Conference Paper
A note on theories of money stock determination
Hetzel, Robert L. (1993)
Proceedings , Paper 1, pt. 1

Journal Article
What Is the Monetary Standard? The Fed Should Tell Us
Hetzel, Robert L. (2024-01-05)
The Federal Reserve System (Fed) is a regular feature in the media. When the Fed communicates with the public, its focus is on forward guidance related to monetary policy—specifically, for achieving low unemployment and low inflation. Fed participants on the Federal Open Market Committee (FOMC) convey what they see as the likely path of policy, including changes in the federal funds rate, a standard monetary policy tool. Because financial markets find this information useful, news stories thoroughly cover Fed communication.However, such communication fails to explain the structure of the ...
Review , Volume 106 , Issue 1 , Pages 10-39

Briefing
Rolling back the financial safety net
Hetzel, Robert L.; Slivinski, Stephen (2009-11)
The expansion of the federal financial safety net has increased the incentives for financial firms to take on more risk than they would have otherwise. Yet current regulatory reform proposals do not address this root cause of financial instability. Sharply curtailing the financial safety net is a necessary step to achieve enhanced market discipline.
Richmond Fed Economic Brief , Issue Nov

Briefing
Nominal GDP: Target or Benchmark?
Hetzel, Robert L. (2015-04)
Some observers have argued that the Federal Reserve would best fulfill its mandate by adopting a target for nominal gross domestic product (GDP). Insights from the monetarist tradition suggest that nominal GDP targeting could be destabilizing. However, adopting benchmarks for both nominal and real GDP could offer useful information about when monetary policy is too tight or too loose.
Richmond Fed Economic Brief , Issue April

Journal Article
Monetary policy in the 2008-2009 recession
Hetzel, Robert L. (2009-04)
The recession that began with a cyclical peak in December 2007 originated in a combination of real shocks because of a fall in housing wealth and a fall in real income from an increase in energy prices. The most common explanation for the intensification of the recession that began in the late summer of 2008 is the propagation of these shocks through dysfunction in credit markets. The alternative explanation offered in this article emphasizes propagation through contractionary monetary policy. The first explanation stresses the importance of credit-market interventions (credit policy). The ...
Economic Quarterly , Volume 95 , Issue Spr , Pages 201-233

Journal Article
Should increased regulation of bank risk-taking come from regulators or from the market?
Hetzel, Robert L. (2009-04)
The heavy losses in bank asset portfolios do not reflect an inherent failure of markets to monitor risk adequately but rather the perverse incentives of the financial safety net to excessive risk-taking. The unsustainable rise in house prices and their subsequent sharp decline derived from the combination of a public policy to expand home ownership to unrealistic levels and from a financial safety net that encouraged excessive risk-taking by banks.
Economic Quarterly , Volume 95 , Issue Spr , Pages 161-200

Journal Article
What difference would inflation make?
Hetzel, Robert L. (2005-04)
Economic Quarterly , Volume 91 , Issue Spr , Pages 45-72

Journal Article
German monetary history in the second half of the twentieth century: from the deutsche mark to the euro
Hetzel, Robert L. (2002-04)
Economic Quarterly , Issue Spr , Pages 29-64

Journal Article
Arthur Burns and inflation
Hetzel, Robert L. (1998-01)
Economic Quarterly , Issue Win , Pages 21-44

Journal Article
The free trade debate: the illusion of security versus growth
Hetzel, Robert L. (1994-04)
Economic Quarterly , Issue Spr