Search Results
Journal Article
Using the term structure of interest rates for monetary policy
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.
Conference Paper
Money, credit, banking, and payment system policy
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.
Journal Article
Interest on reserves and monetary policy
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Working Paper
Industrial development and the convergence question
The paper studies endogenous world balanced growth equilibria in which national learning productivity differentials govern relative per capita products. Learning productivities depend on the national share of world specialized-goods production, national and world scale, and familiarity with the foreign economy. Familiarity indexes the extent to which imported specialized goods enhance learning productivity. We find that mutual familiarization causes per capita products to converge. Unfamiliar economies diverge substantially and persistently. Unilateral familiarization of a less-developed ...
Conference Paper
Monetary policy after the crisis - commentary
Journal Article
The role of a regional bank in a system of central banks
Working Paper
Interest rates and the conduct of monetary policy
The paper describes key aspects of actual Federal Reserve interest rate targeting procedures and addresses a number of issues in light of these stylized facts. It reviews the connection between rate smoothing and price level trend-stationarity. It critiques interest rate targeting as inflation tax smoothing. It argues that stabilization policy implemented by interest rate targeting may inadvertently induce martingale-like behavior in nominal rates and inflation. The paper explains why central bankers prefer continuity of the short rate and indirect rate targeting. Lastly, it surveys empirical ...
Journal Article
What assets should the Federal Reserve buy?