Showing 1 – 50 of 70 results.
Curated
Agricultural Outcomes and Monetary Policy Actions: Strange Bedfellows or Kissin' Cousins? (ICPSR 1222)
Released/updated on: 2000-08-28
Geographic coverage: United States
United States agriculture is a success story of high productivity growth maintained over a long period of time. Nevertheless, the industry today suffers from the same problems it has always suffered from: droughts, locusts, and market disruptions. In this article, the authors explain how monetary policy can contribute to a healthy agriculture sector. The reality is that the fundamental economic forces controlling the destiny of agriculture -- high productivity growth, the hazards of nature, the low price and income elasticities of demand, and the instability of conditions in important export markets -- are things that the Federal Reserve Board can do nothing about. The main message is that the best the Fed can do to stabilize the agricultural sector is to maintain low and steady inflation.
Curated
Banking Reserves Tape, 1959-1986: [United States] (ICPSR 3547)
Released/updated on: 2003-04-25
Geographic coverage: United States
Time period: 1959-01-01--1986-01-01
This collection contains data for aggregate reserves and the monetary base that incorporate the latest adjustments for discontinuities associated with the Monetary Control Act and other regulatory changes to reserve requirements. Weekly data present in these tables cover the period from the beginning of 1959 through 1986. Historical data are shown as follows: Table 1 (monthly) and Table 3 (weekly) present data on reserves measures and the monetary base adjusted to remove discontinuities caused by regulatory changes in reserve requirements. Table 2 (monthly) and Table 4 (weekly) contain data on reserves measures and the monetary base not adjusted for discontinuities. Series adjusted for discontinuities are shown on both a seasonally adjusted and not seasonally adjusted basis. Table 5 (monthly) and Table 6 (weekly) show memorandum items, not adjusted for discontinuities in the reserve requirement structure and not seasonally adjusted. These items include reserve balances at Federal Reserve Banks, vault cash of depository institutions, and borrowings of depository institutions from the Federal Reserve.
Self-published
Bank Lending and Deposit Crunches during the Great Depression (ICPSR 224122)
Released/updated on: 2025-03-24
Geographic coverage: United States
Time period: 1929-01-01--1933-01-01
Replication Files for Bank Lending and Deposit Crunches during the Great Depression
Bank distress was a defining feature of the Great Depression in the United States.
Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew
funds en masse during panics. This panic-induced decline in lending explains about
one-third of the reduction in aggregate commercial bank lending between 1929 and
1932, more than twice as much as attributed to the failure of banks.
Self-published
Bank of England operations in the British government securities market, 1928 - 1972 (ICPSR 118563)
Released/updated on: 2021-11-24
Geographic coverage: United Kingdom
Time period: 1928-01-01--1972-01-01
This data set provides information about the operations of the Bank of England in the market for government securities between 1928 and 1972. It supports the narrative in my book 'The Bank of England and the government debt: operations in the gilt-edged market, 1928 - 1972' (Cambridge University Press, 2019).
The Bank of England's portfolio of government securities increased massively in 1928, when the Issue Department of the Bank absorbed the currency notes that has been issued by the Treasury since 1914, and the accompanying assets. The Issue Department became an increasingly influential participant in the market, underwriting new issues by the government. In the 1950s and 1960s it acted as market-maker of last resort, and this activity led to conflicts with its monetary policy objectives. It also provided covert financial support to the Stock Exchange jobber, who were the principal market-makers.
The conflict between market making and monetary policy was largely resolved in 1971, when the Bank of England curtailed its market-making activities.
Curated
Candidate Countries Eurobarometer 2002.2, September-October 2002: Life in the Candidate Countries, Attachment to Nationality and Identification with Europe, Contact with Other Countries and Cultures, and European Union Enlargement (ICPSR 4062)
Released/updated on: 2011-01-27
Geographic coverage: Romania, Cyprus, Hungary, Europe, Global, Malta, Czech Republic, Latvia, Turkey, Poland, Slovenia, Slovakia, Bulgaria, Lithuania, Estonia
Time period: 2002-09-02--2002-10-15
The Candidate Countries Eurobarometer (CCEB) series, first conducted in 2001, gathers information from the countries applying to become members of the European Union (EU) in a way that allows direct comparison with the standard Eurobarometer series carried out in the existing EU countries. The CCEB provides decision-makers and the European public with opinion data on the similarities and differences between the EU and the candidate countries. The CCEB continuously tracks support for EU membership in each country and records changes in attitudes related to European issues in the candidate countries. This round of the CCEB surveys was conducted between September 2 and October 15, 2002, in the 13 candidate countries: Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia, Slovenia, and Turkey. Respondents were queried on such topics as life satisfaction and expectations, their native language, European countries visited and worked in, attitudes towards foreigners, trust in institutions, national and European identity, European currency, European elections, political participation, democracy satisfaction, and information media access. Respondents also answered questions focusing on their knowledge of the EU, as well as their opinion on its importance and meaning, national decision-making policies, policy priorities, image, membership, enlargement, unification, and constitution. Respondents were also asked questions about their awareness and familiarity with organizations like the United Nations, the North Atlantic Treaty Organization (NATO), the Organization for Security and Cooperation in Europe (OSCE), the Council of Europe, and the European Court of Human Rights. Background variables include nationality, age, gender, income, current occupation, whether the respondent was paid directly or indirectly by the state, local government, or other public administration, marital status, level of education, number of people living in household, whether anyone in the household owned a color television set, video recorder, video camera, automatic washing machine, dishwasher, home computer, microwave oven, mobile phone, or two or more cars, religious affiliation, how often religious services were attended, and voting intent.
