Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....

UK's fiscal profligacy is exacerbating the downturnIn the twenty-sixty IEA Discussion Paper, Professor David B. Smith examines M4X as a measure of the supply of broad money.It has been argued that quantitative easing (QE) is designed to prevent a collapse of broad money. However, the official M4...

The altered allocations of money market volatility obtained by alternative monetary policy procedures are illustrated by stochastic simulations of a staff monthly model.The results indicate the nature of the tradeoff between short-run volatility in the money stock and in the funds rate that is...

This paper uses the recent cross-country experience with quantitative tightening (QT) to assess the impact of shrinking central bank balance sheets. We analyze the experience in seven advanced economies (Australia, Canada, Euro area, New Zealand, Sweden, UK and US)--documenting different...