The two policy approaches really differ only in terms of implementation, timing, competence, and so on, but not in terms of the underlying theoretical orientation. We then draw the conclusion that monetary policy cannot represent a significant variable in the explanation of the different economic ...
Archive for the 'monetary policy' Category Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression Published December 13, 2023 Bank of France , gold standard , Great Depression , Gustav Cassel , Irving Fisher , Milton Friedman , Monetarism , monetary policy , ...
Posted in Easy money, Federal Reserve, Inflation, Joe Biden, Monetary Policy, tagged Easy money, Federal Reserve, Inflation, Joe Biden, Monetary Policy on July 16, 2023| 15 Comments » I have an old-fashioned belief that it’s important to be truthful when analyzing public policy. I cri...
Decades ago, before the RB become legally operationallly independent, I ran a small policy team that wrote a monthly memo to the Minister of Finance on monetary policy and conditions: every single one of them ended with what became almost a ritual incantation that faster progress in reducing th...
Monetary Policy Although our greatest concern was the trajectory of the U.S. economy, we kept a close eye on global developments. The most intense financial stresses were in the United States and western Europe. But, given the financial and economic importance of those two regions, the effects...
Professor Cassel claims that overly tight US monetary policy in the early 1930s is due to two “main ills”:“deflation mania”and“liquidation fever”. NYT quote Cassel:“The deeper psychological explanation of this whole movement..can without doubt be found in American Puritanism. This force ...
Monetary Policyin an Open Economy Before discussing the topic of monetary policy in an open economy, we will briefly mention monetary policy in a closed economy. In a simple and closed economy—when the economy of a country does not interact with the economy of other countries—monetary policy...
A Credit Market Theory of the Money Supply and an Explanation of Two Puzzles in U.S. Monetary Policy Brunner, Karl, andAllanH. Meltzer, "A Credit Market Theory of the Money Supply and an Ex- planation of Two Puzzles in U.S. Monetary Pol- icy." ... K Brunner,AH Meltzer - 《Rivist...
Hetzel, Robert (forthcoming). “The Making of Monetary Policy in a Democracy.” InThe Political Economy of A merican Monetary Policy Mayer, Thomas (1987). “An Explanation of the Variability of Monetary Growth Rate in the Early 1980s.” In preparation. ...
One explanation for accommodative monetary policy in the 1970s is that the Federal Reserve responded less aggressively to inflation. Using real-time estimates of future inflation, I estimate Taylor rule type reaction functions for monetary policy. Contrary to results that rely on final, revised data...