Journal Article
Monetary policy actions and long-term interest rates
Sellon, Gordon H.; Roley, V. Vance (1995-10)
It is generally believed that monetary policy actions are transmitted to the economy through their effect on market interest rates. According to this standard view, a restrictive monetary policy by the Federal Reserve pushes up both short-term and long-term interest rates, leading to less spending by interest-sensitive sectors of the economy such as housing, consumer durable goods, and business fixed investment. Conversely, an easier policy results in lower interest rates that stimulate economic activity. Unfortunately, empirical studies and the observed behavior of interest rates appear to ...
Economic Review , Volume 80 , Issue Q IV , Pages 73-89

Journal Article
Improved performance at tenth district banks
LeVoir, James W.; Sellon, Gordon H. (1990-04)
Regional Economic Digest , Issue Q II , Pages 7-12

Journal Article
Has financial market volatility increased?
Becketti, Sean; Sellon, Gordon H. (1989-06)
Economic Review , Volume 74 , Issue Jun , Pages 17-30

Working Paper
The role of the discount rate in monetary policy
Rush, Mark; Sellon, Gordon H.; Zhu, Li (1994)
Research Working Paper , Paper 94-01

Journal Article
Monetary policy and the zero bound : policy options when short-term rates reach zero
Sellon, Gordon H. (2003-10)
In response to continuing weakness in economic activity, the Federal Reserve has lowered its target for the overnight federal funds rate from 6 percent to 1 percent over the past two and one-half years. Recently, concern has been expressed in the news media and among academic economists and policymakers that additional steps to ease monetary policy could cause the federal funds rate target to hit a lower limit of zero percent. In this event, it would not be possible to lower the target any further, and the Federal Reserve would have to alter its procedures for implementing monetary policy to ...
Economic Review , Volume 88 , Issue Q IV , Pages 5-43

Journal Article
Bank lending and monetary policy: evidence on a credit channel
Sellon, Gordon H.; Morris, Charles S. (1995-04)
While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the willingness and ability of banks to extend credit may have implications for the economy. Moreover, ongoing changes in the role of banks in financial markets may affect the credit channel and so alter the monetary transmission mechanism.> Recent research on a bank credit channel has focused on two questions. ...
Economic Review , Volume 80 , Issue Q II , Pages 59-75

Journal Article
Recovery continues at tenth district banks
LeVoir, James W.; Sellon, Gordon H. (1989-10)
Financial Letters , Issue Oct

Journal Article
New challenges for monetary policy : a summary of the Bank's 1999 Symposium
Buskas, Charmaine R.; Sellon, Gordon H. (1999-10)
After two decades of successfully restoring price stability in much of the world economy, central banks begin the next millennium facing a new set of challenges. One key task is how to conduct monetary policy in an era of price stability. Clearly, policymakers would like inflation to remain subdued. But how should monetary policy procedures be designed to ensure that inflation does not reappear as a serious policy problem? Another important question is whether central banks enjoy greater operational flexibility or face new constraints in an environment of low inflation. And recent crises in ...
Economic Review , Volume 84 , Issue Q IV , Pages 5-15

Journal Article
The choice of short-run targets for monetary policy (part 2: an historical analysis)
Sellon, Gordon H.; Teigen, Ronald L. (1981-05)
Economic Review , Volume 66 , Issue May , Pages 3-12

Journal Article
The instruments of monetary policy
Sellon, Gordon H. (1984-05)
Economic Review , Volume 69 , Issue May , Pages 3-20