Monetary Policy Across Space and Time

Tracking Monetary - Fiscal Interactions Across Time and Space

The fiscal position of many countries is worrying – and getting worse. Should formally independent central bankers be concerned about observed fiscal excesses spilling over to monetary policy and jeopardizing price stability? To provide some insights, this paper tracks the interactions between fiscal and monetary policies in the data across time and space. It makes three main contributions. The...

Time-Varying Monetary Policy Reaction Function: The Case of Iran

Monetary Policy, the Skill Premium, and Unemployment Across Skills∗

This paper studies the implications of a monetary policy shock on the skill premium and unemployment across skills. A dataset on the skill premium and the unemployment ratios of the high and low educated is compiled using the Outgoing Rotation Group of the Current Population Survey. A vector autoregressive analysis demonstrates that a contractionary policy induces a decline in the skill premium...

Monetary Aggregates and Monetary Policy

This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...

A Fine Time for Monetary Policy?

The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.