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  • September 2014 (Revised May 2015)
  • Case

The United Kingdom and the Means to Prosperity

By: Laura Alfaro, Lakshmi Iyer and Hilary White
After struggling through the country's longest recession since 2008, the U.K. was expected to grow faster than any other G7 nation in 2014. Analysts wondered whether the return to growth was because, or in spite of, Prime Minister David Cameron's controversial £113... View Details
Keywords: United Kingdom; Keynesian Multiplier; Inflation; Inflation Targeting; Government Spending; Government Intervention In The Markets; Monetary Policy; Financial Crisis Management; Austerity; Inequality; Public Finance; Government Finance; Macroeconomics; Economics; Government and Politics; Inflation and Deflation; Financial Crisis; Economic Slowdown and Stagnation; Economic Growth; Business Cycles; Welfare; United Kingdom
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  • March 1987
  • Article

Using Survey Data to Test Standard Propositions Regarding Exchange Rate Expectations

By: J. Frankel and K. A. Froot
Keywords: Currencies; Exchange Rates; Asset Pricing; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Analytics and Data Science; Finance
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  • December 2003 (Revised April 2005)
  • Case

Birth of Modern Macroeconomic Policy, The: Sweden and the Great Depression

By: Julio J. Rotemberg and Lisa Lewis
By early 1937, a debate over the proper conduct of monetary policy raged in Sweden. Sweden's response to the Great Depression was unique. It had, in particular, embraced a revolutionary goal for monetary policy when it abandoned the gold standard in 1931. View Details
Keywords: History; Money; Policy; Financial Crisis; Macroeconomics; Sweden
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  • August 1985 (Revised February 2003)
  • Case

Paul Volcker and the Federal Reserve: 1979-1982

Describes three years of the Volcker monetary policy experiment. The Federal Reserve changed the focus by its operating procedure from an interest rate instrument to a reserve instrument and it reaffirmed its commitment to hitting its preannounced monetary growth... View Details
Keywords: Policy; Financial Institutions; United States
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    Macroeconomic Drivers of Bond and Equity Risks

    How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average... View Details

    • 02 Oct 2015
    • Working Paper Summaries

    Gradualism in Monetary-Policy: A Time Consistency Problem?

    Keywords: by Jeremy C. Stein & Adi Sunderam; Banking

      Sage Belz

      Sage graduated from Covenant College in 2017, where she studied economics. Prior to graduate school, Sage worked as a research analyst at the Brookings Institution, conducting research on monetary policy and financial stability with Drs. Ben Bernanke, Nellie Liang, and... View Details
      • 14 Dec 2010
      • Op-Ed

      Tax US Companies to Spur Spending

      been a saving grace in ensuring that the financial crisis did not cause further damage to the economy. With traditional monetary and fiscal policy instruments seemingly exhausted, the mobilization of that... View Details
      Keywords: by Mihir A. Desai
      • 08 Oct 2014
      • Working Paper Summaries

      The Federal Reserve’s Abandonment of Its 1923 Principles

      Keywords: by Julio J. Rotemberg; Banking; Legal Services
      • 16 Oct 2014
      • Working Paper Summaries

      Government Debt Management at the Zero Lower Bound

      Keywords: by Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph & Lawrence H. Summers
      • December 2002 (Revised June 2003)
      • Case

      A Wider Europe: The Challenge of EU Enlargement

      By: Rawi E. Abdelal and Kimberly A. Haddad
      By 2002, the euphoria that accompanied the grandest achievement to date of Europe's 50-plus years of integration--full monetary union--was fading fast. European policy makers completed the historically unprecedented monetary integration of 12 countries, and then they... View Details
      Keywords: History; Cost vs Benefits; Expansion; Decision Choices and Conditions; Problems and Challenges; European Union; Europe
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      • April 2019 (Revised April 2020)
      • Case

      Reaganomics: Impact and Legacy

      By: Tom Nicholas, John Masko and Matthew G. Preble
      During the 1980s, President Ronald Reagan and his administration instituted several far-reaching economic policies that had both near- and long-term impacts on such aspects of the U.S. economy as monetary policy, inflation, the tax structure, and the role of... View Details
      Keywords: Wealth and Poverty; Business and Government Relations; Leadership; Taxation; Government Administration; Government Legislation; Inflation and Deflation; Money; Economy; Economic Slowdown and Stagnation; Economic Growth; Equality and Inequality; United States
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      • Research Summary

      Professor Pill's current research has two dimensions. On the one hand, he is investigating the formulation and conduct of monetary policy in advanced economies, with a focus on the implementation of the single monetary policy in the euro area. On the other hand, he is... View Details
      • November 2023
      • Article

      Coalition Cascades: The Politics of Tipping Points in Clean Energy Transitions

      By: Jonas Meckling and Nicholas Goedeking
      Policy change often involves multiple policy subsystems, as in the case of clean energy transitions. We argue that trans- subsystem policy feedback is a central dynamic in policy change across subsystems. Policy in one subsystem creates ... View Details
      Keywords: Policy; Transition; Energy Sources; System
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      • 15 Sep 2016
      • News

      Harvard study singles out a game-changing economic opportunity

        How Quantitative Easing Works: Evidence on the Refinancing Channel

        When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

        • April 2015 (Revised January 2020)
        • Case

        Japan's Missing Arrow?

        By: Laura Alfaro and Hilary White
        In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
        Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
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        • 22 Mar 2007
        • News

        In the New Liquidity Factories, Buyers Must Still Beware

        • Article

        Optimal Taxation When Children's Abilities Depend on Parents' Resources

        By: Alexander Gelber and Matthew Weinzierl
        Empirical research suggests that parents' economic resources affect their children's future earnings abilities. Optimal tax policy therefore treats future ability distributions as endogenous to current taxes. We model this endogeneity, calibrate the model to match... View Details
        Keywords: Taxation; Family and Family Relationships; Welfare
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        • 07 Jan 2016
        • News

        What the Fed’s Rate Hike Means for America’s Small Businesses