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Journal Article
Statement to Congress, October 1, 1997, (new design $50 notes)

Federal Reserve Bulletin , Issue Dec , Pages 961-962

Journal Article
Lessons from the history of money

This article looks at eight centuries of monetary history and asks: What happened and what have we learned? Money evolved from commodity-based to purely fiduciary, and in the trial-and-error process, governments learned some basic truths about price stability and the management of a sound currency.
Economic Perspectives , Volume 22 , Issue Q I

Journal Article
Recent financial deregulation and the interest elasticity of M1 demand

Economic Review , Volume 72 , Issue Jul , Pages 13-24

Journal Article
Algebraic quantity equations before Fisher and Pigou

Readers of this Review are doubtlessly familiar with the famous equation of exchange, MV=PQ, frequently employed to analyze the price level effects of monetary shocks. One might think the algebraic formulation of the equation is an outgrowth of the 20th century tendency toward mathematical modeling and statistical testing. Indeed, textbooks typically associate the transaction velocity version of the equation with Irving Fisher and the alternative Cambridge cash balance version with A. C. Pigou, two early 20th century proponents of the application of mathematics to economic analysis. The ...
Economic Review , Volume 70 , Issue Sep , Pages 13-22

Journal Article
Private money in our past, present, and future

The government isn?t the only entity allowed to issue money. Private citizens and businesses can too, and throughout U.S. history, they often have. But private money?as such money is called?isn?t issued much these days. What lessons have our experiences with private money taught us, and what do they imply for our money today and in the future?
Economic Commentary , Issue Jan

Working Paper
\"Here, dollars, dollars ...\"estimating currency demand and worldwide currency substitution

In measuring the percentage of foreign-held U.S., German, and Swiss currencies for the period of the 1960s through the 1990s, I obtain estimates much different from those of others. Using currency demand equations implied by cointegrating vectors for Canada, the Netherlands, and Austria, I estimate that in 1996 only 30% of U.S. currency was held outside the United States, and as much as 69% of German currency was held outside Germany. The U.S. estimate falls slowly over the 1960s, reaching a low of 5% in the first half of the 1970s, then rises through the early 1980s and again during the ...
International Finance Discussion Papers , Paper 657

Working Paper
The persistence of moderate inflation in the Czech Republic and the Koruna crisis of May 1997

Macroeconomic policy in the Czech Republic has been based on a fixed exchange rate for most of the post-1993 period and a conservative fiscal policy characterized by a government budget that was close to balance combined with a tight monetary policy that sought to maintain high interest rates and to restrict the growth of the money supply. Surprisingly, given the Czech Republic's good starting conditions for carrying out such a "soft landing" in its macroeconomic stabilization, the economy was hit by a speculative attack on the koruna in May, 1997, and the economy, which had shown some ...
Working Papers , Paper 1998-021

Journal Article
Production, prices, and money in four industrial countries

Review , Volume 54 , Issue Sep , Pages 11-15

Journal Article
Do currency unions increase trade? A \\"gravity\\" approach

FRBSF Economic Letter

Journal Article
Is money irrelevant?

Review , Issue May , Pages 3-17



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anonymous 30 items

Wright, Randall 17 items

Rocheteau, Guillaume 11 items

Velde, Francois R. 10 items

Waller, Christopher J. 9 items

Weber, Warren E. 9 items

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