Showing papers in "Carnegie-Rochester Conference Series on Public Policy in 1991"

TL;DR: In this paper, the authors describe actual Federal Reserve interest-rate targeting procedures and address a number of issues in light of these stylized facts, including the connection between rate smoothing and price level trend-stationarity.

TL;DR: In the context of a flexible-price monetary exchange-rate model and the assumption of uncovered interest parity, the authors obtain a measure of the fundamental determinant of exchange rates, and explore the importance of nonlinearities in the relationship between exchange rates and fundamentals.

TL;DR: In this article, a cross-section pattern of equipment investment has been used to identify the impact of taxation on investment and confirm the importance of tax policy using the crosssection pattern.

TL;DR: In this paper, the authors examine the incentives for and impediments to globalization of financial markets and examine the implications for geographic dispersion of owners and the derived demand for global trading in the firm's shares.

TL;DR: In this paper, the authors examined the costs and benefits of smoothing interest rates over the seasons, which has been the Fed's policy since its founding in 1914, and presented simulations suggesting how the economy would behave under the alternative policy of stabilizing the money stock.

TL;DR: The authors sifts through the economic-summit declarations, issued annually since 1975, to determine how credible the announced government commitments would have deserved to be, judging by the degree to which they have been fulfilled.

TL;DR: In this article, the authors compared the predictions of three different saving models with respect to the impact of projected U.S. demographic change on future saving rates, including the life cycle model, the infinite horizon altruism model, and a reduced from econometric model.

TL;DR: In this paper, the authors present evidence that Hamilton's actual refunding policy did not differ in nature from that envisioned under the recent Brady plan and show that the bond package for which the old debt exchange had a market value well below par.

TL;DR: In this paper, the authors developed time series estimates of marginal tax rates on wages, dividends, interest and capital gains and used them in a general equilibrium model of the U.S. economy to gauge the macroeconomic impacts of the Tax Reform Act of 1986.

TL;DR: In this paper, the performance of different trading mechanisms across the stock exchanges of New York, Tokyo and Milan was investigated, based on a comparison of returns measured over daily intervals with phase shifts determined by the timing of transactions.

TL;DR: In this article, Flood, Rose and Mathieson conduct an extensive empirical study of the so-called target zone model of exchange rates and find little empirical support for the prototype model and no systematic relationship across different regimes.

TL;DR: Ferguson as mentioned in this paper showed that the arrangement reached by Hamilton and accepted by the Congress was a compromise and the outcome for creditors could have been far worse, and it is likely that Hamilton was wrong in his claim that only a third of the debt was held by alienees.

TL;DR: The Delors Report proposals for centralized EC control over national fiscal policies, however, lack a convincing economic rationale and could become a significant cause of political friction as discussed by the authors, since the economic and political advantages of a single European currency and a European central bank are closely balanced by the advantages of an extended and expanded European monetary system of fixed but adjustable exchange rates among separate national currencies.