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Author:Anderson, Richard G. 

Working Paper
Building new monetary services indices: methodology and source data

This paper is second of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The first paper, Working Paper 96-007B, surveys the microeconomic theory of the aggregation of monetary assets. This paper describe a new database of monetary services indices (MSI) for the United States. The MSI measure the flow of monetary services received each period by households from their holdings of monetary assets; the levels of the indices are often also referred to as Divisia monetary aggregates. In addition to indices of the flow of monetary services, the database ...
Working Papers , Paper 1996-008

Journal Article
Quantitative easing the Swedish way

Most central banks implement quantitative easing through asset purchases. Sweden took a different path.
Economic Synopses

Working Paper
Modeling U.S. households' demand for liquid wealth in an era of financial change

Money demand models overpredicted M2 growth in the United States from 1990 to 1993. We examine this overprediction using a model of household demand for liquid wealth. The model is a dynamic generalization of the almost-ideal demand model of Deaton and Muellbauer (1980). We find that the own-price elasticity of money demand rose substantially after 1990. We also find important cross-price elasticities of money with respect to other liquid financial assets, notably with respect to mutual funds. Incorporating these and other features helps explain nearly 50 percent of the shortfall in M2 growth ...
Working Papers , Paper 1997-014

Journal Article
The effect of mortgage refinancing on money demand and the monetary aggregates

Review , Issue Jul , Pages 49-63

Working Paper
Replication and scientific standards in economics a decade later: the impact of JMCB project

Scientific inquiry embodies skepticism. Researchers are trained to scrutinize every result, doubting not only the truth but also the tests of every hypothesis. Research papers in professional journals typically present only summaries of results, however, providing neither the programs nor data that a reader requires fully understanding -- and questioning -- the authors' tests. The Journal of Money, Credit, and Banking project a decade ago was the first attempt by the editor of a major journal to furnish readers with the data and programs used by the journal's authors. The project revealed the ...
Working Papers , Paper 1994-007

Journal Article
Doubling your monetary base and surviving: some international experience

The authors examine the experience of selected central banks that have used large-scale balance-sheet expansion, frequently referred to as ?quantitative easing,? as a monetary policy instrument. The case studies focus on central banks responding to the recent financial crisis and Nordic central banks during the banking crises of the 1990s; others are provided for comparison purposes. The authors conclude that large-scale balance-sheet increases are a viable monetary policy tool provided the public believes the increase will be appropriately reversed.
Review , Volume 92 , Issue Nov , Pages 481-506

Journal Article
On the road to recovery, soft patches turn up often

The Regional Economist , Issue Jan

Journal Article
Replicability, real-time data, and the science of economic research: FRED, ALFRED, and VDC

This article discusses the linkages between two recent themes in economic research: "real time" data and replication. These two themes share many of the same ideas, specifically, that scientific research itself has a time dimension. In research using real-time data, this time dimension is the date on which particular observations, or pieces of data, became available. In work with replication, it is the date on which a study (and its results) became available to other researchers and/or was published. Recognition of both dimensions of scientific research is important. A project at the ...
Review , Volume 88 , Issue Jan , Pages 81-93

Working Paper
A historical perspective on the Federal Reserve's monetary aggregates

Data on the monetary aggregates are the fundamental raw material for research in many facets of economics and finance. Money demand modeling, measurement of money stock announcement effects, tests of the rationality of preliminary money stock forecasts and financial market efficiency, and comparison of alternative seasonal adjustment procedures are just a few such areas. Working in the spirit of Friedman and Schwartz, we chronicle the evolution of the Federal Reserve's monetary aggregates. Numerous changes in data sources, definitions, revision procedures, and seasonal adjustment methods ...
Working Papers , Paper 1994-006

Journal Article
Mutual funds and monetary aggregates - introduction

Review , Issue Nov , Pages 3-6

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