Journal Article
What is an \\"acceptable\\" rate of inflation?--a review of the issues
Garfinkel, Michelle R. (1989-07)
Review , Issue Jul , Pages 3-15

Working Paper
When and how much to talk: credibility and flexibility in monetary policy with private information
Oh, Seonghwan; Garfinkel, Michelle R. (1990)
This paper analyzes how noisy or imprecise announcements might partially remove the inefficiencies resulting from the credibility problem in monetary policy when the presence of non-verifiable private information adds another dimension to that problem. The analysis finds that imprecise or noisy announcements can be a meaningful form of communication only if it is possible to "tie" the hands of the monetary authority somehow. To the extent that it is otherwise efficient for policy to react to the monetary authority?s private information, such announcements can be extremely costly in terms of ...
Working Papers , Paper 1990-004

Working Paper
Strategic discipline in monetary policy with private information: optimal targeting periods
Oh, Seonghwan; Garfinkel, Michelle R. (1990)
This paper analyzes the optimal choice of the length of time over which the monetary authority targets money growth, in a setting where the monetary authority?s lack of credibility potentially gives rise to an inflationary bias. When the monetary authority has some private information-e.g. a private forecast-that obscures the relevance of reputational considerations and the effectiveness of legislation to enforce the efficient policy, the targeting procedure serves as a device to diminish the inflationary bias while providing the monetary authority limited flexibility to react to its private ...
Working Papers , Paper 1990-001

Journal Article
The causes and consequences of leveraged buyouts
Garfinkel, Michelle R. (1989-09)
Review , Issue Sep , Pages 23-34

Conference Paper
The Business Cycle: Theories and Evidence: Proceedings of the Sixteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis (held October 17-18 1991)
Belongia, Michael T.; Garfinkel, Michelle R. (1992)
Proceedings

Journal Article
The FOMC in 1988: uncertainty's effects on monetary policy
Garfinkel, Michelle R. (1989-03)
Review , Issue Mar , Pages 16-33

Journal Article
The multiplier approach to the money supply process: a precautionary note
Thornton, Daniel L.; Garfinkel, Michelle R. (1991-07)
Review , Issue Jul , Pages 47-64

Journal Article
The FOMC in 1989: walking a tightrope
Garfinkel, Michelle R. (1990-03)
Review , Issue Mar , Pages 17-35

Journal Article
Strategic considerations in monetary policy with private information: can secrecy be avoided?
Oh, Seonghwan; Garfinkel, Michelle R. (1990-07)
Review , Issue Jul , Pages 3-16

Journal Article
The economic consequences of reducing military spending
Garfinkel, Michelle R. (1990-11)
Review , Issue Nov , Pages 47-58