Description
The purpose of this paper is to examine the events leading up to the Great Recession, the US
Federal Reserve’s response to what it perceived to be a short-term liquidity problem, and the programs
it put in place to address liquidity needs from 2007 through the third quarter of 2008...
Description
The purpose of this study is to contrast the discount and the Fed funds rates since 1990 and
the variables that influence these rates. On the basis of quarterly data, since 1990, the primary
determinants of the two policy rates are: the rate of inflation, the unemployment rate and...
Description
The purpose of the paper is to improve policy, and also to simplify theory and policy.
Design/methodology/approach – Theory is used in a simple and yet powerful way. Stylized facts
are used. This paper reconsiders the prevailing macroeconomic policy regime, and proposes an...
Description
The purpose of this paper is to relate the marginal crisis risk of Woodford to a number of
financial fragility indicators. The paper expands the interest rate gap approach by considering the
capital structure of investments and systemic risk, dating back to Modigliani-Miller. The...
central banking and the supply of money and credit
centralbankscentralbanksandtheirpolicies
fiscal policiesand behaviour of economic agents
fiscal policy
household
housing
macroeconomics andmonetary economics
monetary policy
public economics