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The End of the Great Moderation: “We told you so.”
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008
The current financial crisis followed the “great moderation,” according to which the world’s central banks had gotten so good at countercyclical policy that the business cycle no longer existed. As more and more economists and media people became convinced that the risk of recessions had...
Persistent link: https://www.econbiz.de/10005836728
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How better monetary statistics could have signaled the financial crisis
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2010
This paper explores the disconnect of Federal Reserve data from index number theory. A consequence could have been the decreased systemic-risk misperceptions that contributed to excess risk taking prior to the housing bust. We find that most recessions in the past 50 years were preceded by more...
Persistent link: https://www.econbiz.de/10008614991
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How Better Monetary Statistics Could Have Signaled the Financial Crisis
Barnett, William A.; Chauvet, Marcelle - Department of Economics, University of Kansas - 2010
This paper explores the disconnect of Federal Reserve data from index number theory. A consequence could have been the decreased systemic-risk misperceptions that contributed to excess risk taking prior to the housing bust. We find that most recessions in the past 50 years were preceded by more...
Persistent link: https://www.econbiz.de/10008506252
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The End of the Great Moderation?
Barnett, William; Chauvet, Marcelle - Department of Economics, University of Kansas - 2008
The current financial crisis followed the “great moderation,” according to which some commentators and economists believed that the world’s central banks had gotten so good at countercyclical policy that the business cycle volatility had declined to low levels. As more and more economists...
Persistent link: https://www.econbiz.de/10005106591
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The Greenspan Federal Reserve Role in the Financial Crisis
Ryan, John - Dipartimento di Economia, Università Ca' Foscari Venezia - 2009
money supply in the U.S. market which has a direct influence on interest rates, growth and inflation. To better understand … policy using three major tools to either decrease or increase money supply: open market operations, adjusting the discount …
Persistent link: https://www.econbiz.de/10009144147
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"The Problem of Excess Reserves, Then and Now"
Todd, Walker F. - Levy Economics Institute - 2013
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the "Fed") or a potential-ly inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative...
Persistent link: https://www.econbiz.de/10010659642
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UNITED STATES MONETARY POLICY IN THE POST-BRETTON WOODS ERA Did it cause the Crash of 2008?
Varoufakis, Yanis - Financialisation, Economy, Society & Sustainable …
prominently. These developments engendered a new form of ‘private money’ over which the Federal Reserve had decreasing control …. Thus, if the Fed did indeed lose control over the effective money supply it lost it not because of any ‘deviation’ from … Fed lost much of its influence over the aggregate money supply we first need to understand how this new form of private …
Persistent link: https://www.econbiz.de/10010933415
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The problem of excess reserves, then and now
Todd, Walker F. - 2013
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the Fed) or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative sizes...
Persistent link: https://www.econbiz.de/10010318619
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Greenspan’s Legacy and Bernanke’s attitude to the Financial Crisis
Ryan, John; Koronowski, Adam - Dipartimento di Economia, Università Ca' Foscari Venezia - 2009
money supply in the U.S. market which has a direct influence on interest rates, growth and inflation. To better understand … policy using three major tools to either decrease or increase money supply: open market operations, adjusting the discount …
Persistent link: https://www.econbiz.de/10008490708
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A Bayesian interpretation of the Federal Reserve's dual mandate and the Taylor Rule
Putnam, Bluford H.; Azzarello, Samantha - In: Review of Financial Economics 21 (2012) 3, pp. 111-119
When the Federal Reserve was established by the US Congress in 1913, its charter mandated that the new central bank “promote an elastic currency” and the institution was given extraordinary powers to serve as a lender of last resort to the banking system. Congress was reacting to the cycle...
Persistent link: https://www.econbiz.de/10011064881