Monetary Policy
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“The Great Depression According to Milton Friedman”
“Few events in U.S. history can rival the Great Depression for its impact. The period from 1929 to 1941 saw fundamental changes in the landscape of American politics and economics, including such monumental events as America ’s going off the gold standard and the founding of Social Security. It was a watershed for the growth…
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“A Stable Price Level Standard for Federal Reserve Monetary Policy”
“In a recent article in the Cato Journal dealing with the transparency of Federal Reserve monetary policy, Federal Open Market Committee (FOMC) Chairman Ben Bernanke provided an authoritative account of current Federal Reserve strategy (Cato Journal, vol. 28, No. 2, Spring/Summer, 2008, “The Fed’s Road Toward Greater Transparency,” pp. 175-186). Bernanke notes that “inflation-targeting” does…
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Chile Starts Monetary Tightening
Chile has rebounded strongly from the global recession, in spite of the devastating earth quake that hit early in 2010. In response to the financial crisis, the monetary authorities cut its key lending rate from 8.25 per cent in September 2008 all the way down to 0.5 percent in July 2009 where it has stayed…
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“Politicizing the Fed”
“For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks. The biggest underreported threat comes from Subtitle I, Section 1801 of the…
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“Congress Begins Conference on Financial Regulation”
“Today begins the televised political theatre that Barney Frank has been waiting months for: the first public meeting of the House and Senate conferees on the two financial regulation bills. While there are a handful of important differences between the House and Senate bills, these differences are overshadowed by what the bills have in common.…
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Controlling the Fed
Blame goes to the Fed. They allowed a financial crisis due to lack of regulation and oversight of the banking/financial industry. At least that is the claim of today’s policy makers. While I may not disagree that the Fed holds much of the responsibility for the mess of the last few years, but I do…
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“A Monetary Policy Simulation Game”
The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate.
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“Monetary Policy Rules and Business Cycles”
“Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features…
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“Federal Reserve chief says U.S. budget on road to peril”
“Federal Reserve Chairman Ben Bernanke warned Wednesday that “the federal budget appears to be on an unsustainable path,” but also recognized that an “exceptional increase” in the deficit had been necessary to ease the pain of recession. In nearly two hours of testimony before the House Budget Committee, Bernanke offered a mix of optimism and…
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“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
-
“The Great Depression According to Milton Friedman”
“Few events in U.S. history can rival the Great Depression for its impact. The period from 1929 to 1941 saw fundamental changes in the landscape of American politics and economics, including such monumental events as America ’s going off the gold standard and the founding of Social Security. It was a watershed for the growth…
-
“A Stable Price Level Standard for Federal Reserve Monetary Policy”
“In a recent article in the Cato Journal dealing with the transparency of Federal Reserve monetary policy, Federal Open Market Committee (FOMC) Chairman Ben Bernanke provided an authoritative account of current Federal Reserve strategy (Cato Journal, vol. 28, No. 2, Spring/Summer, 2008, “The Fed’s Road Toward Greater Transparency,” pp. 175-186). Bernanke notes that “inflation-targeting” does…
-
Chile Starts Monetary Tightening
Chile has rebounded strongly from the global recession, in spite of the devastating earth quake that hit early in 2010. In response to the financial crisis, the monetary authorities cut its key lending rate from 8.25 per cent in September 2008 all the way down to 0.5 percent in July 2009 where it has stayed…
-
“Politicizing the Fed”
“For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks. The biggest underreported threat comes from Subtitle I, Section 1801 of the…
-
“Congress Begins Conference on Financial Regulation”
“Today begins the televised political theatre that Barney Frank has been waiting months for: the first public meeting of the House and Senate conferees on the two financial regulation bills. While there are a handful of important differences between the House and Senate bills, these differences are overshadowed by what the bills have in common.…
-
Controlling the Fed
Blame goes to the Fed. They allowed a financial crisis due to lack of regulation and oversight of the banking/financial industry. At least that is the claim of today’s policy makers. While I may not disagree that the Fed holds much of the responsibility for the mess of the last few years, but I do…
-
“A Monetary Policy Simulation Game”
The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate.
-
“Monetary Policy Rules and Business Cycles”
“Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features…
-
“Federal Reserve chief says U.S. budget on road to peril”
“Federal Reserve Chairman Ben Bernanke warned Wednesday that “the federal budget appears to be on an unsustainable path,” but also recognized that an “exceptional increase” in the deficit had been necessary to ease the pain of recession. In nearly two hours of testimony before the House Budget Committee, Bernanke offered a mix of optimism and…
-
“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
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