Expectations and monetary policy: a historical perspective

Article Abstract:

There are different views of the way that output and prices are linked to the money supply, and these differences are linked to different views on the effectiveness of changes inminetary policy. Classical economists have tackled this issue and place emphasis on the role played by information in the monetary adjustment mechanism. An approach to monetary policy which perceives information in terms of a scarce commodity can help us to understand the transmission mechanism.

Money Supply, Economic aspects

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The impact of monetary regime changes: some exchange rate evidence

Article Abstract:

The use of the Kalman Filter technique results in the validation of the Lucas critique as applied on the US economy. The US monetary expansion was shown to react according to periods of US$ depreciation and appreciation, which showed how present monetary policies are shaped by time-varying foreign exchange effects. Biases in the model were resolved using inflation-differentials.

Administration of General Economic Programs, Foreign Exchange & Reserves Policy, Research, Models, Foreign exchange, United States economic conditions

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