2,634 research outputs found

    Interest on reserves and monetary policy

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    Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary TransmissionMonetary policy ; Bank reserves ; Interest rates ; Interest

    Money, credit, banking, and payments system policy

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    This article employs contract theory to analyze the evolution of the payments system. Insights gained are used subsequently to evaluate three prominent public payments system policies: monetary policy, central bank lending, and deposit insurance.Payment systems

    Exchange rate policy and the dual role of exchange rate movements in international adjustment

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    An abstract for this article is not availableForeign exchange market ; Foreign exchange rates

    Eurodollars

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    Euro-dollar market ; Money market

    Eurodollars

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    An abstract for this article is not available.Euro-dollar market

    How the World Achieved Consensus on Monetary Policy

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    This article tells how the world achieved a working consensus on the core principles of monetary policy. The story begins with the muddled state of affairs in the late 1970s. It then asks: How did Federal Reserve policy produce an understanding of the practical principles of monetary policy? How did formal institutional support abroad for targeting low inflation follow from an international acceptance of these ideas? And how did a consensus theoretical model develop in academia? The article tells how the modern theoretical consensus known as the New Neoclassical Synthesis (aka, the New Keynesian model) reinforces key advances: the priority for price stability, the targeting of core rather than headline inflation, the importance of credibility for low inflation, and preemptive interest rate policy supported by transparent objectives and procedures. The conclusion identifies important practical issues that remain to be explored in theory.

    Why we need an "accord" for Federal Reserve credit policy : a note

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    Treasury-Federal Reserve Accord ; Credit ; Monetary policy

    The phases of U.S. monetary policy : 1987 to 2001

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    Monetary policy ; Inflation (Finance) ; Interest rates
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