Data Sets for estimating money demand

The estimating equations for the money demand function

Assigned article "The Monetary Base and Bank Lending:  You Can Lead a Horse to Water..." from St. Louis FRB, Monetary Trends, September 2010

Assigned article "Excess Reserves:  Oceans of Cash" from Cleveland FRB, Economic Commentary, February 12, 2015

Links to assigned Federal Reserve's web-page  http://www.federalreserve.gov/monetarypolicy.htm

    Policy Making:  the Federal Open Market Committee  

     Policy Tools descriptions:

        Open Market Operations     the Discount Rate     Reserve Requirements

    See also the descriptions of (& the supporting materials for) the temporary facilities for additional lending/liquidity:

        Term Auction Facility (TAF) & "Another Window:  The Term Auction Facility" from St. Louis FRB, Monetary Trends, March 2008

        Primary Dealer Credit Facility (PDCF)

        Term Securities Lending Facility (TSLF)

            "New Monetary Policy Tools?" from St. Louis FRB, Monetary Trends, May 2008 has a good summary of the three facilities.

See also from Unit Five (below), the assigned "Part 1:  How the Fed is structured..."

Assigned article “More Money: Understanding Recent Changes in the Monetary Base” by William T. Gavin, St. Louis FRB Review, March/April 2009, 91(2), pp. 49-59 at http://research.stlouisfed.org/publications/review/09/03/Gavin.pdf

Unit Four - Money and Economic Activity

For the review of the long-run neo-classical macroeconomic model, these notes and accompanying spreadsheet from my ECON 333 course may be helpful.

As well, for the review of the short-run Keynesian-Cross and IS-LM models, here are the equations and accompanying spreadsheet.

Unit Five - Monetary Policy

Re-read the assigned Federal Reserve Monetary Policy descriptions (see Unit Three above)

Also assigned:  "U.S. Monetary Policy: an introduction -" (San Francisco, Economics Letter, January/February 2004)
                            Part 1: How is the Fed structured and what are its policy tools?
                            Part 2: What are the goals of U.S. monetary policy?
                            Part 3: How does monetary policy affect the U.S. economy?
                            Part 4: How does the Fed decide the appropriate setting for the policy instrument?

Article "A Brief History of Central Banks" from Cleveland FRB, Economic Commentary, December 2007.  PDF version

Article:  "Operating Procedures for Conducting Monetary Policy" by R. Alton Gilbert in the St. Louis FRB Economic Review, Feb. 1985.

Here are a simple explanation of the Taylor rule and an excerpt by Taylor explaining his reasons for such a monetary policy rule.

Here is Louis Johnston's MNPost piece (January 6, 2015) about Narayana Kocherlakota, former president of the Federal Reserve Bank of Minneapolis, and monetary policy rules vs. discretion.

A set of interesting articles, views and reflections from a St. Louis FRB conference:   "Reflections on Monetary Policy 25 Years After October 1979", Economic Review,  March/April 2005 (Vol. 87, No. 2, Part 2).

Some interesting pieces on monetary policy in recent past periods:
"The Phases of U.S. Monetary Policy:  1987 to 2001" (Richmond, Economic Quarterly, Fall 2002)
"A Perspective on Monetary Policy" (Cleveland, Economic Commentary, Feb. 1, 2005)

Links to some additional readings from FRBs' publications:
   "The Trime" from Cleveland, Economic Commentary, January 15, 2004
   "The Fate of One-Dollar Coins in the U.S." from Cleveland, Economic Commentary, Oct. 15, 2004
   "U.S. Currency at Home and Abroad" from St. Louis, Monetary Trends, March 2007
   "Budget Deficits and Interest Rates" from St. Louis, Monetary Trends, March 2004
   "Hayek - Social Theorist of the Century" from Dallas, Economic Insights, vol. 4 (1999), no. 1
   "Ludwig von Mises" from Dallas, Economic Insights, vol. 6 (2001), no. 4
   "Adam Smith - Capitalism's Prophet" from Dallas, Economic Insights, vol. 7 (2002), no. 1
   "Milton Friedman - Economist as Public Intellectual" from Dallas, Economic Insights, vol. 7 (2002), no. 2
   "Milton Friedman, Teacher, 1912-2006" from Cleveland, Economic Commentary, December 2006
   "Frank H. Knight - Origins of the Chicago School of Economics" from Dallas, Economic Insights, vol. 7 (2002), no. 3
   "Irving Fisher: Origins of Modern Central Bank Policy" from Dallas, Economic Insights, vol. 10 (2005), no. 1
   "Knut Wicksell: The Birth of Modern Monetary Policy" from Dallas, Economic Insights, vol. 9 (2004), no. 1
   "Wicksell's Natural Rate" from St. Louis, Monetary Trends, March 2005
   "Paul Samuelson and Monetary Analysis" from St. Louis, Monetary Trends, April 2005
   "Monetary Explanations of the Great Depression:  A Selective Survey of Empirical Evidence" from Atlanta, Economic Review, 3rd quarter, 2004
   "October 6, 1979" from San Francisco, Economics Letter, December 3, 2004