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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...
This article examines the impact of the Basel II agreement on fiscal and monetary policy. Basel II is an international banking accord that set standards for bank regulation. If it is successful in pre...
Since the early 1980s, the U.S. economy has changed in some important ways: inflation now rises considerably less when unemployment is low, and the volatility of output and inflation have fallen shar...
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...
In this paper I will take the phrase “stable moneyto 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...
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...
Introduction and Summary Recommendations The depression of the 1930s resulted in the creation of many federal agencies that served reasonably well for several decades. Beginning late in the 1970s a...
The deficit ofthe federal budget dominates attention of the public arena. The process began with President Carter’s ill-fated budget announcement in February 1980. The response of the bond market r...
One of the important policy issues we face today is the linkage between monetary policy and the business cycle. This issue is of relevance from an economic point ofview, but I assure you it is also ...
Rather than discuss the specifics of the Federal Reserve’s current concerns and goals for policy, I wish to discuss the more fundamental long-term goals ofmonetary policy and how we can proceed to r...
The purpose of this paper is to develop a theory of the cycle in monetary policy and, thereby, to suggest a direction for those who would seek an answer to Bennett McCallum’s question. In this cycle...
POLITICAL GUIDANCE ON MONETARY POLICY
MONETARY POLICY, MARKET PRICES, AND SUPPLY-SIDE FORECASTING。
COMMODITY PRICES AND MONETARY POLICY:WHAT HAVE WE LEARNED?

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