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| Economic Policy Review |
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| Volume 8, Number 1 May 2002 |
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| Financial Innovation and Monetary
Transmission |
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Opening Remarks 3
pages / 41 kbWilliam J. McDonough |
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| Distinguished Address Monetary Policy Transmission: Past and Future Challenges 5
pages / 75 kbPaul A. Volcker |
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| Overview The Monetary Transmission Mechanism: Some Answers and Further Questions 12
pages / 145 kbKenneth N. Kuttner and Patricia C. Mosser |
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| Session 1: The Reserves Market The Announcement Effect: Evidence from Open Market Desk Data 20
pages / 226 kbSelva Demiralp and Oscar Jordá |
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Commentary4
pages / 58 kb Charles L. Evans |
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Are U.S. Reserve Requirements Still Binding?16
pages / 573 kb Paul Bennett and Stavros Peristiani View executive summary (HTML) |
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Commentary3
pages / 43 kb James A. Clouse |
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| Roundtable Discussion—Monetary Policy in the New Millennium: The Evolution of Central Banks’ Operating Procedures and Practices | |
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Trends in Monetary Policy Implementation: A View from the Desk 4
pages / 82 kbSandra C. Krieger |
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| Interest
on Reserves and Monetary Policy 8
pages / 481 kb Marvin Goodfriend |
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Financial Market Efficiency and the Effectiveness of Monetary
Policy10
pages / 130 kb Michael Woodford |
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| Session 2: The Macroeconomic Environment Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach 15
pages / 185 kbJean Boivin and Marc Giannoni View executive summary (HTML) |
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Commentary4
pages / 58 kb Mark W. Watson |
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| Monetary
Policy Transmission through the Consumption-Wealth Channel17
pages / 240 kb Sydney Ludvigson, Charles Steindel, and Martin Lettau View executive summary (HTML) |
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Commentary4
pages / 50 kb Stephen P. Zeldes |
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| Monetary
Policy Transmission to Residential Investment20
pages / 225 kb Jonathan McCarthy and Richard W. Peach View executive summary (HTML) |
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Commentary3
pages / 47 kb Christopher Mayer |
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Houses as Collateral: Has the Link between House Prices and Consumption in the U.K. Changed? 15
pages / 188 kbKosuke Aoki, James Proudman, and Gertjan Vlieghe |
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Commentary4
pages / 62 kb Simon Gilchrist |
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| On
the Causes of the Increased Stability of the U.S. Economy20
pages / 224 kb James A. Kahn, Margaret M. McConnell, and Gabriel Perez-Quiros View executive summary (HTML) |
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Commentary4
pages / 55 kb Spencer Krane |
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| Keynote Address Understanding Financial Consolidation 5
pages / 68 kbRoger W. Ferguson, Jr. |
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| Session 3: Financial Markets and
Institutions Credit Effects in the Monetary Mechanism 19
pages / 273 kbCara S. Lown and Donald P. Morgan View executive summary (HTML) |
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Commentary5
pages / 72 kb John C. Driscoll |
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| Securitization
and the Efficacy of Monetary Policy13
pages / 556 kb Arturo Estrella View executive summary (HTML) |
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Commentary2
pages / 37 kb Sonya W. Stanton |
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Does Bank Capital Matter for Monetary Transmission?7
pages / 100 kb Skander J. Van den Heuvel |
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Commentary4
pages / 55 kb Jeremy C. Stein |
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| Financial
Consolidation and Monetary Policy14
pages / 154 kb William B. English |
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Commentary5
pages / 67 kb Ignazio Angeloni |
