Back to Store Search Results The Monetary Policy of the Federal Reserve A History 1st Edition by Robert Hetzel ISBN 9780511380426 0511380429

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ISBN 10: 0511380429
ISBN 13: 9780511380426 
Author: Robert L. Hetzel

The Monetary Policy of the Federal Reserve
A History

Back to Store Search Results The Monetary Policy of the Federal Reserve A History 1st Table of contents:

ONE The Pragmatic Evolution of the Monetary Standard

I. The Volcker-GreenspanMonetary Standard

II. Stop-GoMonetary Policy and Loss of a Nominal Anchor

III. A New Nominal Anchor

TWO Learning and Policy Ambiguity

I. Disagreement over the Nature ofMonetary Policy

II. A Normative Roadmap

III. Measurement without Theory

IV. Concluding Comment

THREE From Gold to Fiat Money

I. The Gold Standard

II. Reconstructing the Gold Standard

III. The Great Depression

A. Monetary Policy in the Depression

B. What If Governor Strong Had Lived?

C. Transmitting U.S. Deflation through the Gold Standard

D. The Roosevelt Monetary Standard

E. The Fed Attempt to Reassert Control

IV. The Zero Lower-Bound Problem

V. Concluding Comment

APPENDIX: BORROWED-RESERVES OPERATING PROCEDURES

FOUR From World War II to the Accord

I. A Changed Intellectual Environment

II. Postwar Inflation

III. Explaining Recession with Gold Standard Expectations

APPENDIX: SERIES ON THE REAL INTEREST RATE

Real Rate of Interest (Livingston Forecasts)

Real Rate of Interest (Hoey Forecasts)

Real Rate of Interest (Philadelphia Fed Forecasts)

Real Rate of Interest (Greenbook Forecasts)

Real Rate of Interest (Global Insight Forecasts)

FIVE Martin and Lean-against-the-Wind

I. From Real Bills to Lean-against-the-Wind

II. Martin and the Creation ofModern Central Banking

III. Eisenhower Conservatism

IV. Concluding Comment

SIX Inflation Is a Nonmonetary Phenomenon

I. Inflation at Full Employment

II. The Heller Agenda:Wage and Price Guideposts

III. Exploiting the Phillips Curve

SEVEN The Start of the Great Inflation

I. The Spirit of Stop…GoMonetary Policy

II. Martin versus Heller

III. Martin and Johnson

A. A Hostile Political System and a Divided Board

B. The 1965 Discount Rate Clash

C. Waiting for a Tax Increase

D. The Tax Surcharge and Fear of Overkill

IV. Concluding Comment

EIGHT Arthur Burns and Richard Nixon

I. From Stop to Go

II. Controls

III. Apparent Success

IV. Inflation and the End of Controls

V. Did OPEC or the Fed Create Inflation?

VI. Concluding Comment

APPENDIX: MONETARY POLICY PROCEDURES UNDER BURNS

APPENDIX: MONEY GROWTH AND INFLATION

NINE Bretton Woods

TEN Policy in the Ford Administration

I. Administration Economic Policy

II. Burns and Monetary Policy

III. Keeping Calm During Recession

IV. Why Was Monetary Policy Disinflationary?

V. A Close Election

ELEVEN Carter, Burns, and Miller

I. Humphrey-Hawkins

II. Carter and Economic Stimulus

III. Arthur Burns and Monetary Policy

IV. G.William Miller

V. Changing Consensus on Inflation

APPENDIX: DID THE FOMC TARGET MONEY IN THE 1970s?

