Handbook of Monetary Policy

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ISBN: 9780824705787 | 0824705785
Cover: Nonspecific Binding
Copyright: 12/19/2001

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"Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth."

Preface

iii

Contents of Companion Volume (Handbook of Fiscal Policy)

UNIT I PRESERVING ECONOMIC STABILITY

Part A: Business and Economic Activity

Beyond Shocks: What Causes Business Cycles? An Overview

(24)

Jeffrey C. Fuhrer

Scott Schuh

The Business Cycle: It's Still a Puzzle

(38)

Lawrence J. Christiano

Terry J. Fitzgerald

Changes in the Business Cycle

(6)

Carl E. Walsh

Why is Financial Stability a Goal of Public Policy?

(18)

Andrew Crockett

Part B: Perspectives from Economic Theory

The New View of Growth and Business Cycles

(30)

Jonas D. M. Fisher

Social Norms and Economic Theory

117

(18)

Jon Elster

Okun's Law Revisited: Should We Worry About Low Unemployment?

135

(8)

David Altig

Terry Fitzgerald

Peter Rupert

Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics

143

(16)

V. V. Chari

The Great Depression in the United States from a Neoclassical Perspective

159

(30)

Harold L. Cole

Lee E. Ohanian

Part C: Forecasting and Measuring Economic Activity

Does the Yield Spread Predict Real Economic Activity? A Multicountry AnalysisCatherine Bonser-Neal

189

(16)

Timothy R. Morley

Interest Rate Spreads as Indicators for Monetary Policy

205

(6)

Chan Guk Huh

A Dynamic Multivariate Model for Use in Formulating Policy

211

(18)

Tao Zha

Recent U.S. Intervention: Is Less More?

229

(12)

Owen F. Humpage

Forecasts, Indicators, and Monetary Policy

241

(12)

Keith Sill

Inflation Targets: The Next Step for Monetary Policy

253

(8)

Mark S. Sniderman

Part D: Political Dimensions of Economic Policy

Central Bank Independence and Inflation

261

(4)

Robert T. Parry

Monetary Policy in the Cold War Era

265

(6)

Mark S. Sniderman

Federal Reserve Independence and the Accord of 1951

271

(4)

Carl E. Walsh

Is There a Cost to Having an Independent Central Bank?

275

(6)

Carl E. Walsh

Describing Fed Behavior

281

(4)

John P. Judd

Glenn D. Rudebusch

UNIT II MONETARY POLICY

Part A: History and Institutions

Money

285

(8)

James Madison

Monetary Policy and the Great Crash of 1929: A Bursting Bubble or Collapsing Fundamentals?

293

(6)

Timothy Cogley

A Primer on Monetary Policy, Part I: Goals and Instruments

299

(4)

Carl E. Walsh

A Primer on Monetary Policy, Part II: Targets and Indicators

303

(4)

Carl E. Walsh

U.S. Monetary Policy: An Introduction

307

(14)

Economic Research Department, Federal Reserve Bank of San Francisco

Against the Tide: Malcolm Bryan and the Introduction of Monetary Aggregate Targets

321

(22)

R. W. Hafer

The Goals of U.S. Monetary Policy

343

(4)

John P. Judd

Glenn D. Rudebusch

Seigniorage Revenue and Monetary Policy

347

(16)

Joseph H. Haslag

Monetary Policy Comes of Age: A Twentieth Century Odyssey

363

(16)

Marvin Goodfriend

Lessons on Monetary Policy from the 1980s

379

(20)

Benjamin M. Friedman

Monetary Policy in the 1990s

399

(6)

Robert T. Parry

Price Stability: Is a Tough Central Bank Enough?

405

(6)

Lawrence J. Christiano

Terry J. Fitzgerald

A Hitchhiker's Guide to Understanding Exchange Rates

411

(6)

Owen F. Humpage

Part B: Inflation and Economic Policy

Output and Inflation: A 100-Year Perspective

417

(6)

Kevin Lansing

Jeffrey Thalhammer

Inflation and Growth

423

(20)

Robert J. Barro

Economic Activity and Inflation

443

(6)

Bharat Trehan

Inflation, Financial Markets, and Capital Formation

449

(28)

Sangmok Choi

Bruce D. Smith

John H. Boyd

Is Noninflationary Growth an Oxymoron?

