of policy in two...

Persistent link: https://www.econbiz.de/10005514420

Using a long-term interest rate as the monetary policy instrument

McGough, Bruce; Rudebusch, Glenn D.; Williams, John C. - Federal Reserve Bank of San Francisco - 2004

Using a short-term interest rate as the monetary policy instrument can be problematic near its zero bound constraint. An alternative strategy is to use a long-term interest rate as the policy instrument. We find when Taylor-type policy rules are used to set the long rate in a standard New...

Persistent link: https://www.econbiz.de/10005514426

Currency boards, dollarized liabilities, and monetary policy credibility

Valderrama, Diego; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2003

The recent collapse of the Argentine currency board raises new questions about the desirability of formal fixed exchange rate regimes in modern developing economies. This paper examines the impact of dollarized liabilities with potential default for a currency board with costly abandonment. We...

Persistent link: https://www.econbiz.de/10005514427