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Journal Article
The Fed crosses the Rubicon
Journal Article
Working harder?
Journal Article
Money, credit, and M2
Working Paper
Monetary \"targeting\" in Japan and the U.S.: which is more accurate?
This paper examines the issue of whether differences in money targeting or base-drift procedures between Japan and the U.S. are significant contributing factors to Japan's superior macroeconomic performance over the last decade, and concludes that these procedures probably are not important factors. ; We compare Bank of Japan (BoJ) money growth projections with Federal Reserve money targets. We show that BoJ projections are not comparable to annual money targets set by the Fed. We construct from past Records of Policy Actions of Federal Open Market Committee meetings a data set of Fed ...
Working Paper
The demand for money: where do we stand?
Working Paper
Central bank secrecy and money surprises: international evidence
The information value of central bank announcements of projected future money growth is shown to depend both on the accuracy of the announcements and the extent to which the announcements themselves are anticipated by the public. We construct a new data set on internal Federal Reserve money projections. These projections, which are kept secret while they are in force, are comparable in many important respects with publicly announced Bank of Japan money projections. Using a derivative of the law of iterated projections, we estimate the information value of disclosure on the part of the Bank ...
Journal Article
The goals of U.S. monetary policy
Journal Article
Describing Fed behavior
Journal Article
Deregulated deposit rates and monetary policy
Journal Article
Is M1 ruined?--part I