Search Results
Showing results 1 to 10 of approximately 14.
(refine search)
Working Paper
The role of the discount rate in monetary policy
Working Paper
The effect of changes in reserve requirements on investment and GNP
This paper provides evidence on the importance of the credit channel in the transmission of monetary policy. Changes in reserve requirements are used to measure "credit shocks." Reserve requirement changes are often made for regulatory reasons, and hence provide a more exogenous measure of credit shocks than the measures used in previous tests. To distinguish between the "money" and "credit" channels, the significance of the reserve requirements variable is studied in an empirical model that includes other monetary aggregates (either the monetary base or M1). We find that an increase in ...
Working Paper
The effect of marginal tax rates on GNP: 1931 to 1985
Journal Article
Stock market dispersion and business cycles
Working Paper
Co-integration and the government's budget deficit
Working Paper
Sectoral shifts in interwar Britain
Working Paper
Market efficiency and cointegration
Working Paper
Cointegration: how short is the long run?
Journal Article
Real business cycles