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Journal Article
Interest rates and monetary growth
Journal Article
Financial crises and market regulation
Financial crises typically arise from mismanagement by governments which seek, usually with the most sincere and honorable intentions, to reduce or eliminate some constituent's risk exposure. But risk cannot be eliminated, only redistributed. Mr. Jordan, president and chief executive officer of the Federal Reserve Bank of Cleveland, recently discussed this problem at the Eighth Annual Financial Markets Conference, held at the Federal Reserve Bank of Atlanta.
Journal Article
Reply
Reply to "Monetary & Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization".
Working Paper
Money in the twenty-first century.
What implications do 21st century monetary innovations bring for holdings of central bank money and standards of value? Emerging technologies such as cybercash, e-cash, and smart cards can be expected to reduce demand for central bank money, but the theoretical framework for monetary policy has not changed. The authors stress three points in this paper: 1) money innovations tend to reduce the demand for central bank money, but it remains to be seen whether the predictability of that demand, and thus the reliability of monetary policy, will decline in the coming century; 2) in principle, ...
Journal Article
Money, fiscal discipline, and growth
An examination of the role of sound money in promoting national prosperity, emphasizing the hazards that emanate from fiscal policies and the challenges that will accompany the European Monetary Union.
Working Paper
The market for deposit-type financial assets
Dissertation
Journal Article
Not as easy as it looks: regulating effective corporate governance
Accounting scandals, executive misconduct, and poor management at once-prosperous corporations have shaken investor confidence in corporate integrity, and worse, in the mechanisms that are supposed to ensure good corporate management. What will it take to restore confidence? This Commentary suggests that the markets will respond with innovations and adjustments that lead to better management, accounting, and disclosure. Greater government policing has an important, but limited, role to play.
Journal Article
Credibility begins with a clear commitment to price stability
An argument that the central bank should adopt a policy of price stability based on an explicit objective for the Consumer Price Index, which the Cleveland Fed President believes would provide a nominal anchor for the dollar as well as a clear standard by which to measure the success of monetary policy.