Federal Reserve Bank of Atlanta E C O N O M I C R E V I E W Third Quarter 2002 I n 1998, Federal Reserve Board Chairman Alan Greenspan posed the provocative question, Is there a “new economy”? He described the new economy’s characteristics as including technological innovations that raise productivity and that have, accordingly, removed pricing power from the world’s producers on a more lasting...

onetary policy has traditionally been viewed as the process by which a central bank uses its influence over the supply of money to promote its economic objectives. For example, Milton Friedman (1959, p. 24) defined the tools of monetary policy to be those “powers that enable the [Federal Reserve] System to determine the total amount of money in existence or to alter that amount.” In fact, the v...

We analyze the impact of ...nancial globalization on asset prices, investment and the possibility of crashes driven by self-ful...lling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level), we show that symmetric liberalization of capital out‡ows and in‡ows increases asset prices, investm...

In the late 1970s, industrial countries began moving toward full reliance on indirect instruments, such as open market operations, rediscount facilities, and reserve requirements. Many developing and transition economies have followed suit. Indirect instruments are more effective than direct instruments in today’s increasingly open economic environment. N IMPLEMENTING monetary policy, a central...

240 Journal of Plant Registrations, Vol. 4, No. 3, September 2010 Pressure from the global textile market has dramatically increased spinning speed in the modern U.S. textile industry. Acceleration of spinning speeds toward 400 m min−1 requires high fi ber quality to reduce the cost to industry (Foulk et al., 2009). Broadening the genetic base in Upland cotton is essential for improvement of fi...

Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...

This paper investigates the response of US stock market uncertainty to monetary policy of the Federal Reserve Bank. It can be shown that monetary policy signifi cantly Granger-causes stock market confi dence. By using monthly closing prices of the V IX as a stock market uncertainty proxy and a copula-based Markov approach the stable nonlinear relation between confi dence and uncertainty is demo...