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The Rise and Fall of the Gold Standard in the United States
Selgin, George - 2013
There is, in informal discussions and even in some academic writings, a tendency to treat U.S. monetary history as divided between a gold standard past and a fiat dollar present. In truth, the legal meaning of a "standard" U.S. dollar has been contested, often hotly, throughout U.S. history, and...
Persistent link: https://www.econbiz.de/10013080251
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Seventy Years of U.S. Financial Intermediation
Hein, Scott E. - 2023
Today, banks in the U.S. hold almost $20 trillion in total financial assets; ten times that held by all credit unions, but less than three times that held by the Federal Reserve. The average annual growth of financial asset holdings of credit unions (12%) has generally exceeded the average...
Persistent link: https://www.econbiz.de/10014254933
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The Looming U.S. Federal Debt Crisis : An Economic Analysis of the Limits to Public Borrowing
Hunter, Greg W. - 2010
The following analysis presents conditions for characterizing unsustainable public borrowing. These conditions describe a “critical level” of public debt beyond which increases in taxes (current or future) are required to meet debt service obligations. The discussion is written for a general...
Persistent link: https://www.econbiz.de/10013142682
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Bad Luck, Bad Policy, and Learning? A Markov-Switching Approach to Understanding Postwar U.S. Macroeconomic Dynamics
Best, Gabriela - 2019
In this paper we analyze changes in the Federal Reserve behavior and objectives since the1960s justified by potentially evolving beliefs—through a real-time learning process—aboutthe structure of the economy and shifts in policymakers' preferences in the late 1970s. In addition, we allow for...
Persistent link: https://www.econbiz.de/10012903175
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Central Bank Communication and Disagreement about the Natural Rate Hypothesis
Binder, Carola - 2019
About half of professional forecasters report that they use the natural rate of unemployment (u*) to forecast. I show that forecasters' reported use of and estimates of u* are informative about their expectations-formation process, including their use of a Phillips curve. Those who report not...
Persistent link: https://www.econbiz.de/10012897100
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Hitting the elusive inflation target
Bianchi, Francesco; Melosi, Leonardo; Rottner, Matthias - 2019
Since the 2001 recession, average core inflation has been below the Federal Reserve's 2% target. This deflationary bias is a predictable consequence of a low nominal interest rates environment. When monetary policy faces the risk of encountering the zero lower bound, in.ation tends to remain...
Persistent link: https://www.econbiz.de/10012058198
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Constrained discretion and central bank transparency
Bianchi, Francesco; Melosi, Leonardo - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active in.ation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10010439787
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Honesty in the digital age
Cohn, Alain; Gesche, Tobias; Maréchal, Michel André - 2018
Modern communication technologies enable efficient exchange of information, but often sacrifice direct human interaction inherent in more traditional forms of communication. This raises the question of whether the lack of personal interaction induces individuals to exploit informational...
Persistent link: https://www.econbiz.de/10011825233
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Credit and the no-surcharge rule
Monnet, Cyril (contributor); Roberds, William (contributor) - 2006
feature of such a system. -- No surcharge ; credit cards ; payments ; money ; search …
Persistent link: https://www.econbiz.de/10003730553
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Money and inflation : lessons from the US for ECB monetary policy
Belke, Ansgar; Polleit, Thorsten - 2007
We turn our attention to the role of money for determining nominal magnitudes. Using US data, we find that the … aggregate “nominal output plus and stock market capitalisation” is closely related to the money stock, lending support to one of … keep a very close eye on money supply if it wants to prevent consumer and/or asset price inflation. …
Persistent link: https://www.econbiz.de/10010206409