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Monetary Equilibrium and Price Stickiness Reconsidered : A Reply to Bagus and Howden

Luther, William J. - 2014

Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...

Persistent link: https://www.econbiz.de/10013066751

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

On the Relationship of Money Supply, Consumer Demand and Debt

Cebiroglu, Gökhan - 2017

This article assesses economic growth in the context of consumer saturation. We show that consumer based economies tend to suffer from demand saturation after an initial and prolonged period of growth. However, structural demand saturation irrevocably triggers a Minsky-type super cycle that is...

Persistent link: https://www.econbiz.de/10012962345

Bad Luck, Bad Policy, and Learning? A Markov-Switching Approach to Understanding Postwar U.S. Macroeconomic Dynamics

Best, Gabriela - 2019

evolving beliefs—through a real-time learning process—aboutthe structure of the economy and shifts in policymakers' preferences … Moderation. We argue that the interplay between centralbank learning and a shift in policy makers' preferences explains movements … observe that a change in monetary policy objectives, assumptions about policymakers' learning process, and Markov …

Persistent link: https://www.econbiz.de/10012903175

Inflation and Activity : Two Explorations and Their Monetary Policy Implications

Blanchard, Olivier J. - 2018

We explore two issues triggered by the global financial crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation...

Persistent link: https://www.econbiz.de/10012936771

House Prices, Money, Credit, and the Macroeconomy

Goodhart, Charles - 2010

This paper assesses the links between money, credit, house prices, and economic activity in industrialized countries over the last three decades. The analysis is based on a fixed-effects panel vector autoregression, estimated using quarterly data for 17 industrialized countries spanning the...

Persistent link: https://www.econbiz.de/10012758999

Discussion of House Prices, Money, Credit, and the Macroeconomy by Charles Goodhart and Boris Hofmann

Price, Simon - 2010

Goodhart and Hoffman aim to examine causal and other links between house prices, liquidity, and activity, and this note comments on their results. One part of the mechanism is via wealth-but arguably house-price changes have little net impact on wealth, although there are collateral effects. The...

Persistent link: https://www.econbiz.de/10012759001

Inflation and Activity - Two Explorations and Their Monetary Policy Implications

Blanchard, Olivier J. - 2016

We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and...

Persistent link: https://www.econbiz.de/10013002151

Does Product Revenue Matter for Price Setting and Monetary Policy Transmission?

Kang, Dongik - 2020

Using retail scanner data, we find that the probability of price adjustment increases with a product's revenue, and the average absolute size of price adjustment decreases with the product's revenue. Furthermore, the responsiveness of prices to monetary shocks increases with product revenue....

Persistent link: https://www.econbiz.de/10012849676

Financial Regulation, Credit and Liquidity Policy and the Business Cycle

Bratsiotis, George - 2015

The global financial crisis in 2007 prompted policy makers to introduce a combination of bank regulation and macroprudential policies, including non-conventional monetary policies, such as interest on reserves and changes in required reserves. This paper examines how the combination of such...

Persistent link: https://www.econbiz.de/10013019923