Controlling Money
نویسنده
چکیده
منابع مشابه
Money Stock Control and Discussion
Over the next 10 years a major controversy developed over whether the Federal Reserve recognized or placed enough emphasis on its responsibility for controlling the growth of the money stock. The related question of which operating strategy to follow in controlling the money stock was pushed to the background. Economists can argue at great lengths over the extent to which the Federal Reserve tr...
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The role of money and its effects on national output have generated a voluminous amount of literature (Blanchard, 1990; Lucas, 1996; Sargent, 1996). Since Friedman and Schwartz (1963) rekindled the research on the effects of money on aggregate output, numerous studies have aimed to characterize and establish the interactions between money and output. Theoretical models are constructed to show t...
متن کاملWorking Paper No. 129
JEL classification E52 This paper examines the credibility of the Federal Reserve's monetary targets using survey data on money growth forecasts to measure market expectations. The paper provides two main results. First, there is strong evidence that the monetary targets were credible over the 1978 to 1993 sample period, although credibility fell in the post-1985 period. Second, both the federa...
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Since the late 1980s the Fed has implemented monetary policy by adjusting its target for the overnight federal funds rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists suggest that money is irrelevant for monetary policy: Central banks effect economic activity and inflation by a) controlling a very shortterm nominal interest rate and b) by i...
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