Regional Monetary Policy

Regional Dimensions of Monetary Policy in Indonesia

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...

Monetary Policy and Learning

Federal Reserve Bank of Atlanta E C O N O M I C R E V I E W Third Quarter 2003 I t is a great pleasure to attend this conference on monetary policy and learning and enjoy the many excellent papers presented here. I am very grateful for the opportunity to speak to this distinguished audience of researchers and policymakers, and I hope my remarks will stimulate some further discussion. I will tal...

Federal Monetary Policy

What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational monetary union and it is shown which organizational structure of a common central bank is optimal for part...

Monetary Policy and Consumption

The purpose of the present paper is to examine the implications of the Federal Reserve-MIT-Penn Model (hereafter referred to as the FMP model) with respect to the central question with which this conference is concerned, namely whether and, if so, to what extent, monetary policy affects economic activity through its direct impact on cosumers’ expenditure. For the purpose of this paper we have c...