TWELVE The Political Economy of Inflation

I. Political Pressure for Low Interest Rates

II. Inflation as a Tax

III. The Interplay between Inflation and Fiscal Pressure

IV. Tax Revolt

APPENDIX: REVENUE FROM THE INFLATION TAX

THIRTEEN The Volcker Disinflation

I. The Fed Assumes Responsibility for Inflation

II. Credit Controls and the 1980 Roller Coaster

III. Confronting Inflationary Psychology

IV. Abandoning the October 1979 Procedures

V. Creating a New Monetary Standard

VI. Articulating the Monetary Standard

APPENDIX: OCTOBER 6, 1979 OPERATING PROCEDURES

FOURTEEN Monetary Policy after the Disinflation

I. Expected-Inflation/Growth Gap Targeting

II. The Road to the Louvre Accord

III. An Inflation Scare and the Stock Market Crash

IV. Concluding Comment

APPENDIX: BORROWED-RESERVES OPERATING PROCEDURES AFTER 1982

APPENDIX: MONETARY POLICY ACTIONS IN 1986

APPENDIX: VELOCITY-ADJUSTED M2 GROWTH

FIFTEEN Greenspan’s Move to Price Stability

I. The Absence of an Articulated Greenspan Standard

II. Disinflation

III. A Soft Landing Becomes a Soft Recovery

IV. The 1994 Inflation Scare

V. Credibility

SIXTEEN International Bailouts and Moral Hazard

I. TheMexico Bailout

II. Moral Hazard

III. The Asian Crisis

A. The No-Fail Policy

B. Overvalued Exchange Rates Collapse

C. Conditional IMF Lending

IV. The Russian Crisis

V. Concluding Comment

APPENDIX: SEIGNIORAGE AND CREDIT ALLOCATION

SEVENTEEN Monetary Policy Becomes Expansionary

I. The Fed’s Response to Asia

II. Russian Default, LTCM, and Capital Flight from Emerging Markets

III. Concluding Comment

EIGHTEEN Departing from the Standard Procedures

I. RiskManagement as Discretion

II. Greenspan and the New Paradigm

III. Concluding Comment

NINETEEN Boom and Bust 1997 to 2001

I. A Nonmonetary Explanation of Inflation

II. Stock Market Bust and Recession

III. Dealing with a Poor Hand

TWENTY Backing Off from Price Stability

I. Raising the Implicit Inflation Objective

II. Inflation Control: Opportunistic or Systematic?

APPENDIX: JAPANESE DEFLATION AND CENTRAL BANK MONEY CREATION

TWENTY-ONE The Volcker–Greenspan Regime

I. Keeping Trend Inflation Unchanged

II. Implementing Lean-against-the-Wind

III. Conceptualizing the Monetary Standard

IV. The V-G Era: Discretion or Rules?

V. Overview

APPENDIX: AN EMPIRICAL OVERVIEW OF THE V-G REGIME

APPENDIX: FOMC DATA

TWENTY-TWO The Fed: Inflation Fighter or Inflation Creator?

I. The Fed as Inflation Fighter

II. The Fed as Inflation Creator

APPENDIX: TAYLOR RULE ESTIMATION

TWENTY-THREE The Stop–Go Laboratory

TWENTY-FOUR Stop–Go and Interest Rate Inertia

APPENDIX: A TAXONOMY OF STOP…GO

Cycle 1: December 1964 to November 1966

Cycle 2: December 1966 to January 1970

Cycle 3: February 1970 to July 1974

Cycle 4: August 1974 to May 1981

APPENDIX: DATA SEEN BY FOMC FOR STOP–GO PERIOD

TWENTY-FIVE Monetary Nonneutrality in the Stop–Go Era

I. A Narrative Overview

II. A Liquidity Effect

TWENTY-SIX A Century of Monetary Experiments

I. A Nominal Anchor Lost and Regained

II. The Experiment with Discretion

III. Institutionalizing the New Regime

Appendix: Data Seen by FOMC for the Stop–Go Period Shown in Figures 24.1, 24.2, and 24.3

Notes

Chapter 1. The Pragmatic Evolution of the Monetary Standard

Chapter 3. From Gold to Fiat Money

Chapter 4. From WorldWar II to the Accord

Chapter 5. Martin and Lean-against-the-Wind

Chapter 6. Inflation Is a Nonmonetary Phenomenon

Chapter 7. The Start of the Great Inflation

Chapter 8. Arthur Burns and Richard Nixon

Chapter 9. Bretton Woods

Chapter 10. Policy in the Ford Administration

Chapter 11. Carter,Burns, and Miller

Chapter 13. The Volcker Disinflation

Chapter 14. Monetary Policy after the Disinflation

Chapter 15. Greenspan’s Move to Price Stability

Chapter 16. International Bailouts andMoral Hazard

Chapter 18. Departing from the Standard Procedures

Chapter 19. Boom and Bust: 1997 to 2001

Chapter 20. Backing Off from Price Stability

Chapter 21. The Volcker–Greenspan Regime

Chapter 22. The Fed: Inflation Fighter or Inflation Creator?

Chapter 23. The Stop–Go Laboratory

Chapter 25. Monetary Nonneutrality in the Stop–Go Era

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