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Conference Paper
Narrow money, broad money, and the transmission of monetary policy
Conference Paper
Interest rate policy and the inflation scare problem: 1979-1992
Working Paper
Monetary mystique : secrecy and central banking
The paper contains a theoretical discussion of the role of secrecy in the implementation of monetary policy. It documents the Federal Reserve's defense of secrecy as argued in a recent Freedom of Information Act suit. The Federal Reserve's arguments are evaluated on the basis of economic theory. Theoretical papers related to the secrecy issue are reviewed. The discussion highlights a number of potential benefits and costs of central banking secrecy, and identifies some conditions under which secrecy could be socially beneficial.
Working Paper
Interest rate smoothing and price level trend-stationarity
For industrial countries in the post-war period, the price level and the money stock have displayed little tendency to revert to given growth paths. Indeed, this stylized fact is frequently referred to by monetarist critics of central banks, who point out that periods of temporarily high or low money growth, rather than being subsequently reversed, typically alter the level of money stock and prices permanently.
Working Paper
The role of a regional bank in a system of central banks
The paper assesses the role of a Reserve Bank in the Federal Reserve System. It compares the Eurosystem with the Fed System, and offers suggestions for the Eurosystem based on the Fed's experience. A regional presence facilitates surveillance of the economy and helps a central bank to communicate with the public. Competition among regional banks stimulates innovative thinking on operational, research, and policy questions. The Chairman (President) of the system should be strong enough to encourage diverse views in the monetary policy committee and to build a consensus for decisive and timely ...
Journal Article
A weekly rational expectations model of the nonborrowed reserve operating procedure
An abstract for this article is not available
Working Paper
An alternative method of estimating the Cagan money demand function in hyperinflation under rational expectations
This paper contains a description and implementation of a new strategy for estimating the Cagan money demand function under rational expectations.
Journal Article
A historical assessment of the rationales and functions of reserve requirements
An abstract for this article is not available.
Journal Article
Interest rate policy and the inflation scare problem: 1979-1992
Journal Article
Recent financial innovations : courses, consequences for the payments system, and implications for monetary control
An abstract for this article is not available