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The Need to Return to a Monetary Framework

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  • John Taylor

    ()
    (Stanford University)

Abstract

This paper examines the 100-fold increase in reserve balances at the Fed during the second half of 2008. By looking at the balance sheet of the Fed and the factors influencing the supply and demand for reserves, the paper shows that the increase was due to large purchases of securities and loans to certain sectors and institutions. Such actions constitute a combination of monetary policy and industrial policy, which might be called mondustrial policy. This characterization raises questions about the role of the Fed and suggests the need to return to a monetary framework.

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File URL: http://www-siepr.stanford.edu/repec/sip/08-020.pdf
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Bibliographic Info

Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 08-020.

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Date of creation: Jan 2009
Date of revision:
Handle: RePEc:sip:dpaper:08-020

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Related research

Keywords: 2008; Fed Balance Sheet; Monetary Framework;

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Cited by:
  1. Fernandez, Adriana Z. & Koenig, Evan F. & Nikolsko-Rzhevskyy, Alex, 2010. "Can alternative Taylor-rule specifications describe Federal Reserve policy decisions?," Journal of Policy Modeling, Elsevier, vol. 32(6), pages 733-757, November.
  2. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, 09.
  3. Ratti, Ronald & Vespignani, Joaquin, 2012. "Liquidity and crude oil prices: China’s influence over 1996-2011," Working Papers 15062, University of Tasmania, School of Economics and Finance, revised 20 Sep 2012.
  4. John B. Taylor, 2010. "Commentary: monetary policy after the fall," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 337-348.
  5. Marius Constantin APOSTOAIE & Stefan MATEI, 2012. "Mutations at the Level of the Measures Adopted by Monetary Authorities," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 53-60.

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