The financial crisis that began unfurling in 2008 has led to the refashioning of the model central bank governor along the lines of Churchillian war leader, willing to try anything with the money he conjures to restore economic growth. This raises important questions as to what limits, if any,...

I've thought about and have written about the Federal Reserve for a long time. I became fascinated with the monetary issue in the 1960s, having come across the Austrian economists, especially Hayek and Mises, and I was very impressed with August 15, 1971, because the predictions made in the...

I strongly believe that the recent financial crisis, ensuing recession, and slow recovery were primarily caused by government policy. The Federal Reserve made some very bad monetary decisions that created a bubble, i.e., a massive malinvestment. The bubble ended up being focused in the housing...

Overresponse to short-run events and neglect of longer-term consequences of its actions is one of the main errors that the Federal Reserve makes repeatedly. The current recession offers many examples of actions that some characterize as bold and innovative. I regard many of these actions as...

During the globalization process, each country tries to have monetary stability, macro economic discipline, an effective finance system, and a more competitive market mechanism. On the aspects of applied policies and politicians' reliability, their accountability and transparency is far...

Recognizing that analysis of the daily activities have recently become a standard part of the monetary economics literature, this paper provides a detailed description of the Fed's daily tactics from an institutionalist perspective. The three relevant categories of time in the Fed's daily...

We study the design of monetary policy in an economy characterized by staggered wage and price contracts together with limited asset market participation (LAMP). Contrary to previous results, we find that once nominal wage stickiness, an incontrovertible empirical fact, is considered: The Taylor...

Conducerea politicii monetare poate fi privită ca o serie de decizii prin care sunt alese obiectivele şi instrumentele. Această lucrare studiază unele aspecte ale deciziilor strategice din politica monetară precum rolurile jucate de banca centrală şi de alte autorităţi publice,...

The paper explains the expediency of developing an explicit rule of monetary policy for the economy of Ukraine. It studies the stages of its development, proving the expediency of formation of monetary rules for money aggregates, evaluates equilibrium values of the rule's parameters based on the...

This paper examines the effect of Federal Reserve's large scale purchases of securities on private investment. We find tentative evidence that quantitative easing (QE) stimulated the level of aggregate investment through the interest rate channel by narrowing corporate bond spread. In...