Presidential politics, budget deficits, and monetary policy in the United States; 1960?1976

Public Choice ◽  
1983 ◽  
Vol 40 (1) ◽  
Author(s):  
LeroyO. Laney ◽  
ThomasD. Willett
Keyword(s):  
United States ◽  
Monetary Policy ◽  
The United States ◽  
Budget Deficits ◽  
Presidential Politics

MONETARY POLICY AND GOVERNMENT DEBT MANAGEMENT DURING THE CORONAVIRUS PANDEMIC

2021 ◽  
Vol 255 ◽  
pp. 79-84
Author(s):  
William A. Allen
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Interest Rates ◽  
The United States ◽  
Central Banks ◽  
Debt Management ◽  
Budget Deficits ◽  
Short Term ◽  
Government Bonds ◽  
The United Kingdom

This paper describes how the large budget deficits of 2020 in the United States and the United Kingdom were financed, how central banks are in practice managed not just short-term interest rates but also yields on government bonds, and how their ability to resist a post-coronavirus surge in inflation has been compromised.

Avoiding Dark Corners: A Robust Monetary Policy Framework for the United States

2015 ◽  
Author(s):  
Ali Alichi ◽  
Kevin Clinton ◽  
Charles Freedman ◽  
Ondra Kamenik ◽  
Michel Juillard ◽  
...  
Keyword(s):  
United States ◽  
Monetary Policy ◽  
The United States ◽  
Policy Framework ◽  
Monetary Policy Framework

War and the Next Lesson

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
World War I ◽  
Great Depression ◽  
The United States ◽  
World War ◽  
John Maynard Keynes ◽  
The Great Depression

This chapter examines the lessons of World War II with respect to money and monetary policy. World War I exposed the fragility of the monetary structure that had gold as its foundation, the great boom of the 1920s showed how futile monetary policy was as an instrument of restraint, and the Great Depression highlighted the ineffectuality of monetary policy for rescuing the country from a slump—for breaking out of the underemployment equilibrium once this had been fully and firmly established. On the part of John Maynard Keynes, the lesson was that only fiscal policy ensured not just that money was available to be borrowed but that it would be borrowed and would be spent. The chapter considers the experiences of Britain, Germany, and the United States with a lesson of World War II: that general measures for restraining demand do not prevent inflation in an economy that is operating at or near capacity.

Spillovers of the United States’ Unconventional Monetary Policy to Emerging Asia

2019 ◽  
pp. 118-145
Author(s):  
Ying Xu ◽  
Hai Anh La
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Bank Lending ◽  
The United States ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Bank Lending Channel ◽  
Lending Channel ◽  
Cross Border ◽  
Syndicated Loan Market

This chapter assesses the spillover effects of the United States’ unconventional monetary policy on the Asian credit market. With a focus on cross-border bank lending, it employs firm-level loan data with regard to the syndicated loan market and measures the international bank lending channel through changes in United States dollar-denominated loans extended to Asian borrowers. It finds that the growth of dollar credit in Asia increased substantially in response to quantitative easing in the US financial market. The results of this study confirm the existence of the bank lending channel in Asia and emphasize the role of credit flows in transmitting financial conditions. The chapter also provides new evidence of cross-border liquidity spillover in the syndicated loan market. It finds that the overall spillover effect was large but differed significantly in Asia by types of borrowing firms, financing purposes, and loan terms at different stages of the quantitative easing programmes.

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