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Keywords:Banks and banking, Central 

Conference Paper
The Fed at seventy-five

Proceedings

Speech
Sound monetary policy for good times and bad: a speech at the Merk Investments/Stanford SIEPR Panel, Stanford University, Palo Alto, California, October 20, 2009

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia Merk Investments/Stanford SIEPR Panel, Stanford University, Palo Alto, California, October 20, 2009
Speech , Paper 29

Journal Article
President's message : The (limited) role of credit ratings in the financial crisis

Econ Focus , Volume 13 , Issue Spr , Pages 1

Report
The welfare effects of a liquidity-saving mechanism

This paper considers the welfare effect of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner's problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner's allocation for some parameter values. The planner's allocation cannot happen without an LSM, as long as some payments can be delayed without cost. We show that, in equilibrium with an LSM, there can be either too few or too many payments settled early compared with the planner's allocation, depending on the ...
Staff Reports , Paper 331

Journal Article
Relating commodity prices to underlying inflation: the role of expectations

Temporary supply factors may boost some commodity prices?a drought in the Midwest can jolt food costs, or a conflict in the Middle East might propel oil higher. These, in turn, can increase the overall consumer price index (CPI) and the headline inflation rate. ; Because central bank anti-inflation measures sometimes take a long time to affect prices, policymakers don?t necessarily react to short-term fluctuations in headline inflation (an overall rate that?s not seasonally adjusted). In fact, the mandate of many inflation-targeting central banks is to aim to keep headline inflation at a ...
Economic Letter , Volume 6

Journal Article
How should central banks reduce inflation? - Conceptual issues

In remarks made before the Federal Reserve Bank of Kansas City's 1996 symposium, Achieving Price Stability, Mr. King discussed how quickly a central bank should reduce inflation to its desired level following an inflationary episode. He argued that a central bank is unlikely to wish to move immediately to price stability, since there are costs to disinflation and these costs increase more than proportionally with the rate of disinflation. These costs, which arise because economic agents have to learn about the central bank's commitment to price stability, also mean that a central bank may ...
Economic Review , Volume 81 , Issue Q IV , Pages 25-52

Speech
The economic outlook and some challenges facing the Federal Reserve: a speech at the Economic Outlook Panel, University of Delaware, January 14, 2009

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia 2009 Economic Outlook Panel, University of Delaware, January 14, 2009
Speech , Paper 23

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 ...
Working Papers in Applied Economic Theory , Paper 91-01

Journal Article
British central bank independence and inflation expectations

FRBSF Economic Letter

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