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Journal Article
Foreign exchange intervention as a signal of monetary policy
Klein, Michael W.; Rosengren, Eric S. (1991-05)
Recent experience with exchange rate management has rekindled interest in the efficacy of foreign exchange intervention. While there is broad evidence that sterilized intervention has no effect on the exchange rate through a portfolio balance channel, less evidence exists on the signalling role of intervention. This article considers the signalling role of intervention for the United States and West Germany between the 1985 Plaza Accord and the October 1987 stock market crash. ; An examination of the data shows that intervention observed by the foreign exchange market did not precede changes ...
New England Economic Review , Issue May , Pages 39-50

Journal Article
Commodity prices, the term structure of interest rates, and exchange rates: useful indicators for monetary policy?
Fuhrer, Jeffrey C. (1993-11)
Effective conduct of monetary policy requires accurate and timely indications of the current and future course of the ultimate targets of monetary policy. It is widely agreed that the monetary aggregates no longer provide reliable signals of inflation or of real activity. It is less widely agreed which variable or variables should replace the aggregates, or how they would be used in conducting monetary policy. This article considers whether the slope of the term structure of interest rates, commodity prices, and the exchange rate could be suitable replacements for the aggregates. The author ...
New England Economic Review , Issue Nov , Pages 18-32

Journal Article
Prospective nominal GNP targeting: an alternative framework for monetary policy
McNees, Stephen K. (1987-09)
New England Economic Review , Issue Sep , Pages 3-9

Journal Article
A forward-looking monetary policy reaction function: continuity and change
McNees, Stephen K. (1992-11)
This study suggests that U.S. monetary policy has been influenced by forecasts of and past experience with three broad factors: inflation, economic activity, and the monetary aggregates. The influence of each factor has varied, however, within this common theme. In the past 22 years at least two specific changes have occurred: the October 1979 shift to greater emphasis on a narrow measure of money and a shift in the early 1980s from M1 targeting to M2. ; The author models monetary policy econometrically, testing the influence of numerous factors on monetary policy and investigating whether a ...
New England Economic Review , Issue Nov , Pages 3-13

Journal Article
Central bank independence and inflation targeting: monetary policy paradigms for the next millenium?
Fuhrer, Jeffrey C. (1997-01)
An expanding body of literature holds two truths about monetary policy to be self-evident: Effective central banks must be independent from undue political interference, and they would do well to target the rate of inflation directly. The genesis of this literature may be found in the concern about the effective use of the significant power wielded by central banks around the world, and in the response to a pivotal and turbulent period in economic history. The marked rise in the level and variability of inflation following the oil price surges of the 1970s led many to question the Fed's and ...
New England Economic Review , Issue Jan , Pages 19-36

Journal Article
Monetary policy and the behavior of long-term real interest rates
Fuhrer, Jeffrey C. (1995-09)
A time-honored description of the "monetary transmission channel" suggests that the Fed controls the federal funds rate, which affects the rates on longer-term credit market instruments, which affect the expected real (inflation-adjusted) rates on longer-term instruments, which affect real spending on interest-sensitive goods, which affects unemployment and inflation. And yet one key link in the chain, the expected real long-term interest rate, is not observable.> This article explores the link between the behavior of monetary policy and inferences about the behavior of the expected ...
New England Economic Review , Issue Sep , Pages 39-52

Journal Article
Is bank lending important for the transmission of monetary policy? An overview
Peek, Joe; Rosengren, Eric S. (1995-11)
To improve our understanding of the role of banks in the transmission of monetary policy, the Federal Reserve Bank of Boston convened a conference in June of 1995 to consider the question, "Is Bank Lending Important for the Transmission of Monetary Policy?" That banks are an important element in the transmission process is not an issue, because monetary policy operates through the banking sector. However, the description of the exact role played by banks remains hotly disputed, with the debate focusing on the importance of the role for bank lending as a transmission channel (the lending ...
New England Economic Review , Issue Nov , Pages 3-11

Journal Article
Safety and soundness of financial intermediaries: capital requirements, deposit insurance, and monetary policy
Kopcke, Richard W. (1995-11)
More than two-thirds of the $25 trillion of financial assets held in the United States is managed on behalf of investors by financial intermediaries, ranging from trusts, mutual funds, and mortgage pools to insurance companies, pension funds, and banks. Because of their importance, governments have long regulated the activities of these intermediaries to ensure sound financial markets, a foundation of secure economic development. Currently, regulators both here and abroad are considering reforms that not only might foster more efficient domestic financial markets, but also might prepare the ...
New England Economic Review , Issue Nov , Pages 37-65

Journal Article
Goals, guidelines, and constraints facing monetary policymakers: an overview
Fuhrer, Jeffrey C. (1994-09)
Central bankers in the United States and abroad must grapple with a broad array of questions about how best to conduct monetary policy. How much should the goal of price stability be emphasized relative to the goal of employment stability? Does central bank independence aid in achieving either or both of these goals? Does a stable, short-run trade-off between inflation and unemployment exist, and can it be exploited by a central bank? What instrument should the central bank manipulate in order to achieve its short-run and long-run goals? ; In June of 1994, the Federal Reserve Bank of Boston ...
New England Economic Review , Issue Sep , Pages 3-15

Journal Article
Currency boards: once and future monetary regimes?
Kopcke, Richard W. (1999-05)
A currency board can allow a developing economy to establish its domestic currency relatively promptly and efficiently by fixing the value of its currency to that of another country and guaranteeing that its currency is backed by sufficient foreign exchange reserves. Currency boards not only provide a foundation that encourages traders and investors to accept new currencies, they also do not require sophisticated money markets and central banking operations in order to be effective. Because of these attributes, currency boards have attracted more attention, particularly in the wake of ...
New England Economic Review , Issue May , Pages 21-37

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