Replication data for: Shifting Mandates: The Federal Reserve's First Centennial
Principal Investigator(s): View help for Principal Investigator(s) Carmen M. Reinhart; Kenneth S. Rogoff
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 02:35:PM |
Shifting_Mandates_RR_2013.xls | application/vnd.ms-office | 462 KB | 10/11/2019 02:35:PM |
Project Citation:
Reinhart, Carmen M., and Rogoff, Kenneth S. Replication data for: Shifting Mandates: The Federal Reserve’s First Centennial. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112632V1
Project Description
Summary:
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The Federal Reserve's mandate has evolved considerably over the organization's hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed's mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided belief in the inherent stability of financial markets. We argue for a return to multiple instruments, including a more active role for reserve requirements.
Scope of Project
JEL Classification:
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E31 Price Level; Inflation; Deflation
E44 Financial Markets and the Macroeconomy
E58 Central Banks and Their Policies
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
E31 Price Level; Inflation; Deflation
E44 Financial Markets and the Macroeconomy
E58 Central Banks and Their Policies
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
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