NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Benjamin M. Friedman

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Working Papers

May 2014Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy?
w20128
April 2013The Simple Analytics of Monetary Policy: A Post-Crisis Approach
w18960
July 2010Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
with Kenneth N. Kuttner: w16165
March 2006The Greenspan Era: Discretion, Rather Than Rules
w12118
October 2005Deficits and Debt in the Short and Long Run
w11630
May 2005What Remains from the Volcker Experiment?
w11346
November 2003The LM Curve: A Not-So-Fond Farewell
w10123
May 2002The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency
w8972
December 2000The Role of Interest Rates in Federal Reserve Policymaking
w8047
Monetary Policy
w8057
October 2000Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking
w7955
May 2000Debt Restructuring
w7722
April 2000What Have We Learned from the Reagan Deficits and Their Disappearance?
w7647
November 1999The Future of Monetary Policy: The Central Bank as an Army With Only a Signal Corps
w7420
November 1996A Price Target for U.S. Monetary Policy? Lessons from the Experience with Money Growth Targets
with Kenneth N. Kuttner: r2091
February 1996The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy
w5465
August 1995Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask This Question?
w5212
June 1995Economic Implications of Changing Share Ownership
w5141
December 1994Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences
with Kenneth N. Kuttner: w4969
December 1993The Role of Judgment and Discretion in the Conduct of Monetary Policy: Consequences of Changing Financial Markets
w4599
March 1992Learning From the Reagan Deficits
w4022
December 1991How Does It Matter?
w3929
October 1991Another Look at the Evidence on Money-Income Causality
with Kenneth N. Kuttner: w3856
Why Does the Paper-Bill Spread Predict Real Economic Activity?
with Kenneth N. Kuttner: w3879
August 1990Views on the Likelihood of Financial Crisis
w3407
May 1990Economic Implications Of Extraordinary Movements In Stock Prices
with David I. Laibson: r1401
March 1990Changing Effects of Monetary Policy on Real Economic Activity
w3278
February 1990Implications of Corporate Indebtedness for Monetary Policy
w3266
February 1989Money, Income and Prices After the 1980s
with Kenneth N. Kuttner: w2852
August 1988Time-Varying Risk Perceptions and the Pricing of Risky Assets
with Kenneth N. Kuttner: w2694
July 1988Targets and Instruments of Monetary Policy
w2668
April 1988Lessons On Monetary Policy From The 1980's
w2551
Monetary Policy Without Quantity Variables
w2552
March 1987New Directions in the Relationship Between Public and Private Debt
w2186
November 1986Increasing Indebtedness and Financial Stability in the United States
w2072
1986Implications of the U.S. Net Capital Inflow
w1804
August 1985The Cost of Annuities: Implications for Saving Behavior and Bequests
with Mark Warshawsky: w1682
Annuity Prices and Saving Behavior in the United States
with Mark Warshawsky: w1683
April 1985Aspects of Investor Behavior Under Risk
with V. Vance Roley: w1611
February 1985Crowding Out or Crowding In? Evidence on Debt-Equity Substitutability
w1565
1985Portfolio Choice and the Debt-to-Income Relationship
w1545
December 1984Implications of Government Deficits for Interest Rates, Equity Returns and Corporate Financing
w1520
November 1984Why Have Short-Term Interest Rates Been So High?
with Richard H. Clarida: r0554
The Value of Intermediate Targets in Implementing Monetary Policy
w1487
October 1984Money, Credit and Interest Rates in the Business Cycle
w1482
September 1984Financial Intermediation in the United States
w1451
February 1984Lessons from the 1979-1982 Monetary Policy Experiment
w1272
The Behavior of U.S. Short-Term Interest Rates Since October 1979
with Richard H. Clarida: w1273
October 1983Managing the U.S. Government Deficit in the 1980s
w1209
September 1983Recent Perspectives in and on Macroeconomics
w1208
May 1983The Substitutability of Debt and Equity Securities
w1130
November 1982Money, Credit and Nonfinancial Economic Activity: An Empirical Study of Five Countries
w1033
September 1982Monetary Policy with a Credit Aggregate Target
w0980
August 1982Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence From Individual Company Data
w0957
July 1982Debt and Economic Activity in the United States
w0704
Financing Capital Formation in the 1980s: Issues for Public Policy
w0745
June 1982Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism
w0917
April 1982Interest Rate Implications for Fiscal and Monetary Policies: A Postscript on the Government Budget Constraint
w0886
December 1981Debt Management Policy, Interest Rates, and Economic Activity
w0830
The Roles of Money and Credit in Macroeconomic Analysis
w0831
March 1981The Relative Stability of Money and Credit "Velocities" in the United States: Evidence and Some Speculations
w0645
1981Structural Models of Interest Rate Determination and Portfolio Behavior in the Corporate and Government Bond Markets
with V. Vance Roley: w0205
December 1980Survey Evidence on The Rationality of Interest Rate Expectations
w0261
Effects of Shifting Saving Patterns on Interest Rates and Economic Activity
w0587
June 1980The Information Value of Observing Monetary Policy Deliberations
r0062
May 1980The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates
w0239
April 1980Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive
with V. Vance Roley: w0178
February 1980Postwar Changes in the American Financial Markets
w0458
1980Optimal Expectations and the Extreme Information Assumptions of 'Rational Expectations' Macromodels
r0028
August 1979Substitution and Expectation Effects on Long-Term Borrowing Behavior andLong-Term Interest Rates
r0018
June 1979The Determination of Long-Term Interest Rates: Implications for Monetary and Fiscal Policies
w0366
May 1979A Note on the Derivation of Linear Homogeneous Asset Demand Functions
with V. Vance Roley: w0345
October 1978Crowding Out Or Crowding In? The Economic Consequences of Financing Government Deficits
w0284
How Important is Disaggregation in Structural Models of Interest Rate Determination?
w0294
Interest Rate Expectations Versus Forward Rates: Evidence From An Expectations Survey
w0295
March 1978Price Inflation, Portfolio Choice, and Nominal Interest Rates
w0235
1978Who Puts the Inflation Premium Into Nominal Interests Rates?
w0231
December 1977Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options
with Zvi Bodie: w0218
April 1977Identifying Identical Distributed Lag Structures by the Use of Prior SumConstraints
with V. Vance Roley: w0179

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