NBER Publications by William Poole
Working Papers and Chapters
| January 1991 | Macroeconomic Consequences of Financial Crises
with Lawrence H. Summers, Hyman P. Minsky, Paul A. Samuelson, Paul A. Volcker
in The Risk of Economic Crisis, Martin Feldstein, editor
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| July 1987 | Monetary Policy Lessons of recent Inflation and Disinflation
w2300
The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests that the interest elasticity of money demand is substantially higher than previously thought. The postwar increase of rates followed by a major decline of rates in the 1980s explains velocity behavior. The large decline in velocity almost certainly would have caused severe economic problems had the Federal Reserve not accommodated the decline through more rapid money growth. Federal Reserve policy between October 1979 and October 1982 emphasized control of money growth. Money market behavior during ... |
| 1980 | Macroeconomic Policy, 1971-75: An Appraisal
in Rational Expectations and Economic Policy, Stanley Fischer, editor
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| n/a | The Great Inflation: Did The Shadow Know Better?
with Robert Rasche, David Wheelock
in The Great Inflation, Michael D. Bordo and Athanasios Orphanides, editors
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