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Monetary Policy of the Federal Reserve A History

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ISBN-10: 0521881323

ISBN-13: 9780521881326

Edition: 2008

Authors: Robert L. Hetzel

List price: $89.99
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Description:

The Monetary Policy of the Federal Reserve details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by…    
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Book details

List price: $89.99
Copyright year: 2008
Publisher: Cambridge University Press
Publication date: 3/17/2008
Binding: Hardcover
Pages: 408
Size: 6.14" wide x 9.21" long x 1.06" tall
Weight: 1.738
Language: English

Figures
Preface
The Pragmatic Evolution of the Monetary Standard
Learning and Policy Ambiguity
From Gold to Fiat Money
Borrowed-Reserves Operating Procedures
From World War II to the Accord
Series on the Real Interest Rate
Martin and Lean-against-the-Wind
Inflation Is a Nonmonetary Phenomenon
The Start of the Great Inflation
Arthur Burns and Richard Nixon
Monetary Policy Procedures under Burns
Money Growth and Inflation
Bretton Woods
Policy in the Ford Administration
Carter, Burns, and Miller
Did the FOMC Target Money in the 1970s?
The Political Economy of Inflation
Revenue from the Inflation Tax
The Volcker Disinflation
October 6, 1979, Operating Procedures
Monetary Policy after the Disinflation
Borrowed-Reserves Operating Procedures
Monetary Policy Actions in 1986
Velocity-Adjusted M2 Growth
Greenspan's Move to Price Stability
International Bailouts and Moral Hazard
Seigniorage and Credit Allocation
Monetary Policy Becomes Expansionary
Departing from the Standard Procedures
Boom and Bust: 1997 to 2001
Backing Off from Price Stability
Japanese Deflation and Central Bank Money Creation
The Volcker-Greenspan Regime
An Empirical Overview of the V-G Regime
FOMC Data
The Fed: Inflation Fighter or Inflation Creator?
Taylor Rule Estimation
The Stop-Go Laboratory
Stop-Go and Interest Rate Inertia
A Taxonomy of Stop-Go
Data Seen by FOMC for Stop-Go Period
Monetary Nonneutrality in the Stop-Go Era
A Century of Monetary Experiments
Data Seen by FOMC for the Stop-Go Period Shown in Figures 24.1, 24.2, and 24.3
Notes
Bibliography
Index