Search Results
Journal Article
Curbing the boom
Journal Article
Allocating credit
Journal Article
The great discovery
Working Paper
Tobin lives: integrating evolving credit market architecture into flow of funds based macro-models
After the global financial crisis, there is greater awareness of the need to understand the interactions between the financial sector and the real economy and hence the potential for financial instability. Data from the financial flow of funds, previously relatively neglected, are now seen as crucial to the data monitoring carried out by central banks. This paper revisits earlier efforts to understand financial-real linkages, such those of Tobin and the Yale School, and proposes a modeling framework for analysing the household flow of funds jointly with consumption. The consumption function ...
Journal Article
The discount rate and market interest rates: theory and evidence
Journal Article
Federal Reserve control of credit
In the early days of the Federal Reserve, changes in the discount rate were the principal instrument through which the central bank exercised control over credit conditions. In this address, Strong explains the use of discount rate changes as a means of controlling the volume of credit and influencing interest rate movements. He considers criteria for discount rate changes, concluding that in the absence of gold movements under a reestablished gold standard, policy makers have no option but to look to general economic conditions.
Journal Article
Voluntary action to help curb inflation
Journal Article
Domestic nonfinancial debt: after three years of monitoring
An examination of the historical and current behavior of domestic nonfinancial debt, with a discussion of B.M. Friedman's theories and an analysis of the recent unexpected surge in debt and its policy implications.