منابع مشابه
Monetary policy objectives and Money’s role in U.S. business cycles
In a sticky-price model in which money can potentially play a key role in business cycles, I estimate monetary policy preference parameters under commitment in a timeless perspective. Empirical findings suggest that inflation stabilization and interest rate smoothing are the main objectives of monetary policy, with a very small role for output gap stabilization. Though the money growth rate is ...
متن کاملAustrian Monetary Policy Views: a Short Critique
Austrian business cycle theory is enjoying a comeback because explanations of the recent recession in the U.S. and the current sluggish recovery often have an Austrian flavor (e.g., Laidler 2003; Eichengreen and Mitchener 2003; Economist 2002; Oppers 2002). In a nutshell, Austrian business cycle theory postulates that “too low” interest rates induced by monetary policy trigger a credit-financed...
متن کاملHow Powerful Is Monetary Policy in the Long Run?
The author is a senior economist in the macropolicy section of the Atlanta Fed's research department. He thanks Frank King for comments on an earlier version of this article and Steve Russell for detailed and thoughtful editorial suggestions.
متن کاملMonetary Management of Transition in China: Balancing Short‐run Risks and Long‐run Optimality
Indeed, a nominal appreciation may help reduce reserve inflows and allow for a more autonomous monetary policy in the case of overheating. A plausible strategy would be a small one-step revaluation, which would bring the renminbi to parity with the Hong Kong dollar. However, such an adjustment may provoke additional speculative capital inflows and is not even necessary to bring about the real a...
متن کاملThe Effect of Monetary Policy on Short-Term Interest Rates
Even though theorists acquiesce to the liquidity effect as a theoietical proposition, it is often challenged on efficacy grounds. It is argued that changes in the money stock do not leave all other things unchanged. Monetarists, such as Friedman (1968) assert that the liquidity effect is, at best, only temporary; the ultimate effect of more rapid money growth is higher inflation (or, mom-c impo...
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ژورنال
عنوان ژورنال: The Review of Economics and Statistics
سال: 1963
ISSN: 0034-6535
DOI: 10.2307/1927157