477

(8)

David Altig

Terry Fitzgerald

Peter Rupert

Conducting Monetary Policy with Inflation Targets

485

(28)

George A. Kahn

Klara Parrish

The Shadow of the Great Depression and the Inflation of the 1970s

513

(4)

J. Bradford DeLong

Federal Reserve Credibility and Inflation Scares

517

(22)

Chan G. Huh

Kevin J. Lansing

Inflation, Asset Markets, and Economic Stabilization: Lessons from Asia

539

(38)

Lynn Elaine Browne

Rebecca Hellerstein

Jane Sneddon Little

Globalization and U.S. Inflaftion

577

(16)

Geoffrey M. B. Tootell

On the Origin and Evolution of the Word Inflation

593

(8)

Michael F. Bryan

Inflation, Growth, and Financial Intermediation

601

(24)

V. V. Chari

Larry E. Jones

Rodolfo E. Manuelli

Controlling Inflation

625

(6)

Fred Furlong

Bharat Trehan

Ending Inflation

631

(4)

John P. Judd

Brian Motley

Has the Fed Gotten Tougher on Inflation?

635

(6)

John P. Judd

Bharat Trehan

Is Inflation Dead?

641

(16)

Roger E. Brinner

Central Bank Inflation Targeting

657

(6)

Glenn D. Rudebusch

Carl E. Walsh

A Better CPI

663

(6)

Allison Wallace

Brian Motley

Is There an Inflation Puzzle?

669

(22)

Cara S. Lown

Robert W. Rich

Inflation and Growth

691

(4)

Brian Motley

The New Output-Inflation Trade-Off

695

(6)

Carl E. Walsh

Do Rising Labor Costs Trigger Higher Inflation?

701

(8)

David A. Brauer

Wage Inflation and Worker Uncertainty

709

(6)

Mark E. Schweitzer

U.S. Inflation Targeting: Pro and Con

715

(6)

Glenn D. Rudebusch

Carl E. Walsh

Historical U.S. Money Growth, Inflation, and Inflation Credibility

721

(12)

William G. Dewald

Part C: Financial Markets and Institutions

The Century of Markets

733

(6)

Jerry L. Jordan

The European System of Central Banks

739

(18)

Mark A. Wynne

Economic Factors, Monetary Policy, and Expected Returns on Stocks and Bonds

757

(14)

James R. Booth

Lena Chua Booth

Monetary Policy and Financial Market Expectations: What Did They Know and When Did They Know It?

771

(16)

Michael R. Pakko

David C. Wheelock

The October 1987 Crash Ten Years Later

787

(4)

Robert T. Parry

Bank Deposits and Credit as Sources of Systemic Risk

791

(22)

Robert A. Eisenbeis

Financial Crises and Market Regulation

813

(6)

Jerry L. Jordan

Disruptions in Global Financial Markets: The Role of Public Policy

819

(10)

Michael H. Moskow

Part D: Implementation of Monetary Policy

How Powerful is Monetary Policy in the Long Run?

829

(28)

Marco A. Espinosa-Vega

Practical Issues in Monetary Policy Targeting

857

(18)

Stephen G. Cecchetti

NAIRU: Is It Useful for Monetary Policy?

875

(4)

John P. Judd

An Alternative Strategy for Monetary Policy

879

(4)

Brian Motley

John P. Judd

What is the Optimal Rate of Inflation?

883

(4)

Timothy Cogley

Monetary Policy and the Well-Being of the Poor

887

(26)

Christina D. Romer

David H. Romer

What are the Lags in Monetary Policy?

913

(4)

Glenn Rudebusch

Monetary Policy and the Long Boom

917

(10)

John B. Taylor

Part E Monetary Policy and Interest Rates

Interest Rates and Monetary Policy

927

(4)

Glenn Rudebusch

Monetary Policy and Long-Term Interest Rates

931

(20)

Yash P. Mehra

Monetary Policy and Long-Term Real Interest Rates

951

(6)

Timothy Cogley

Real Interest Rates

957

(4)

Bharat Trehan

Taylor's Rule and the Fed: 1970-1997

961

John P. Judd

Glenn D. Rudebusch

Index

I-1

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Handbook of Monetary Policy

Summary

Table of Contents

Supplemental Materials