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Global Saving Glut,Monetary Policy,and Housing Bubble:Further Evidence
global saving glut monetary policy housing bubble financial crisis
2017/3/21
Recently there has been a heated debate on what are the major reasons of the global financial crisis in the economic literature. Among many theories proposed, the global saving glut hypothesis is wide...
The Search for Autonomy: Governments, Central Banks, and the Formation of Monetary Preferences
Autonomy Monetary Preferences
2009/9/29
This article contributes to the literature on the fundamental preferences of governments and central banks in international monetary policy. Based on archival sources, the paper analyses the dynamics ...
Gold and International Monetary Stability
Gold International Monetary Stability exchange rate stability
2008/12/17
In this paper I shall consider three aspects of the problem of international
monetary stability, by which I mean exchange rate stability:
(1) Under what conditions is exchange rate stability possibl...
Five Observations on the International
Monetary System
The law of monetary evolution has not been unambiguously determined,
yet a few observations stand out in the panorama of historical
perspec...
Wage-Price Flexibility and Monetary Discipline
Nearly 50 years ago, in 1936, Henry Simons, in his landmark essay,
“Rules Versus Authorities In Monetary Policy,” wrote that “With
adequate price flex...
My thesis will be that monetarists, while their criticism ofthe Fed’s
expansionist history has been most welcome and has been instrumental
in the struggle against inflation, do not go far enough. In...
Changes in Monetary Policy and the Fight Against Inflation
Monetary Policy Fight Against Inflation
2008/12/17
I would like to begin by dispelling two myths that have grown up
about monetary policy in the United States. One is that until October
1979 the Fed targeted interest rates and then switched to a mon...
Rules vs. Discretion in Monetary Policy
Monetary Policy stable money monetary regime economic policy
2008/12/17
In this paper I will take the phrase “stable money” to mean a
monetary regime that insures zero inflation on the average over long
periods, small variations (if any) in the price level over short pe...
MONETARY REFORM IN AN UNCERTAIN ENVIRONMENT
MONETARY REFORM UNCERTAIN ENVIRONMENT major trading countries international monetary arrangements
2008/12/16
The 20th century has produced a rich array ofmonetary experience.
The experience can be organized in several different ways. One
emphasizes the role ofgold in international monetary arrangements.
E...
It must not beforgotten that if there was bad borrowing.
there was also bad lending. As a result of reckless competition,
encouragement was sometimes given to borrowers and
lenders alike without su...
RATIONAL OPTIMIZING, MONETARY THEORY, AND WELFARE
RATIONAL OPTIMIZING MONETARY THEORY WELFARE
2008/12/8
Observers of monetary affairs—central bankers, congressmen,
economists and others—commonly believe that unanticipated
increases (decreases) in money growth produce short-term increases
(decreases) ...
MONETARY CONTROL：THE SWISS EXPERIENCE
Monetary Targeting MONETARY CONTROL SWISS EXPERIENCE Swiss National Bank
2008/12/8
The switch to a floating exchange rate in January 1973 must surely
be regarded as the most significant event in recent Swiss monetary
history. The adoption ofa floating exchange rateconsiderably enh...
THE KNOWLEDGE PROBLEM UNDER ALTERNATIVE MONETARY REGIMES
MONETARY REGIMES monetary economists KNOWLEDGE PROBLEM
2008/12/8
During the past decade a significant change has occurred in the
kinds of questions explored by monetary economists. Heretofore,
one of the central issues concerned the “rules versus discretion”
deb...
A CONGRESSIONAL MANDATE FOR MONETARY POLICY
MONETARY POLICY monetary regime Federal Reserve System
2008/12/8
Under the Constitution, Congress is responsible for determining the
monetary regime. An attempt is made in this paper to explain, from
the perspective of the self-interest of Congress, the current m...
INHERENT CONFLICTS OF U.S. MONETARY POLICYMAKING
INHERENT CONFLICTS U.S. MONETARY POLICYMAKING
2008/12/8
I have come to the realization that perhaps the best contribution I
canmake to the debate overmonetary policy is to discuss the “inherent
conflicts” ofmonetary policymaking as it is currently conduc...