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Working Paper
Monetary policy frameworks and indicators for the Federal Reserve in the 1920s
Humphrey, Thomas M. (2000)
The 1920s and 1930s saw the Fed reject a state-of-the-art empirical policy framework for a logically defective one. Consisting of a quantity theoretic analysis of the business cycle, the former framework featured the money stock, price level, and real interest rates as policy indicators. By contrast, the Fed?s procyclical needs-of-trade, or real bills, framework stressed such policy guides as market nominal interest rates, volume of member bank borrowing, and type and amount of commercial paper eligible for rediscount at the central bank. The start of the Great Depression put these rival sets ...
Working Paper , Paper 00-07

Working Paper
The evolution of small change
Velde, Francois R.; Sargent, Thomas J. (1997)
Western Europe was plagued with currency shortages from the 14th to the 19th century, at which time a `standard formula' had been devised to cure the problem. We document the evolution of mon- etary theory, policy experiments and minting tech- nology over the course of six hundred years. In a companion paper, we use a cash-in-advance model of commodity money to provide an analytical frame- work for the problem of small change.
Working Paper Series, Macroeconomic Issues , Paper WP-97-13

Working Paper
The new neoclassical synthesis and the role of monetary policy
King, Robert G.; Goodfriend, Marvin (1998)
Macroeconomics is moving toward a New Neoclassical Synthesis, which like the synthesis of the 1960s melds Classical with Keynesian ideas. This paper describes the key features of the new synthesis and its implications for the role of monetary policy. We find that the New Neoclassical Synthesis rationalizes an activist monetary policy which is a simple system of inflation targets. Under this "neutral" monetary policy, real quantities evolve as suggested in the literature on real business cycles. Going beyond broad principles, we use the new synthesis to address several operational aspects of ...
Working Paper , Paper 98-05

Journal Article
The monetary approach to exchange rates : its historical evolution and role in policy debates
Humphrey, Thomas M. (1978-07)
An abstract for this article is not available
Economic Review , Volume 64 , Issue Jul , Pages 2-9

Journal Article
Dennis H. Robertson and the monetary approach to exchange rates
Humphrey, Thomas M. (1980-05)
Economic Review , Volume 66 , Issue May , Pages 19-26

Working Paper
Monetary aggregation theory and statistical index numbers
Jones, Barry E.; Anderson, Richard G.; Nesmith, Travis D. (1996)
This paper is the first of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The second paper, Working Paper 96-008B, summarizes the methodology, construction and data sources for the an extensive new database of monetary services indices, often referred to as Divisia monetary aggregates, for the United States. This paper surveys the microeconomic theory of the aggregation of monetary assets, bringing together results that are not otherwise readily available in a single source. In addition to indices of the flow of monetary services, the Project's ...
Working Papers , Paper 1996-007

Journal Article
John Wheatley's theory of international monetary adjustment
Humphrey, Thomas M. (1994-07)
Economic Quarterly , Issue Sum , Pages 69-85

Working Paper
Theoretical analysis of the demand for money
McCallum, Bennett T.; Goodfriend, Marvin (1986)
In any discussion of the demand for money it is important to be clear about the concept of money that is being utilized; otherwise, misunderstandings can arise because of the various possible meanings that readers could have in mind. Here the term will be taken to refer to an economy's medium of exchange, that is, to a tangible asset that is generally accepted in payment for any commodity. Money thus conceived will also serve as a store of value, but may be of minor importance to the economy in that capacity. ; This paper will appear in The New Palgrave: A Dictionary of Economic Theory and ...
Working Paper , Paper 86-03

Report
Mercantilists and classicals: insights from doctrinal history. 1998 annual report of the Federal Reserve Bank of Richmond
Humphrey, Thomas M. (1998)
Annual Report

Discussion Paper
The 2007 Summer Workshop on Money, Banking and Payments: an overview
Nosal, Ed; Wright, Randall (2007-12)
The 2007 Summer Workshop on Money, Banking, Payments and Finance met at the Federal Reserve Bank of Cleveland this summer, as we have over the past several years. The following document summarizes and ties together the contributions presented at the workshop this year.
Policy Discussion Papers , Issue Dec

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