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The Conduct of Monetary Policy
The Economic Journal, 1989Nowadays the Central Bank of a country is the monopoly supplier of legal tender currency. The commercial banks are committed to making their deposits convertible at par into such currency. So the banks need to keep reserves in the form of currency and deposits at the Central Bank.
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Monetary policy rules and U.S. monetary policy
Journal of Post Keynesian Economics, 2008An inflation-augmented Atesoglu monetary policy rule is introduced. The Atesoglu rule is based on an estimate of the neutral rate of interest of Keynes. Actual Fed monetary policy and policy implied by Atesoglu rules are compared. During the 1994:2-2006:4 period, monetary policy suggested by the inflation-augmented Atesoglu rule is closer to that ...
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Housing and Monetary Policy [PDF]
, 2007 My remarks focus on the relationship between monetary policy and the recent turmoil in the markets for housing, housing finance, and beyond. I begin with a review of the period leading up to the crisis. I then use this review as a basis for discussing the role of monetary policy in resolving such crises and preventing future crises.
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Communication and Monetary Policy [PDF]
, 2003 One role of monetary policy is to coordinate expectations in the economy and greater transparency of monetary policy may lead to greater coordination. But if transparent monetary policy helps coordinate expectations, then it must also magnify mistakes.
Jeffrey D. Amado +2 more
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