Abstract
In his chapter Marvin Goodfriend reports about his recent research on three different types of central bank activity: (i) the provision of emergency credit assistance to individual banks; (ii) last-resort lending in the case of a banking crisis; and (iii) nominal interest rate smoothing.
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References
Friedman, Milton (1968) ‘The Role of Monetary Policy’, American Economic Review, vol. 58, March, pp. 1–17.
Goodfriend, Marvin (1987) ‘Interest Rate Smoothing and Price Level Trend-Stationarity’, Journal of Monetary Economics, vol. 19, May, pp. 335–48.
McCallum, Bennet T. (1981) ‘Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations’, Journal of Monetary Economics, vol. 8, November, pp. 319–29.
Sargent, Thomas and Neil Wallace (1975) ‘Rational Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule’, Journal of Political Economy, April, pp. 241–54.
Wicksell, Knut (1936) Interest and Prices (first published 1898) translated by R. F. Kahn (London: Macmillan).
Wicksell, Knut (1935) Lectures on Political Economy, vol. 2 (first published 1905) translated by Lionel Robbins (London: Routledge & Kegan Paul).
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© 1993 Stephen F. Frowen
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Neumann, M.J.M. (1993). Comments on Financial Theory and ‘Central Bank Policies’ by Marvin Goodfriend. In: Frowen, S.F. (eds) Monetary Theory and Monetary Policy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23096-9_9
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DOI: https://doi.org/10.1007/978-1-349-23096-9_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-23098-3
Online ISBN: 978-1-349-23096-9
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