Does it matter how monetary policy is implemented?
Article Abstract:
The question of whether changes in the monetary base measures is similar to changes resulting from open market operations was studied by analyzing three vector autoregression models. The lowering of interest rates by the Federal Reserve will reduce the growth rate of high-powered money and lessen the effects of reserve requirement ratios. Analysis of the models suggest that the impacts of reserve requirements are not substantially different from changes resulting from high-powered money.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1995
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Implementing monetary base rules: the currency problem
Article Abstract:
The Federal Reserve's continued supply of currency elastically will cause a sharp drop in total reserves. The decline in reserves caused by the bank's manipulation of monetary base growth to reach a 3% GNP growth implies that a drop in reserves and deposits will shrink banks. While a total reserves rule paves the way for shrinking total reserves, a shrinking banking system offsets benefits, such as price stability and reduced income growth volatility.
Publication Name: Journal of Economics and Business
Subject: Economics
ISSN: 0148-6195
Year: 1996
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Dynamic asset pricing effects and incidence of realization-based capital gains taxes
Article Abstract:
Research is presented concerning the differences which exist between accrual-based taxes and realization-based taxes. Methods of analyzing capital gains taxation are discussed.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2000
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