Fri Mar 21 17:07:20 2014 UTClccn-n822008880.31Mikroökonomie : Band 1 zur Volkswirtschaftslehre /0.430.95The impact of monetary targeting in the United States, 1976-1984 /22317350n 82200888863924Walsh, Carl E.ウォルシュ, カール・E.lccn-n79133157Stiglitz, Joseph E.lccn-n79139286National Bureau of Economic Researchlccn-n90694502Lafay, Jean-Dominique1944-lccn-n50001151Federal Reserve Bank of San Franciscolccn-n85373809Hutchison, Michael M.lccn-n88629350Hartley, Peter R.lccn-no96003317University of California, Santa CruzDepartment of Economicslccn-n81139983Reserve Bank of New Zealandlccn-n85096407Nihon GinkōKin'yū Kenkyūjoviaf-285155187Roley, V. VanceWalsh, Carl E.HistoryMonetary policyMoneyEconomicsMicroeconomicsMacroeconomicsUnited StatesMoney supply--Mathematical modelsInterest rates--Mathematical modelsMonetary policy--Econometric modelsMoney--Mathematical modelsConsumption (Economics)Economic policyRational expectations (Economic theory)Income--Mathematical modelsJapanBanks and banking, Central--Econometric modelsInflation (Finance)--Econometric modelsInterest rates--Effect of inflation onTaxation--Effect of inflation onFederal Reserve banksMonetary policy--Mathematical modelsNihon GinkōFlow of funds--AccountingDemand (Economic theory)Deflation (Finance)--Econometric modelsDemand functions (Economic theory)Flow of fundsNew ZealandPortfolio managementStocks--PricesInterest--Mathematical modelsBoard of Governors of the Federal Reserve System (U.S.)Economic historyCanadaIncomeDeveloping countriesEquilibriumMonetary unionsEconomic developmentCapitalManagerial economicsLabor marketIndustrial organization (Economic theory)Environmental economicsGovernment policySupply and demandPolitical planningInternational tradeCommercial policyProduction functions (Economic theory)19761980198119821983198419851986198719881989199019921993199419951996199719982000200120022003200420052006200720082009201020112012201320142015524991277332.46HG230.3375156ocn044962387file19880.37Walsh, Carl EMonetary theory and policyHistoryMonetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. The book is designed for second-year graduate students specializing in monetary economics, for economic researchers in need of a systematic summary of recent developments in the field, for economists working in policy institutions, and for central bank staff economists+-+661225030532432122ocn047136763book20020.56Stiglitz, Joseph EPrinciples of microeconomics"Co-written by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Principles of Microeconomics is the most modern and accurate text available. "--Publisher's website+-+587174848522916ocn047989903book20020.50Stiglitz, Joseph EEconomicsIntegrates contemporary economics into the traditional curriculum. This book offers coverage of the economics of information and imperfect markets. It emphasises on the critical role of capital markets in the macro economy+-+03602484851563ocn192051818book20040.59Stiglitz, Joseph EPrincipes d'économie modernePrésente les principes fondamentaux de la micro- et de la macroéconomie tout en montrant les liens entre les analyses théoriques et la réalité. Chaque chapitre comporte des applications pratiques, des encadrés portant sur les questions de politique économique associées aux thèmes traités, une synthèse des principaux points et une série d'exercices404ocn017188452book19870.95Walsh, Carl EThe impact of monetary targeting in the United States, 1976-1984This paper attempts to assess empirically the impact on output and inflation of monetary policy in the U-S. during the period of M1 targeting from 1976 to 1984. The impact of policy shocks on output and inflation, and the impact of aggregate demand, aggregate supply and money demand shocks on M1 and the Fed's target path, are examined through the use of impulse response functions. These response functions are based on an orthogonalization of VAR residuals derived from an estimated structural model. The VAR specification reflects the finding that M1 and the Fed's target for M1 are cointegrated. The evidence suggests that money supply shocks and shocks to M1 target have accounted for little of the observed volatility of output or inflation. However, the induced policy response to aggregate demand and supply shocks has contributed to subsequent inflation3912ocn036492321book19960.37Hutchison, Michael MCentral bank institutional design and the output cost of disinflation : did the 1989 New Zealand Reserve Bank Act affect the inflation-output tradeoff?391ocn254758370book20080.35Stiglitz, Joseph EMakroökonomie : Band 2 zur Volkswirtschaftslehre363ocn015181112book19860.95Walsh, Carl ETesting for real effects of monetary policy regime shiftsHuizinga and Mishkin (1986) have recently proposed a simple method for testing whether monetary policy regime changes have affected the ex-ante real rate of interest. This paper shows that care must be taken in choosing the set of variables on which to project the ex-post real rate if inferences about the ex-ante real rate are to be drawn. It is shown that Huizinga. and Mishkin's tests cannot distinguish between shifts in the real rate process and shifts in the inflation process363ocn013829186book19860.95Hartley, Peter RInside money and monetary neutralityThis paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a non-neutrality of portfolio and temporary base money supply shocks341ocn654348845book20100.37Stiglitz, Joseph