2011

最新文章

• Review of Allan H. Meltzer's A history of the Federal Reserve, Volume 2, University of Chicago Press, 2009 AI翻译
  作者：Taylor, John B.
  作者单位：Stanford University
  摘要：This is a review of Allan Meltzer's A History of the Federal Reserve, Volume 2. By carefully reviewing thousands of transcripts and records, Meltzer's history lets policy makers explain their decisions in their own words, and creatively weaves historical events into a single exceptionally clear story as he did in Volume 1. In this review I first examine the book's main theme that discretionary monetary policy failed in the Great Depression (1929-1933), in the Great Inflation (1965-1980), and i...
• Politics and the Fed AI翻译
  作者：Meltzer, Allan H.
  作者单位：Carnegie Mellon University; American Enterprise Institute for Public Policy Research
  摘要：In the standard policy model, a policymaker optimizes the welfare of a representative agent. In practice, policies are chosen in a political process by agents elected by voters. Drawing on evidence from my two-volume history of the Federal Reserve, the paper reports many examples of decisions influenced by political pressures. The history shows that the meaning of the independence of the Federal Reserve changed over time reflecting political influences. (C) 2010 Elsevier B.V. All rights reserv...
• Discussion of Acharya and Skeie: A model of liquidity hoarding and term premia in inter-bank markets AI翻译
  作者：Ennis, Huberto M.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
• Imperfect information, multiple shocks, and policy's signaling role AI翻译
  作者：Berkelmans, Leon
  作者单位：Reserve Bank of Australia; Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：In multiple shock models, when agents have imperfect information they attempt to infer a shock's type, in addition to its size. In this environment, monetary policy plays an important signaling role. This paper highlights this signaling role by showing that conclusions from imperfect information monetary models are sensitive to the number of shocks included. With multiple shocks, contractionary monetary policy can initially increase inflation and delay the eventual disinflation. Moreover, mult...
• Customer markets and the welfare effects of monetary policy AI翻译
  作者：Soderberg, Johan
  作者单位：Uppsala University
  摘要：A customer market model in which firms and customers form long-term relations is developed and integrated into the canonical New Keynesian framework. This leads to two important differences compared to the standard model. First, the purely forward-looking Phillips curve is replaced by a hybrid variant where current inflation also depends on past inflation. Second, the welfare cost of inflation is much lower, which leads to an optimal monetary policy where relatively more weight is put on outpu...
• Money and capital AI翻译
  作者：Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall
  作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Notre Dame; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
  摘要：The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportuniti...
• Comment on: Politics and the Fed by Allan H. Meltzer AI翻译
  作者：Hess, Gregory D.
  作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
• Securitization markets and central banking: An evaluation of the term asset-backed securities loan facility AI翻译
  作者：Campbell, Sean; Covitz, Daniel; Nelson, William; Pence, Karen
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：In response to the near collapse of US securitization markets in 2008, the Federal Reserve created the Term Asset-Backed Securities Loan Facility, which offered nonrecourse loans to finance investors' purchases of certain highly rated asset-backed securities. We study the effects of this program and find that it lowered interest rate spreads for some categories of asset-backed securities but had little impact on the pricing of individual securities. These findings suggest that the program impr...
• Business cycle co-movement: Evidence from the Great Depression AI翻译
  作者：Mathy, Gabriel P.; Meissner, Christopher M.
  作者单位：University of California System; University of California Davis; National Bureau of Economic Research
  摘要：Recent analysis focuses on the gold standard as a channel for the transmission of the Great Depression. Trade linkages, which loom large in the recent literature, play a smaller role. Both the gold standard and trade were associated with higher co-movement at the bilateral level during the entire interwar period. We document that fixed exchange rates and trade made a comeback after 1932, but co-movement declined. The fall after 1932 appears to be driven by the rise of smaller blocs based on mo...
• Monetary policy and corporate default discussion AI翻译
  作者：Gomes, Joao F.
  作者单位：University of Pennsylvania; University of Pennsylvania