Pub Date : 2020-04-30DOI: 10.4324/9780429270949-47
J. Judd, Brian Motley
{"title":"Ending Inflation","authors":"J. Judd, Brian Motley","doi":"10.4324/9780429270949-47","DOIUrl":"https://doi.org/10.4324/9780429270949-47","url":null,"abstract":"","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125455394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-30DOI: 10.4324/9780429270949-23
C. Walsh
{"title":"A Primer on Monetary Policy","authors":"C. Walsh","doi":"10.4324/9780429270949-23","DOIUrl":"https://doi.org/10.4324/9780429270949-23","url":null,"abstract":"","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132987390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Beyond Shocks","authors":"Jeffrey C. Fuhrer, Scott D. Schuh","doi":"10.4324/9780429270949-1","DOIUrl":"https://doi.org/10.4324/9780429270949-1","url":null,"abstract":"","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114887506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Can neoclassical theory account for the Great Depression in the United States—both the downturn in output between 1929 and 1933 and the recovery between 1934 and 1939? Yes and no. Given the large real and monetary shocks to the U.S. economy during 1929–33, neoclassical theory does predict a long, deep downturn. However, theory predicts a much different recovery from this downturn than actually occurred. Given the period’s sharp increases in total factor productivity and the money supply and the elimination of deflation and bank failures, theory predicts an extremely rapid recovery that returns output to trend around 1936. In sharp contrast, real output remained between 25 and 30 percent below trend through the late 1930s. We conclude that a new shock is needed to account for the Depression’s weak recovery. A likely culprit is New Deal policies toward monopoly and the distribution of income.
{"title":"The Great Depression in the United States from a Neoclassical Perspective","authors":"Harold L. Cole, L. Ohanian","doi":"10.21034/QR.2311","DOIUrl":"https://doi.org/10.21034/QR.2311","url":null,"abstract":"Can neoclassical theory account for the Great Depression in the United States—both the downturn in output between 1929 and 1933 and the recovery between 1934 and 1939? Yes and no. Given the large real and monetary shocks to the U.S. economy during 1929–33, neoclassical theory does predict a long, deep downturn. However, theory predicts a much different recovery from this downturn than actually occurred. Given the period’s sharp increases in total factor productivity and the money supply and the elimination of deflation and bank failures, theory predicts an extremely rapid recovery that returns output to trend around 1936. In sharp contrast, real output remained between 25 and 30 percent below trend through the late 1930s. We conclude that a new shock is needed to account for the Depression’s weak recovery. A likely culprit is New Deal policies toward monopoly and the distribution of income.","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115756738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-30DOI: 10.4324/9780429270949-53
Brian Motley
{"title":"Inflation and Growth","authors":"Brian Motley","doi":"10.4324/9780429270949-53","DOIUrl":"https://doi.org/10.4324/9780429270949-53","url":null,"abstract":"","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"56 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141209268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-30DOI: 10.4324/9780429270949-11
Chan Guk Huh
Traditionally, economists have focused on aggregate money stock measures such as M 1 and M2 as indicators of future economic activity. However, the relationship between these aggregates and real GDP has deteriorated in recent years. Thus there is a growing interest in alternative indicators, some of which are conceptually quite new compared to the conventional financial market aggregates. For example, Kashyap, Stein, and Wilcox (1993) examine the ratio of bank loans to the sum of both bank loans and funds raised through issuing commercial paper by firms.
{"title":"Interest Rate Spreads as Indicators for Monetary Policy","authors":"Chan Guk Huh","doi":"10.4324/9780429270949-11","DOIUrl":"https://doi.org/10.4324/9780429270949-11","url":null,"abstract":"Traditionally, economists have focused on aggregate money stock measures such as M 1 and M2 as indicators of future economic activity. However, the relationship between these aggregates and real GDP has deteriorated in recent years. Thus there is a growing interest in alternative indicators, some of which are conceptually quite new compared to the conventional financial market aggregates. For example, Kashyap, Stein, and Wilcox (1993) examine the ratio of bank loans to the sum of both bank loans and funds raised through issuing commercial paper by firms.","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114137176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-30DOI: 10.4324/9780429270949-75
Glenn D. Rudebusch
In the postwar period, the ultimate objectives of the Federal Reserve–namely full employment and stable prices–have remained unchanged; however, the Fed has modi ed its operational and intermediate objectives for monetary policy several times in response to changes in the economic environment. For example, in 1970, the Federal Reserve formally adopted monetary targets in an attempt to use an intermediate nominal objective or anchor to resist slowly rising in ation. Furthermore, from 1979 through the early 1980s, a narrow monetary reserve aggregate was ostensibly used as the operational instrument of policy. This period, however, was the high-water mark for money. FRBSF Economic Letter
{"title":"Interest Rates and Monetary Policy","authors":"Glenn D. Rudebusch","doi":"10.4324/9780429270949-75","DOIUrl":"https://doi.org/10.4324/9780429270949-75","url":null,"abstract":"In the postwar period, the ultimate objectives of the Federal Reserve–namely full employment and stable prices–have remained unchanged; however, the Fed has modi ed its operational and intermediate objectives for monetary policy several times in response to changes in the economic environment. For example, in 1970, the Federal Reserve formally adopted monetary targets in an attempt to use an intermediate nominal objective or anchor to resist slowly rising in ation. Furthermore, from 1979 through the early 1980s, a narrow monetary reserve aggregate was ostensibly used as the operational instrument of policy. This period, however, was the high-water mark for money. FRBSF Economic Letter","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114347661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-30DOI: 10.4324/9780429270949-58
W. DeWald
{"title":"Historical U.S. Money Growth, Inflation, and Inflation Credibility","authors":"W. DeWald","doi":"10.4324/9780429270949-58","DOIUrl":"https://doi.org/10.4324/9780429270949-58","url":null,"abstract":"","PeriodicalId":307845,"journal":{"name":"Handbook of Monetary Policy","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125203824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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