Curated
Case Study of a Currency Crisis: The Russian Default of 1998 (ICPSR 1271)
Released/updated on: 2003-04-18
Geographic coverage: Global, Russia
This paper uses a currency crisis framework to analyze the currency devaluation and debt default of post-Soviet Russia in August 1998. The authors show that even though the Russian economy recorded positive growth immediately preceding the default, the atmosphere was reflective of an impending crisis. The authors then consider the symptoms of a currency crisis -- specifically public and private debt responsibilities, devaluation expectations, and contractionary monetary policy -- and show that they were present in Russia at that time. Three generations of currency crisis models are reviewed, followed by speculation that the Russian default was a product not only of fiscal deficits but also of a fragile financial system and contractionary monetary policy. The authors address the possibility that the usual prescription for a currency crisis, that is, increasing interest rates, may have accelerated the default and that a case-by-case prescription may afford a better solution than a blanket policy of increasing interest rates in the face of devaluation.
Curated
Case Study of Monetary Control: 1980-1982 (ICPSR 1099)
Released/updated on: 1996-01-03
Geographic coverage: United States
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
Cointegration and Exchange Rate Dynamics (ICPSR 1057)
Released/updated on: 1996-01-03
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
Committee Decisions on Monetary Policy: Evidence From Historical Records of the Federal Open Market Committee (ICPSR 23860)
Released/updated on: 2010-05-06
Geographic coverage: United States
Time period: 1965-01-01--1999-01-01
This data collection was used in the book, "Committee Decisions on Monetary Policy: Evidence from Historical Records of the Federal Open Market Committee," by Henry Chappell, Rob Roy McGregor, and Todd Vermilyea, which examined the monetary policy preferences of members of the Federal Reserve's Federal Open Market Committee (FOMC) and the process by which its members' preferences were translated into policy decisions.
Chapter 4
Data files related to Chapter 4 of the book are contained in: Ch04WebFiles.zip. See the readme file contained within that zip file for documentation.
Chapter 5
All data described in Chapter 5 is subsequently employed in Chapters 6-8. Descriptions are provided below in the sections for those chapters.
Chapter 6
Data files related to Chapter 6 are contained in Chapter06_Data_for_Web.zip. See the readme file contained within that zip file for documentation. Many data files for Chapter 6 are the same as those used in Chapter 7. More details are provided below for Chapter 7.
Chapter 7
Data and programs for this chapter come from the JMCB article from which the chapter is drawn. Data files related to the JMCB article are contained in: ChappellMcGregorVermilyea_Data_011503.zip. See the JMCB.pdf file contained within that zip file for documentation.
Section 7.5.2 of this chapter also uses data describing the order of speaking within meetings. We have used this data more extensively in our working paper, "The Persuasive Power of the Chairman: Arthur Burns and the FOMC." Data for that paper is provided in the: WEA_BeforeAfter_Data_Archive.zip.
Chapter 8
Much of the data (and methods) used in Chapter 6 are used again in Chapter 8. Relevant data and program files and documentation are provided in: Chapter08_Data_for Web.zip.
Curated
Conducting Monetary Policy Without Government Debt: The Fed's Early Years (ICPSR 1259)
Released/updated on: 2003-01-23
Geographic coverage: United States
The Federal Reserve implements its monetary policy by using open market operations in United States government securities to target the federal funds rate. A substantial decline in the stock of United States Treasury debt could interfere with the conduct of monetary policy, possibly forcing the Fed to rely more heavily on discount window lending or to conduct open market transactions in other types of securities. Either choice would cause the implementation of monetary policy to resemble the methods used by the Fed before World War II. This paper describes two things: (1) how the Fed implemented monetary policy before the war and (2) the conflicts that arose within the Fed over the allocation of private-sector credit when discount window loans and Fed purchases of private securities were a substantial component of Federal Reserve credit. Those conflicts help explain the Fed's failure to respond vigorously to the Great Depression. The experience suggests that a renewed reliance on the discount window or on open market operations in securities other than those issued by the United States Treasury could hamper the conduct of monetary policy if it leads to increased pressure on the Fed to affect the allocation of credit.
