Download or read book Three Great American Disinflations written by Michael Bordo and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War deflation, the post-WWI deflation, and the Volcker disinflation. Using a dynamic general equilibrium model in which private agents use optimal filtering to infer the central bank's nominal anchor, we demonstrate that the salient features of these three historical episodes can be explained by differences in the design and transparency of monetary policy, even without any time variation in economic structure or model parameters. For a policy regime with relatively high credibility, our analysis highlights the benefits of a gradualist approach (as in the 1870s) rather than a sudden change in policy (as in 1920-21). In contrast, for a policy institution with relatively low credibility (such as the Federal Reserve in late 1980), an aggressive policy stance can play an important signalling role by making the policy shift more evident to private agents"--P. 1.
Download or read book Three Great American Disinflations written by Michael D. Bordo and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War deflation, the post-WWI deflation, and the Volcker disinflation. Using a dynamic general equilibrium model in which private agents use optimal filtering to infer the central bank's nominal anchor, we demonstrate that the salient features of these three historical episodes can be explained by differences in the design and transparency of monetary policy, even without any time variation in economic structure or model parameters. For a policy regime with relatively high credibility, our analysis highlights the benefits of a gradualist approach (as in the 1870s) rather than a sudden change in policy (as in 1920-21). In contrast, for a policy institution with relatively low credibility (such as the Federal Reserve in late 1980), an aggressive policy stance can play an important signalling role by making the policy shift more evident to private agents.
Download or read book The Historical Performance of the Federal Reserve written by Michael D. Bordo and published by Hoover Press. This book was released on 2019-06-01 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distinguished economist Michael D. Bordo argues for the importance of monetary stability and monetary rules, offering theoretical, empirical, and historical perspectives to support his case. He shows how the pursuit of stable monetary policy guided by central banks following rule-like behavior produces low and stable inflation, stable real performance, and encourages financial stability. In contrast, he explains how the failure to adhere to rules that produce monetary stability will inevitably produce the dire consequences of real, nominal, and financial instability. Bordo also examines the performance of the Federal Reserve and he reviews the history of monetary policy during the Great Depression.
Download or read book Handbook of Monetary Economics Vols 3A 3B Set written by Benjamin M. Friedman and published by Newnes. This book was released on 1990 with total page 1729 pages. Available in PDF, EPUB and Kindle. Book excerpt: How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years
Download or read book Handbook of Monetary Economics 3A written by and published by Elsevier. This book was released on 2010-12-08 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Explores the models and practices used in formulating and transmitting monetary policies - Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn - Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself - Observes changes in the formulation of monetary policies over the last 25 years
Download or read book Innocent Bystanders Monetary Policy and Inequality in the U S written by Mr.Olivier Coibion and published by International Monetary Fund. This book was released on 2012-08-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Download or read book Shock Values written by Carola Binder and published by University of Chicago Press. This book was released on 2024 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How inflation fears shaped American society, then and now. For most of its history, the United States has benefited from price stability-a steady relationship between supply and demand, characterized by prices that don't inflate or deflate in unpredictable fashion. Across these long stretches, the US economy became famously free-market: prices did the job of stabilizing the economy so the government didn't have to. In this sweeping and revelatory history of American economy and democracy, Carola Conces Binder shows that American price-stability is no accident. From its colonial origins to today, the American state has been designed for, and continues to be shaped by, an unlimited effort to insulate the economy from the dangers of price fluctuations. Binder narrates an American history in which inflationary anxiety has informed everything from the reluctant establishment of paper money to the rise of the modern Federal Reserve as an omniscient actor in public policy. At every step, and with each historical brush with monetary instability, the US has been reinvented as a response to its most recent failings. Shock Values is the epochal history of the US as a monetary state. Binder recounts both the monetary interests at the dawn of the Republic; its decades-long experiments with price controls; the outsize role of agriculture and industry in its monetary apparatus; and how the rise of the all-powerful Federal Reserve was born out of crisis more than anything else. Expansive and erudite, Shock Values is a watershed telling of an old history: how American union's pledge to be more perfect was drawn along monetary lines. It is not to be missed"--
Download or read book The Fat of the Land written by Thomas Michael Gorman and published by Lulu.com. This book was released on 2018-11-20 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is 1957 as a man and his sons cast their fishing lines into the water. Twelve years ago while living in a dark post-war world, the man never would have guessed that he would be in Florida with money in his pockets, his two sons by his side, and a wife and daughter waiting for them in a rented cottage. After their Uncle Matthew spontaneously visits, their family history is slowly revealed as four characters confront war and plague as well as their own personal triumphs and tragedies. As their environment is fueled by the great technological advances of the era, their optimism for the future is eventually struck down by financial disaster, leaving only a few survivors. The cultural and economic issues of their day will be familiar: immigration, women's rights, economic policies, and racism. These internal conflicts would over shadow a valuable lesson. The world does not begin or end at the nation's shores.
Download or read book Central Banks at a Crossroads written by Michael D. Bordo and published by Cambridge University Press. This book was released on 2016-06-09 with total page 719 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.
Download or read book Seven Crashes written by Harold James and published by Yale University Press. This book was released on 2023-05-16 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand—such as the Global Financial Crisis of 2007–2008—result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows. By considering not only the times but also the observers who shaped our understanding of each crisis—from Karl Marx to John Maynard Keynes to Larry Summers—James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.
Download or read book Money and Inflation Some Critical Issues written by Bennett T. McCallum and published by DIANE Publishing. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy Over Fifty Years written by Heinz Herrmann and published by Routledge. This book was released on 2009-06-02 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions to this prestigious volume describe important developments in monetary economics and monetary policy during the past half century and to draw lessons from this for the future with chapters from Charles Goodhart and Olivier Blanchard.
Download or read book Global Economic Prospects June 2022 written by World Bank and published by World Bank Publications. This book was released on 2022-08-12 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, Russia's invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The war has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to the vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years.
Download or read book The Great Crash of 1929 written by A. Kabiri and published by Springer. This book was released on 2014-11-25 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the American stock market boom and bust of the 1920s is vital for formulating policies to combat the potentially deleterious effects of busts on the economy. Using new data, Kabiri explains what led to the 1920s stock market boom and 1929 crash and looks at whether 1929 was a bubble or not and whether it could have been anticipated.
Download or read book Economic Globalization and Governance written by Luís Brites Pereira and published by Springer Nature. This book was released on 2020-10-16 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.
Download or read book Review written by and published by . This book was released on 2007 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reducing Inflation written by Christina D. Romer and published by University of Chicago Press. This book was released on 2007-12-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.
