A Study of money stock control
Author : Lionel Kalish
Publisher :
Page : pages
File Size : 11,82 MB
Release : 1966
Category :
ISBN :
Author : Lionel Kalish
Publisher :
Page : pages
File Size : 11,82 MB
Release : 1966
Category :
ISBN :
Author :
Publisher :
Page : pages
File Size : 44,7 MB
Release : 1969
Category :
ISBN :
Author : L.H. Meyer
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 42,38 MB
Release : 2013-11-11
Category : Business & Economics
ISBN : 9401718458
On October 30-31,1981, the Center for the Study of American Business and the Federal Reserve Bank of St. Louis cosponsored their sixth annual conference, "Improving Money Stock Control: Problems, Solutions, and Consequences." This book contains the papers and comments delivered at that conference. The Federal Reserve System has moved, over the last decade, toward setting policy in terms of explicit and publicly announced monetary aggre gate targets - specifically, growth ranges for alternative measures of the money supply. This conference, as the title suggests, was wide ranging in its discussions of monetary control. But rather than dealing with the merits of monetary aggregate targeting, its focus was instead on solving the problems associated with, and evaluating the consequences of, im proved monetary control. The initial paper outlines the current operating procedures followed by the Federal Reserve and suggests reforms to improve monetary control. The following three discussion papers in Part I critically examine the Fed's operating procedures. The two papers in Part II discuss the experi ence of other countries with monetary aggregate targeting - the United Kingdom and Switzerland, respectively - and Part III examines the con sequences of improved monetary control.
Author : Albert E. Burger
Publisher :
Page : 17 pages
File Size : 30,12 MB
Release : 1971
Category :
ISBN :
Author : L.H. Meyer
Publisher : Springer
Page : 0 pages
File Size : 10,50 MB
Release : 1982-11-30
Category : Business & Economics
ISBN : 9780898381153
On October 30-31,1981, the Center for the Study of American Business and the Federal Reserve Bank of St. Louis cosponsored their sixth annual conference, "Improving Money Stock Control: Problems, Solutions, and Consequences." This book contains the papers and comments delivered at that conference. The Federal Reserve System has moved, over the last decade, toward setting policy in terms of explicit and publicly announced monetary aggre gate targets - specifically, growth ranges for alternative measures of the money supply. This conference, as the title suggests, was wide ranging in its discussions of monetary control. But rather than dealing with the merits of monetary aggregate targeting, its focus was instead on solving the problems associated with, and evaluating the consequences of, im proved monetary control. The initial paper outlines the current operating procedures followed by the Federal Reserve and suggests reforms to improve monetary control. The following three discussion papers in Part I critically examine the Fed's operating procedures. The two papers in Part II discuss the experi ence of other countries with monetary aggregate targeting - the United Kingdom and Switzerland, respectively - and Part III examines the con sequences of improved monetary control.
Author : Bennett T. McCallum
Publisher :
Page : 30 pages
File Size : 14,11 MB
Release : 1982
Category : Money supply
ISBN :
This paper conducts a theoretical comparison of the potential effectiveness, in terms of money stock controllability, of interest rate and reserve instruments. Whereas previous studies have been basically static, the present analysis is carried out in the context of a dynamic macroeconomic model with rational expectations. Particular attention is paid to the distinction between contemporaneous and lagged reserve accounting (CRA and LRA). The criterion employed is the expectation of squared deviations of the (log of the) money stock from target values that are reset each period. Analysis in the basic model suggests the following substantive conclusions. (1) With a reserve instrument, monetary control will be more effective under CRA than LRA. (2) With a reserve instrument and LRA, control will be poorer than with an interest rate instrument. (3) For a wide range of parameter values, control will be better with a reserve instrument and CRA than with an interest rate instrument
Author : Leonall C. Andersen
Publisher :
Page : 266 pages
File Size : 30,66 MB
Release : 1965
Category : Banks and banking
ISBN :
Author : Chamber of Commerce of the United States of America. Economic Research Department
Publisher :
Page : 52 pages
File Size : 44,48 MB
Release : 1953
Category : Credit
ISBN :
Author : Fred J. Levin
Publisher :
Page : 30 pages
File Size : 50,31 MB
Release : 1973
Category : Money
ISBN :
Author : Claus Brand
Publisher : Springer Science & Business Media
Page : 196 pages
File Size : 16,99 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 364257601X
1.1 Intermediate strategies for monetary policy The launch of a single European currency in January 1999 has been sparking a heated debate over what strategy the European Central Bank's policy should be based on so as to distribute and maintain monetary stability in Europe. In order to pass the Bundesbank's reputation as a tough inflation fighter on to the European Central Bank there have been strong efforts to make the ECB a close copy of the Bundesbank. It might be surmised that there will be a lot of similarities in its intermediate strategies. Among other indicators, the ECB's policy will be based on the growth rate of a broad monetary aggregate consistent with its definition of price stability. As a key instrument in the new central bank's instruments, REPO operations will constitute the main refinancing source of private banks and, in addition, minimum reserve requirements have been introduced to facilitate the authority's command over the banking sector's liquidity by means of stabilising the demand for central bank money. After having introduced monetary targeting in the 1970s, in the 1980s, the Bank of England and the Fed soon abandoned it again, because of distor tions from financial innovations and currency substitution. But the Bundes bank strongly defended its intermediate strategy of monetary targeting and advocated its implementation in the European System of Central Banks.