Monetary Standards

The International Monetary Fund’s New Standards for Economic Statistics

The note below “How U.S. Economic Statistics Comply With the New  Standards” and the following article “Standards for the Dissemination of Economic and Financial Statistics” discuss the International Monetary Fund’s new standards for data dissemination. Already,  countries—including Canada, France, Italy, Japan, the United Kingdom, and the United States—have subscribed to the “Special Data...

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...

On Monetary Stability and Monetary Reform

Monetary mechanisms

We provide a series of results for a standard model where exchange is facilitated by liquid assets. Compared to past work, minimal structure is imposed on the mechanism determining the terms of trade. Four simple axioms lead to a class of mechanisms encompassing common bargaining theories, competitive price taking and other solution concepts. Using only the axioms, we establish existence and (p...

Monetary Union Its Costs