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Lessons on monetary policy ...
Monetary policy events in the United States during the 1980s have led to important changes in thinking about monetary policy and in the actual conduct of policy. The central event in this regard has been the collapse of relationships connecting familiar money to both income and prices. The fastest money growth since World War II, maintained for fully half a decade, occurred in conjunction with the greatest post-war reduction in inflation. Inflation predictions based on money growth during this period therefore failed altogether to anticipate what many observers have regarded as the most significant monetary policy success of the post-war period. Predictions based on credit aggregates would have fared no better. Other important changes have resulted from the increased openness of the U.S. economy and the U.S. financial markets. International considerations that previously could have mattered in a policy context, but typically did not, have reached macroeconomically meaningful magnitudes in the 1980s. The sharp decline in U.S. competitiveness, following the rise in dollar exchange rates early in the decade, powerfully affected U.S. nonfinancial economic activity. The borrowing that the United States has done to finance the resulting trade deficit has greatly enhanced the role of foreign investors in U.S. markets. Exchange rates have therefore assumed new importance in the conduct of U.S. monetary policy. Along with exchange rates, short-term interest rates have again emerged as the principal focus of policy. Economic research would probably prove more useful in a policy context if economists turned at least some of the efforts they have devoted to trying to resurrect money-income and money-price relationships to analyzing how to conduct monetary policy without them
Monografía
monografia Rebiun36677221 https://catalogo.rebiun.org/rebiun/record/Rebiun36677221 m o d cr unu|||||||| 880701s1988 maua ob 000 0 eng d UAO ocn326895284 SCPER eng pn CUSER OCLCQ NTE OCLCQ OCLCO OCLCF OCLCO OCLCQ SXT NBERS OCLCQ OCLCO OCLCQ OCLCL OCLCQ n-us--- 330 OCoLC Friedman, Benjamin M. Lessons on monetary policy from the 1980s Benjamin M. Friedman Cambridge, MA (1050 Massachusetts Avenue, Cambridge, Mass. 02138) National Bureau of Economic Research [1988] Cambridge, MA (1050 Massachusetts Avenue, Cambridge, Mass. 02138) Cambridge, MA (1050 Massachusetts Avenue, Cambridge, Mass. 02138) National Bureau of Economic Research 1 online resource (27, [5] pages) illustrations 1 online resource (27, [5] pages) Text txt rdacontent computer c rdamedia online resource cr rdacarrier NBER working paper series ; working paper no. 2551 "April 1988." Includes bibliographical references (pages 3-5) Monetary policy events in the United States during the 1980s have led to important changes in thinking about monetary policy and in the actual conduct of policy. The central event in this regard has been the collapse of relationships connecting familiar money to both income and prices. The fastest money growth since World War II, maintained for fully half a decade, occurred in conjunction with the greatest post-war reduction in inflation. Inflation predictions based on money growth during this period therefore failed altogether to anticipate what many observers have regarded as the most significant monetary policy success of the post-war period. Predictions based on credit aggregates would have fared no better. Other important changes have resulted from the increased openness of the U.S. economy and the U.S. financial markets. International considerations that previously could have mattered in a policy context, but typically did not, have reached macroeconomically meaningful magnitudes in the 1980s. The sharp decline in U.S. competitiveness, following the rise in dollar exchange rates early in the decade, powerfully affected U.S. nonfinancial economic activity. The borrowing that the United States has done to finance the resulting trade deficit has greatly enhanced the role of foreign investors in U.S. markets. Exchange rates have therefore assumed new importance in the conduct of U.S. monetary policy. Along with exchange rates, short-term interest rates have again emerged as the principal focus of policy. Economic research would probably prove more useful in a policy context if economists turned at least some of the efforts they have devoted to trying to resurrect money-income and money-price relationships to analyzing how to conduct monetary policy without them Monetary policy- United States Inflation (Finance)- United States Income- United States Prices- United States Politique monétaire- États-Unis Inflation- États-Unis Revenu- États-Unis Prix- États-Unis Income. Inflation (Finance) Monetary policy. Prices. Estados Unidos https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq National Bureau of Economic Research Print version Friedman, Benjamin M. Lessons on monetary policy from the 1980s. Cambridge, MA (1050 Massachusetts Avenue, Cambridge, Mass. 02138) : National Bureau of Economic Research, [1988] (OCoLC)18161151 Working paper series (National Bureau of Economic Research) working paper no. 2551