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Conference Paper
Impact of globalization on monetary policy : commentary
Bean, Charles R. (2006)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Monetary policy and operating procedures in New Zealand
Dotsey, Michael (1991-09)
The Reserve Bank of New Zealand operates in a highly deregulated financial environment which lacks any interest rate regulation or reserve requirements. Yet the Reserve Bank has been able to implement effective monetary policy through a quantity-based procedure. This article analyzes the operating procedures of the Reserve Bank of New Zealand and the relatively small financial costs imposed by these procedures.
Economic Review , Volume 77 , Issue Sep , Pages 13-19

Report
Why does overnight liquidity cost more than intraday liquidity?
Haslag, Joseph H.; Bhattacharya, Joydeep; Martin, Antoine (2007)
In this paper, we argue that the observed difference in the cost of intraday and overnight liquidity is part of an optimal payments system design. In our environment, the interest charged on overnight liquidity affects output, while the cost of intraday liquidity only affects the distribution of resources between money holders and non-money holders. The low cost of intraday liquidity follows from the Friedman rule, but with respect to overnight liquidity, it is optimal to deviate from the Friedman rule. The cost differential simultaneously reduces the incentive to overuse money and encourages ...
Staff Reports , Paper 281

Journal Article
Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships
Cecchetti, Stephen G.; Krause, Stefan (2002-07)
Review , Volume 84 , Issue Jul , Pages 47-60

Journal Article
Central bank independence and inflation expectations: evidence from British index-linked gilts
Spiegel, Mark M. (1998)
This paper conducts a case study of the impact of the May 6, 1997, announcement of enhanced independence of the Bank of England on estimates of expected future inflation and real interest rates. These are generated from observed yields on conventional and index-linked British gilts. For the longest-term bonds in the study, we find a 34 and 60 bases point decline in expected average future inflation over the life of the bond for one-day and two-week event windows, respectively. These results support the contention that institutional changes alone do affect agents' inflationary expectations.
Economic Review

Journal Article
The Greenspan era : lessons for the future : a summary of the Bank's 2005 Economic Symposium
Kahn, George A. (2005-10)
During Alan Greenspan?s years at the helm of the Federal Reserve System, the global economy has undergone significant structural change and withstood a variety of financial and economic shocks. In addition to helping steer the global economy through such challenges, Chairman Greenspan has been at the center of discussions on monetary policy ideas and issues. To honor Alan Greenspan?s service, the Federal Reserve Bank of Kansas City sponsored an economic symposium to explore several of these ideas and issues that will continue to challenge central bankers for years to come. The symposium was ...
Economic Review , Volume 90 , Issue Q IV , Pages 35-45

Working Paper
Debt, inflation and central bank independence
Martin, Fernando M. (2013)
Making the central bank more independent from political pressures lowers inflation and increases the primary deficit, persistently. In the long-run, however, fiscal considerations are paramount and inflation comes back up to accommodate the higher financial burden of accumulated public debt. Endowing instead the central bank with an explicit inflation target lowers long-run inflation and implies non-trivial welfare gains for private agents. Inflation-targeting has the added virtue of determining the primary deficit independently of political frictions. The theory helps explain several key ...
Working Papers , Paper 2013-017

Speech
Plosser defines key issues in financial reform : remarks to the Joint Economic Committee Staff Meeting, U.S. Congress, May 5, 2010.
Plosser, Charles I. (2010-05-05)
In remarks at a meeting of the Joint Economic Committee, President Charles I. Plosser discussed the importance of implementing regulatory changes that would help to avert financial crises in the future.
Speech , Paper 38

Journal Article
Evolution, impact, and limitations of unusual central bank policy activism
El-Erian, Mohamed A. (2012-07)
In the United States and Europe, central banks have essentially been the only policymaking entities consistently willing and able to take bold measures to deal with an unusually complex set of national, regional, and global economic and financial challenges since the onset of the Great Recession and financial crisis. The author advocates for other agencies, in both the public and private sectors, to urgently work in conjunction with central bank policies. He states that it is critical that policymakers, business leaders, investors, and researchers alike understand better why so many ...
Review , Volume 94 , Issue July , Pages 243-264

Journal Article
Commercial bank financing of world payment imbalance
Cheng, Hang-Sheng (1977-10)
Economic Review , Issue Fall , Pages 6-18

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