This paper presents a central banker's perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance of financial stability, including the management of financial crises. The management of...

The Federal Reserve allowed unemployment to fall substantially in the late 1990s, to a level well below earlier estimates of the NAIRU, without a corresponding tightening of monetary policy. In addition, Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may...

In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System....

I: Theory and Evidence -- Tax Rates, Factor Employment, and Market Production -- An Econometric Model Incorporating the Supply-Side Effects of Economic Policy -- Thoughts on the Laffer Curve -- Discussion of the Evans Paper -- Discussion of the Evans Paper -- II: Saving and Investment -- The...

I Impact of Deficits on Monetary Growth and Inflation -- 1 Examining the Proposition that Federal Budget Deficits Matter -- Discussion -- 2 On the Monetization of Deficits -- Discussion -- II Impact of Deficits on Interest Rates and Capital Formation -- 3 Asset Substitutability and the Impact of...

I The United States Experience -- 1 Nonborrowed Reserve Targeting and Monetary Control -- Discussion 1 -- Discussion 2 -- Discussion 3 -- II Money Stock Control in Europe: Switzerland and the United Kingdom -- 2 Targeting the Monetary Base: The Swiss Case -- Discussion -- 3 Recent Developments...