EMikroökonomie335ocn756573382file19840.94Roley, V. VanceUnanticipated Money and Interest RatesEvidence on the relationship between unanticipated money and interestrates has been provided by two types of studies. First, several researchers have investigated the relationship using quarterly data. Second, a number of researchers have examined the effect of money announcement surprises on interest rates. In both instances, the correlation between money surprises and interest rates has usually been found to be non-negative. This paper first provides an interpretation of the correlation between unanticipated money and interest rates in terms of Federal Reserve policy objectives and operating procedures. Then, the correlation of unanticipated money and both short- and long-term interest rates is examined over weekly intervals, combining several aspects of the previous quarterly and announcement studies. In addition, the distinction between unpredicted and unperceived money also is considered323ocn756573029book19850.94Walsh, Carl EBorrowing Restrictions and Wealth Constraints Implications for Aggregate ConsumptionRecent empirical studies have found that consumption is more sensitive to current income than the life-cycle, permanent income hypothesis would predict. The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate adistribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate marginal propensity to consume out of transitory income is directly related to the fraction of constrained consumers and exhibits positive serial correlation in the face of serially uncorrelated income shocks326ocn037231939book19960.93Walsh, Carl EInflation and central bank independence : is Japan really an outlier?295ocn756573731com19820.95Walsh, Carl EInterest Rate Volatility and Monetary PolicyIn October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure. It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy switch may have been due to shifts in the parameters of the money demand equation, shifts due to the adoption-of a reserve aggregates operating procedure. This result is derived by comparing rational expectations equilibria in a simple theoretical model under alternative policy rules. This allows the variance of interest rates to be explicitly expressed as a function of the policy rule274ocn756573095file19850.93Walsh, Carl EMonetary Information and Interest RatesA model of interest rate movements in response to new information on the money stock is developed. The model, which incorporates several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money surprises depend on the relative variances of nominal and real disturbances, as well as on the monetary authority's policy and the credibility of that policy264ocn756573294file19840.95Walsh, Carl EOptimal Taxation by the Monetary AuthorityReserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy241ocn254176523book20080.31Stiglitz, Joseph EMikroökonomie : Band 1 zur Volkswirtschaftslehre233ocn756573906file19810.95Walsh, Carl EMeasurement Error and the Flow of Funds Accounts Estimates of HouseholdAsset Demand EquationsIn the household sector of the Flow of Funds Accounts, the difference between net acquisition of financial assets and net financial savings is equal to a statistical discrepancy which is often quite large relative to the reported changes in asset holdings. This means that the budget restrictions emphasized in the Brainard-Tobin approach to specifying asset demand equations are not satisfied by the data commonly used to estimate such equations. The view adopted in this paper is that the statistical discrepancy should be thought of as resulting from measurement error in the Flow of Funds data. By imposing a structure on the measurement error, a consistent estimator is developed and used to estimate asset demand equations for the household sector. The demand equations are similar in specification to those used by others so that the results allow a direct assessment of the effects of alternative treatments of the statistical discrepancy. The empirical results suggest that qualitative conclusions about the effects of financial flows and interest rates on asset demands are not affected by the way the statistical discrepancy is treated. Quantitative conclusions are, however, affected212ocn756574073file19800.95Walsh, Carl EAsset Prices, Substitution Effects, and the Impact of Changes in Asset StocksThe standard result in macroeconomic models is that an increase in the stock of government debt has an ambiguous effect on aggregate demand. Models which have derived this result have assumed that all assets are gross substitutes. Some recent work within the framework of mean-variance portfolio models, however, seems to imply that the assumption that all assets are gross substitutes is sufficient to determine whether an increase in government debt is expansionary or contractionary. This apparent inconsistency is resolved by showing that gross substitutability is sufficient to sign the impact of a change in government debt only when money is riskless. To carry out the analysis, portfolio choice and equilibrium asset prices are characterized in a new way through the use of a distance function183ocn254759219book20080.47Stiglitz, Joseph EVolkswirtschaftslehre: Mikroökonomie und Makroökonomie+-+6612250305324+-+6612250305324Fri Mar 21 15:47:59 EDT 2014batch23402