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2013-11-09

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¡üSimon Wren-Lewis, ¡ÈJapan¡Çs consumption tax: a test of modern macro?¡É¡Êmainly macro, October 1, 2013¡Ë

¡üKoichi Hamada, ¡ÈJapan¡Çs Tax-Hike Test¡É¡ÊProject Syndicate, October 24, 2013¡Ë

¡üBarry Eichengreen, ¡ÈJapan rising? Shinzo Abe¡Çs Excellent Adventure¡Êpdf¡Ë¡É¡ÊThe Milken Institute Review, Fourth Quarter 2013¡Ë

¡üThomas Klitgaard, ¡ÈJapan¡Çs Missing Wall of Money¡É¡ÊLiberty Street Economics, November 4, 2013¡Ë

¡üPaul Krugman, ¡ÈPPP and Japanese Inflation Expectations (Extremely Wonkish)¡É¡ÊThe Conscience of a Liberal, October 27, 2013¡Ë

¥¯¥ë¡¼¥°¥Þ¥ó¤Ï¤Ä¤¤ÀèÆü¹Ô¤ï¤ì¤¿¤Ð¤«¤ê¤ÎIMF¤Î¥«¥ó¥Õ¥¡¥ì¥ó¥¹¡Ê¤ÎÃæ¤Î¥Þ¥ó¥Ç¥ë¡á¥Õ¥ì¥ß¥ó¥°¹Ö±é¡Ë¤ÇÊó¹ð¤ò¹Ô¤Ã¤Æ¤ª¤ê¡Ê¡ÈCurrency Regimes, Capital Flows, and Crises¡Êpdf¡Ë¡É¡Ë¡¢¤½¤ÎÃæ¤Ç¥¢¥Ù¥Î¥ß¥¯¥¹¤ò¥±¡¼¥¹¥¹¥¿¥Ç¥£¡¼¤Î°ì¤Ä¤È¤·¤Æ¼è¤ê¾å¤²¤Æ¤¤¤ë¡Êpp.29¡Ápp.30¡Ë¡£

¡üBenjamin R Mandel, ¡ÈAbenomics and the Yen – Implications of ¡ï Depreciation for Japanese Equities and the Policy¡Çs Success¡Êpdf¡Ë¡É¡ÊCiti Research, September 20, 2013¡Ë

Mandel»á¤Ï¤³¤Î¥¨¥ó¥È¥ê¡¼¡Ê¡ÖͽÁÛ¥¤¥ó¥Õ¥ìΨ¤ò¬¤ë¿·¤¿¤Ê»ØÉ¸¡¡¡ÁÆüËܤÎͽÁÛ¥¤¥ó¥Õ¥ìΨ¤Îư¤­¤òé¤ë¡Á¡×¡Ë¤Î¼¹É®¼Ô¤Î°ì¿Í¡£PPP¡Ê¹ØÇãÎÏÊ¿²Á¡Ë¤Î¥¢¥¤¥Ç¥¢¤Ë°Íµò¤·¤¿¡ÊÆüËܤΡËͽÁÛ¥¤¥ó¥Õ¥ìΨ¤Î¿ä·×¤Ë¤Ä¤¤¤Æ¤â¡ÊÈæ³ÓŪºÇ¶á¤Î¥Ç¡¼¥¿¤Þ¤Ç²ÃÌ£¤·¤¿¾å¤Ç¡Ë¸ÀµÚ¤¢¤ê¡£



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¡üChristina D. Romer, ¡ÈMonetary Policy in the Post-Crisis World: Lessons Learned and Strategies for the Future¡Êpdf¡Ë¡É¡ÊSumerlin Lecture, Johns Hopkins University, October 25, 2013¡Ë

¡üKenneth N. Kuttner and Adam S. Posen, ¡ÈGoal Dependence for Central Banks: Is the Malign View Correct?¡Êpdf¡Ë¡É¡ÊPaper presented at the 14th Jacques Polak Annual Research Conference, Hosted by the International Monetary Fund, Washington, DC., November 7–8, 2013¡Ë

¡üWilliam B. English, J. David López-Salido and Robert J. Tetlow, ¡ÈThe Federal Reserve¡Çs Framework for Monetary Policy¡½ Recent Changes and New Questions¡Êpdf¡Ë¡É¡ÊPaper presented at the 14th Jacques Polak Annual Research Conference, Hosted by the International Monetary Fund, Washington, DC., November 7–8, 2013¡Ë

Abstract

In recent years, the Federal Reserve has made substantial changes to its framework for monetary policymaking by providing greater clarity regarding its objectives, its intentions regarding the use of monetary policy¡½ including nontraditional policy tools such as forward guidance and asset purchases¡½in the pursuit of those objectives, and its broader policy strategy. These changes reflected both a response to changes in economists¡Ç understanding of the most effective way to implement monetary policy and a response to specific challenges posed by the financial crisis and its aftermath, particularly the effective lower bound on nominal interest rates. We trace the recent evolution of the Federal Reserve¡Çs framework, and use a small-scale macro model and a simple static model to help illuminate the approaches taken with nontraditional monetary policy tools. A number of foreign central banks have made similar innovations in response to similar developments. On balance, the Federal Reserve has moved closer to ¡Èflexible inflation targeting,¡É but the Federal Reserve¡Çs approach differs in important ways from the strict implementation of that paradigm by including a balanced focus on two objectives and the use of a flexible horizon over which policy aims to foster those objectives. Going forward, further changes in central banks¡Ç frameworks may be needed to address issues raised by the financial crisis. For example, some have suggested that the sustained period at the effective lower bound points to the need for central banks to establish a different policy objective, such as a higher inflation target or nominal GDP targeting. We use our small-scale model of the U.S. economy to examine the potential benefits and costs of such changes. We also discuss the broad issue of how central banks should integrate financial stability policy and monetary policy.


¡ö¥Õ¥ê¡¼¥É¥Þ¥ó´ØÏ¢

¡üPaul Krugman, ¡ÈThe Friedman-Eichengreen Theory of the Great Depression¡Êpdf¡Ë¡É¡ÊMarch 28, 2009¡Ë

¡üEdward Nelson, ¡ÈMilton Friedman and the Federal Reserve Chairs, 1951¡Ý1979¡Êpdf¡Ë¡É¡ÊOctober 23, 2013¡Ë

Abstract

This paper studies the interactions between Milton Friedman and the three Federal Reserve Chairmen from 1951 to 1979: William McChesney Martin, Arthur Burns, and G. William Miller. Friedman had much praise for monetary policy in the first half of Chairman Martin¡Çs tenure, which covered the immediate post-Accord years of 1951¡Ý1960, and singled out the achievement of price stability. Friedman felt, however, that an overemphasis on interest-rate stabilization during the 1950s had led to a money growth pattern that magnified cyclical fluctuations. Friedman had considerable misgivings about the monetary policy of the 1960s, especially once a period of monetary restraint was abandoned in 1967. In the 1970s, both Chairmen Burns and Miller were at odds with Friedman on the issue of the extent to which monetary policy could restore price stability.

2013-09-07

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