Journal Article
Conducting monetary policy with inflation targets
Parrish, Klara; Kahn, George A. (1998-07)
Since the early 1990s, a number of central banks have adopted numerical inflation targets as a guide for monetary policy. The targets are intended to help central banks achieve and maintain price stability by specifying an explicit goal for monetary policy based on a given time path for a particular measure of inflation. In some cases the targets are expressed as a range for inflation over time, while in other cases they are expressed as a path for the inflation rate itself. The measure of inflation that is targeted varies but is typically a broad measure of prices, such as a consumer or ...
Economic Review , Volume 83 , Issue Q III , Pages 5-32

Journal Article
Communicating a policy path: the next frontier in central bank transparency?
Kahn, George A. (2007-01)
In the last two decades, central banks have taken a variety of steps to increase the transparency of monetary policy. Today, many economists are suggesting ways to further increase transparency. One area of considerable interest is the outlook for the future path of the policy rate. The policy rate is the short-term, typically overnight, interest rate that central bankers use to adjust the stance of monetary policy. While central banks typically announce changes in the policy rate when they occur, very few central banks provide an explicit description of where the policy rate is likely to be ...
Economic Review , Volume 92 , Issue Q I , Pages 25-51

Journal Article
Does more money mean more bank loans?
Kahn, George A. (1991-07)
Economic Review , Volume 76 , Issue Jul , Pages 21-31

Journal Article
Inflation and disinflation: a comparison across countries
Kahn, George A. (1985-02)
Economic Review , Volume 70 , Issue Feb , Pages 23-42

Journal Article
Investment in recession and recovery: lessons from the 1980s
Kahn, George A. (1985-11)
Economic Review , Volume 70 , Issue Nov , Pages 25-39

Journal Article
International policy coordination in an interdependent world
Kahn, George A. (1987-03)
Economic Review , Volume 72 , Issue Mar , Pages 14-32

Journal Article
The Greenspan era : lessons for the future : a summary of the Bank's 2005 Economic Symposium
Kahn, George A. (2005-10)
During Alan Greenspan?s years at the helm of the Federal Reserve System, the global economy has undergone significant structural change and withstood a variety of financial and economic shocks. In addition to helping steer the global economy through such challenges, Chairman Greenspan has been at the center of discussions on monetary policy ideas and issues. To honor Alan Greenspan?s service, the Federal Reserve Bank of Kansas City sponsored an economic symposium to explore several of these ideas and issues that will continue to challenge central bankers for years to come. The symposium was ...
Economic Review , Volume 90 , Issue Q IV , Pages 35-45

Journal Article
What is the optimal inflation rate?
Billi, Roberto M.; Kahn, George A. (2008-04)
With inflation in the United States and elsewhere low by historical standards, the question of what inflation rate policymakers should aim for has moved front and center. Knowing what inflation rate to aim for is critically important for maximizing the economic well-being of the public. ; Most policymakers agree they should not allow inflation to fall below zero because the costs of deflation are thought to be high. They disagree, however, about how much above zero, if any, central banks should aim to keep inflation. Unfortunately, rigorous estimates of an "optimal inflation rate" have ...
Economic Review , Volume 93 , Issue Q II , Pages 5-28

Journal Article
The role of community banks in the U.S. economy
Kahn, George A.; Keeton, William R.; Weiner, Stuart E.; Schroeder, Linda (2003-04)
The U.S. banking system is unusual in consisting not only of some very large banks but also a large number of relatively small community banks. This bifurcated banking system in the United States has served the economy well. Over time, with regulatory change and financial innovation, large banks have become complex organizations engaged in a wide range of activities. They provide a variety of services to their customers, but often rely on hard financial information, computer models, and centralized decision-making as the basis for conducting business. In contrast, small banks have focused ...
Economic Review , Issue Q II , Pages 15-43

Journal Article
Understanding Hawks and Doves
Oksol, Amy; Kahn, George A. (2018-06-27)
How do hawks and doves on the Federal Open Market Committee differ in their views of appropriate monetary policy and their related projections for inflation and unemployment? We find that hawks project higher inflation despite building tighter policy paths into their projections. Doves project lower inflation despite having easier policy paths, although their projections are somewhat closer to the median. In addition, hawks see a steeper inflation-unemployment tradeoff than doves up to a one-year horizon.
Macro Bulletin , Issue June 27, 2018 , Pages 1-4