| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 966567 | Journal of Monetary Economics | 2011 | 12 Pages |
Abstract
âºCentral bank understood in terms of fiscal features of money, credit, and interest on reserves policies. âºMonetary policy, buying treasuries with reserves, transfers all revenue directly to treasury. âºCredit policy is debt-financed fiscal policy. âºInterest on reserves frees monetary policy to fund credit policy independently of interest rate policy. âºAmbiguous boundary of responsibilities between Fed and Congress contributed to panic in fall 2008.
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Economics and Econometrics
Authors
Marvin Goodfriend,