Search results for "central banking"
showing 6 items of 6 documents
Money Doctoring After World War II: Arthur I. Bloomfield and the Federal Reserve Missions to South Korea
2009
In this paper we analyse the scientific contributions of the New York Fed economist Arthur I. Bloomfield. A Canadian born economist, in 1941 Bloomfield took his PhD in economics at the University of Chicago, under the supervision of Jacob Viner and then joined the staff of the Federal Reserve Bank of New York as a Research Economist and stayed there until 1958. In this position, Bloomfield combined scholarly research on recent economic history and international financial and banking problems with active service as a member of various committees and commissions, both in the United States and abroad. While on leave from the Fed, he accepted appointments as a consultant and advisor to various …
Building up the Washington Consensus: Arthur I. Bloomfield as an Economic Adviser
2009
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
The Global Financial Crisis and the New Monetary Consensus
2013
International audience; The Global Financial Crisis has reshuffled the cards for central banks throughout the world. In the wake of the biggest crisis since the Great Depression, this volume traces the evolution of modern central banking over the last fifty years. It takes in the inflationary chaos of the 1970s and the monetarist experiments of the 1980s, eventually leading to the New Monetary Consensus, which took shape in the 1990s and prevailed until 2007. The book then goes on to review the limitations placed on monetary policy in the aftermath of the global meltdown, arguing that the financial crisis has shaken the new monetary consensus.
Shaping Monetary Constitutions for Developing Countries: Some Archival Evidence on the Bloomfield Missions to South Korea (1949-1950)
2009
In this paper we analyse the scientific contributions of the New York Fed economist Arthur I. Bloomfield. A Canadian born economist, in 1941 Bloomfield took his PhD in economics at the University of Chicago, under the supervision of Jacob Viner and then joined the staff of the Federal Reserve Bank of New York as a Research Economist and stayed there until 1958. In this position, Bloomfield combined scholarly research on recent economic history and international financial and banking problems with active service as a member of various committees and commissions, both in the United States and abroad. While on leave from the Fed, he accepted appointments as a consultant and advisor to various …
Ursula Hicks and Vera Lutz’s Contributions to Development Finance
2018
International audience; This paper analyses the different approaches of two pioneering economists in the field of development finance, Ursula Kathleen Hicks (1896-1985) and Vera Constance Lutz (1912-1976). While research in economics in the 1950s focuses predominantly on finance in already developed countries (Goldsmith, 1969 and Gurley and Shaw, 1955), Hicks and Lutz extended the analysis to developing countries and/or regions – an original initiative for this period of time. Interested in the study of money and banking, Hicks and Lutz nevertheless had different beliefs on the way to promote economic development. This difference of thought comes from differing philosophical backgrounds.