{"title":"The Lender of Last Resort: A Historical Perspective","authors":"T. M. Humphrey, Robert E. Keleher","doi":"10.2139/ssrn.2120209","DOIUrl":"https://doi.org/10.2139/ssrn.2120209","url":null,"abstract":"The current international debt situation has led some analysts to suggest the possibility of a scenario whereby international debt defaults quickly lead to severe strains on domestic commercial banks. In this context, monetary and central bank policy become especially important. And in such circumstances references are often made to the central bank lender of last resort function.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1984-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130485929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Macroeconomics after a Decade of Rational Expectations: Some Critical Issues","authors":"B. Mccallum","doi":"10.3386/W1050","DOIUrl":"https://doi.org/10.3386/W1050","url":null,"abstract":"The main section of this paper discusses competing theories of aggregate supply that are currently being utilized in macroeconomic models with rational expectations. The distinction between flexible-price equilibrium models and models with nominal contracts is emphasized and three models of the latter type are described and contrasted, it is argued that rejection of flexible-price equilibrium theories, as the evidence seems to warrant,does not require abandonment of the equilibrium approach. Also included are remarks on the present status of the rational expectations version of the natural-rate hypothesis. The second section of the paper briefly discusses a few issues concerning the equilibrium approach and aggregate demand, with attention devoted to the overlapping-generations framework. The third section considers a recent attempt, involving the use of \"vector autoregression\"models, to denigrate the importance of the Lucas critique of traditional policy-evaluation procedures.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"13 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1982-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120843422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The October 1979 Regime of Monetary Control and the Behavior of the Money Supply in 1980","authors":"R. Hetzel","doi":"10.2307/1991641","DOIUrl":"https://doi.org/10.2307/1991641","url":null,"abstract":"In October 1979, the Federal Reserve System instituted a regime of monetary control characterized by lagged-reserve accounting and a nonborrowed-reserves operating target.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1982-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132223558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Commercial Banking Performance and Structure: A Factor Analysis Approach","authors":"William D. Jackson","doi":"10.2139/ssrn.2118849","DOIUrl":"https://doi.org/10.2139/ssrn.2118849","url":null,"abstract":"The Hunt Commission's recommendations and other proposed banking law changes have made commercial bank performance under regulation a matter of some public concern.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1974-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128690390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Alternate Reserve Concepts as Operating Targets in Monetary Policy Implementation: Specification of the Structural Model","authors":"J. Crews, Glenn C. Picou","doi":"10.2139/ssrn.2118848","DOIUrl":"https://doi.org/10.2139/ssrn.2118848","url":null,"abstract":"Monetary policy is concerned with the ultimate goals of price stability, full employment, and economic growth, and with the short-run stability of financial markets.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1974-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124746597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Alternative Optimal Open Market Strategies: A Classical Optimization Certainty Equivalence Approach","authors":"J. Crews","doi":"10.2139/ssrn.2118844","DOIUrl":"https://doi.org/10.2139/ssrn.2118844","url":null,"abstract":"The Federal Reserve System has historically been criticized for placing too much emphasis on insuring the short-run stability of financial markets and too little emphasis on real sector goals.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1974-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125270912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Monetary Policy, Bank Credit, and Total Credit: A Preliminary Analysis","authors":"J. A. Broaddus","doi":"10.2139/ssrn.2115823","DOIUrl":"https://doi.org/10.2139/ssrn.2115823","url":null,"abstract":"For the last three years, the Federal Open Market Committee has focused greater attention on certain monetary and credit aggregates in specifying its longer-run targets.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1973-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132143278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Alternate Method of Estimating the Cagan Money Demand Function in Hyperinflation under Rational Expectations","authors":"M. Goodfriend","doi":"10.2139/SSRN.2116563","DOIUrl":"https://doi.org/10.2139/SSRN.2116563","url":null,"abstract":"This paper contains a description and implementation of a new strategy for estimating the Cagan money demand function under rational expectations.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"163 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116057433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}