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Fiscal and monetary policy: conference summary

Dennis, Richard; Williams, John - In: FRBSF Economic Letter (2005)

This Economic Letter summarizes the papers presented at a conference on "Fiscal and Monetary Policy" held at the Federal Reserve Bank of San Francisco on March 4 and 5, 2005.

Persistent link: https://www.econbiz.de/10005490500

How good are the government’s deficit and debt projections and should we care?

Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2012) Jan, pp. 21-39

Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO’s deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a...

Persistent link: https://www.econbiz.de/10009416054

Stability Criteria and Convergence: The Role of the System of National Accounts for Fiscal Policy in Europe

Brück, Tilman; Cors, Andreas; Zimmermann, Klaus F.; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002

The standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data...

Persistent link: https://www.econbiz.de/10005069043

The expected federal budget surplus: how much confidence should the public and policymakers place in the projections?

Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2001) Mar, pp. 11-24

When the government runs a deficit, it can borrow from the public—that is, it can create debt. Conversely, when the government runs a surplus, it can retire that debt. For the past three years, the federal government has recorded budget surpluses, and both the White House Office of Management...

Persistent link: https://www.econbiz.de/10005726131

The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2000

It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...

Persistent link: https://www.econbiz.de/10005360541

Identifying the liquidity effect: the case of nonborrowed reserves

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1996

Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central … statistically significant and economically important liquidity effect when nonborrowed reserves is used as the indicator of monetary … a liquidity effect. The paper points out how changes in the demand for borrowed reserves can be used to identify whether …

Persistent link: https://www.econbiz.de/10005360647

Model uncertainty and monetary policy

Dennis, Richard - Federal Reserve Bank of San Francisco - 2007

Model uncertainty has the potential to change importantly how monetary policy should be conducted, making it an issue that central banks cannot ignore. In this paper, I use a standard new Keynesian business cycle model to analyze the behavior of a central bank that conducts policy with...

Persistent link: https://www.econbiz.de/10005361494

Methods for robust control

Dennis, Richard; Leitemo, Kai; Söderström, Ulf - Federal Reserve Bank of San Francisco - 2006

Robust control allows policymakers to formulate policies that guard against model misspecification. The principal tools used to solve robust control problems are state-space methods (see Hansen and Sargent 2006 and Giordani and Soderlind 2004). In this paper we show that the structural-form...

Persistent link: https://www.econbiz.de/10005361507

The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures of monetary policy shocks, such as the federal funds futures rate. I show that because interest rates and market-based measures of monetary policy shocks respond simultaneously...

Persistent link: https://www.econbiz.de/10005077869

How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-to-control-inflation to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks can control inflation rather than a consequence of marked...

Persistent link: https://www.econbiz.de/10005077875

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