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Author:Sellon, Gordon H. 

Conference Paper
Housing, housing finance, and monetary policy: an introduction to the Bank's 2007 Economic Symposium

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Should the discount rate be a penalty rate?

Economic Review , Volume 66 , Issue Jan , Pages 3-10

Journal Article
The choice of short-run targets for monetary policy (part 1: a theoretical analysis)

Economic Review , Volume 66 , Issue Apr , Pages 3-16

Journal Article
Monetary policy without reserve requirements: analytical issues

Reserve requirements have traditionally been viewed as a key instrument of monetary policy. Indeed, textbook discussions of monetary policy typically center on the role of reserve requirements in determining the size of the money multiplier and the magnitude of bank credit expansion. In recent years, however, there has been a significant decline in the use of reserve requirements in the United States and in other industrialized countries. Many countries have made substantial cuts in the level of reserve requirements, and some countries have eliminated reserve requirements altogether.> The ...
Economic Review , Volume 81 , Issue Q IV , Pages 5-24

Journal Article
The instruments of monetary policy

Economic Review , Volume 69 , Issue May , Pages 3-20

Journal Article
Monetary policy actions and long-term interest rates

It is generally believed that monetary policy actions are transmitted to the economy through their effect on market interest rates. According to this standard view, a restrictive monetary policy by the Federal Reserve pushes up both short-term and long-term interest rates, leading to less spending by interest-sensitive sectors of the economy such as housing, consumer durable goods, and business fixed investment. Conversely, an easier policy results in lower interest rates that stimulate economic activity. Unfortunately, empirical studies and the observed behavior of interest rates appear to ...
Economic Review , Volume 80 , Issue Q IV , Pages 73-89

Working Paper
The recent evolution of Federal Reserve operating procedures

Research Working Paper , Paper 86-13

Journal Article
New challenges for monetary policy : a summary of the Bank's 1999 Symposium

After two decades of successfully restoring price stability in much of the world economy, central banks begin the next millennium facing a new set of challenges. One key task is how to conduct monetary policy in an era of price stability. Clearly, policymakers would like inflation to remain subdued. But how should monetary policy procedures be designed to ensure that inflation does not reappear as a serious policy problem? Another important question is whether central banks enjoy greater operational flexibility or face new constraints in an environment of low inflation. And recent crises in ...
Economic Review , Volume 84 , Issue Q IV , Pages 5-15

Journal Article
Changes in financial intermediation: the role of pension and mutual funds

Economic Review , Volume 77 , Issue Q III , Pages 52-70

Working Paper
The role of the discount rate in monetary policy

Research Working Paper , Paper 94-01

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