Curated
Credit Unions and the Common Bond (ICPSR 1214)
Released/updated on: 2000-01-18
Geographic coverage: United States
A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention when the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds (fields of membership) that could coexist within a single credit union. In this article, a model of credit union formation and consolidation is developed and simulated to examine the effects of common-bond restrictions on the performance of credit unions. The performance measures are based on participation rates among potential members and the operating costs of credit unions. Using a semiparametric econometric model and a large dataset drawn from federally-chartered occupational credit unions in 1996, the authors find that, for a given number of potential members, credit unions with multiple-group charters have higher participation rates. They also find that, for a given number of members, the operating costs of multiple-group credit unions are higher. Average operating costs at large credit unions, however, decrease as the number of members increases. The authors also find that local deposit-market concentration is related to participation rates and operating costs of credit unions.
Curated
Darryl Francis and the Making of Monetary Policy, 1966-1975 (ICPSR 1283)
Released/updated on: 2003-06-25
Geographic coverage: United States
Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of United States monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policymakers at the time believed it possible to exploit a trade-off between unemployment and inflation. Francis attributed inflation directly to excessive growth of the money stock while other policymakers blamed labor and product market failures, fiscal policy, and commodity price shocks. Francis argued that inflation could not be controlled except by limiting the growth of monetary aggregates whereas other policymakers promoted price controls or other schemes. Francis favored maintaining a stable money stock growth rate at a time when monetary policy was widely interpreted as involving the manipulation of interest rates. Reviewing the debates between Francis and his Federal Reserve colleagues improves our understanding of the reasons behind the Fed's monetary policy actions at the time and illuminates how policy views evolved toward accepting price level stability as the paramount, long-term objective for monetary policy.
Curated
Demand for Divisia Money in a Core Monetary Union (ICPSR 1179)
Released/updated on: 1998-10-06
Geographic coverage: Europe
Proponents of an aggregation-theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money, especially for broad monetary aggregates. European monetary aggregation, which uses indices for monetary services, seems attractive because these indices can account for the imperfect substitutability between different currencies. This research applies the aggregation-theoretic framework to money holdings of European residents and compares the resulting index to simple-sum M3. The conclusion is that the Divisia index of European monetary services may provide additional insight into money demand during the period of transition to monetary union.
Curated
Discrete Monetary Policy Changes and Changing Inflation Targets in Estimated DSGE Models (ICPSR 1320)
Released/updated on: 2005-11-28
Geographic coverage: United States
Many estimated macroeconomic models assume interest rate smoothing in the monetary policy equation. In practice, monetary policymakers adjust a target level for the federal funds rate by discrete increments. One often-neglected consequence of using a quarterly average of the daily federal funds rate in empirical work is that any change in the target federal funds rate will affect the quarterly average in the current quarter and the subsequent quarter. Despite this clear source of predictable change in the quarterly average of the federal funds rate, the vast bulk of the literature that estimates policy rules ignores information concerning the timing and magnitude of discrete changes to the target federal funds rate. Consequently, policy equations that include interest rate smoothing inadvertently make the strong and unnecessary assumption that the starting point for interest rate smoothing is last quarter's average level of the federal funds rate. The authors consider, within an estimated general equilibrium model, whether policymakers put weight on the end-of-quarter target level of the federal funds rate when choosing a point at which to smooth the interest rate.
Curated
Discrete Policy Changes and Empirical Models of the Federal Funds Rate (ICPSR 1310)
Released/updated on: 2005-03-15
Geographic coverage: United States
Empirical models of the federal funds rate almost uniformly use the quarterly or monthly average of the daily rates. One empirical question about the federal funds rate concerns the extent to which monetary policymakers smooth this interest rate. Under the hypothesis of rate smoothing, policymakers set the interest rate this period equal to a weighted average of the rate inherited from the previous quarter and the rate implied by current economic conditions, such as the Taylor rule rate. Perhaps surprisingly, however, little attention has been given to measuring the interest rate inherited from the previous quarter. Previous tests for interest rate smoothing have assumed that the quarterly or monthly average from the previous period is the inherited rate. The authors of this study, in contrast, suggest that the end-of-quarter level of the target federal funds rate is the inherited rate, and empirical tests support this proposition. The authors show that this alternative view of the rate inherited from the past affects empirical results concerning interest rate smoothing, even in relatively rich models that include regime switching.
Curated
Do Changes in Reserves Proxy Well for Official Intervention? (ICPSR 1229)
Released/updated on: 2000-12-06
Geographic coverage: United States, