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The Australian money market and the operations of the Reserve Bank of Australia: a comparative analysis

Dotsey, Michael - In: Economic Review (1987) Sep, pp. 19-31

This article provides a comparative analysis of central bank operating procedures in Australia and the United States …. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending …

Persistent link: https://www.econbiz.de/10005063913

Monetary policy and operating procedures in New Zealand

Dotsey, Michael - In: Economic Review (1991) Sep, pp. 13-19

The Reserve Bank of New Zealand operates in a highly deregulated financial environment which lacks any interest rate regulation or reserve requirements. Yet the Reserve Bank has been able to implement effective monetary policy through a quantity-based procedure. This article analyzes the...

Persistent link: https://www.econbiz.de/10005063964

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

On the implementation of Markov-perfect monetary policy

Dotsey, Michael; Hornstein, Andreas - Federal Reserve Bank of Philadelphia - 2011

The literature on optimal monetary policy in New Keynesian models under both commitment and discretion usually solves for the optimal allocations that are consistent with a rational expectations market equilibrium, but it does not study whether the policy can be implemented given the available...

Persistent link: https://www.econbiz.de/10009216230

An examination of implicit interest rates on demand deposits

Dotsey, Michael - In: Economic Review (1983) Sep, pp. 3-11

An abstract for this article is not available.

Persistent link: https://www.econbiz.de/10005063893

The rational expectations hypothesis of the term structure, monetary policy, and time-varying term premia

Dotsey, Michael; Otrok, Christopher - In: Economic Quarterly (1995) Win, pp. 65-81

Persistent link: https://www.econbiz.de/10005429750

The predictive content of the interest rate term spread for future economic growth

Dotsey, Michael - In: Economic Quarterly (1998) Sum, pp. 31-51

Persistent link: https://www.econbiz.de/10005429752

Monetary policy in a liquidity trap

Dotsey, Michael - In: Business Review (2010) Q2, pp. 9-15

resources efficiently. In addition, many empirical studies have shown that most central banks actually behave in this manner. In … normal times, it is fairly easy for the central bank to conduct policy in this fashion. But there is one instance when … analyzes the difficulties a central bank faces in such circumstances and discusses the tools available to monetary policymakers …

Persistent link: https://www.econbiz.de/10008461910

Behavior of the real rate of interest over the business cycle

Dotsey, Michael; Scholl, Brian - Federal Reserve Bank of Richmond - 2000

In this paper we document real rate behavior. We do this by looking across a wide variety of constructed real rate series. These series are obtained by using a number of different methodologies for estimating expected inflation, using several different price series, and looking over different...

Persistent link: https://www.econbiz.de/10004993899

On the implementation of Markov-Perfect interest rate and money supply rules : global and local uniqueness

Dotsey, Michael; Hornstein, Andreas - Federal Reserve Bank of Richmond - 2011

Currently there is a growing literature exploring the features of optimal monetary policy in New Keynesian models under both commitment and discretion. This literature usually solves for the optimal allocations that are consistent with a rational expectations market equiibrium, but it does not...

Persistent link: https://www.econbiz.de/10004993912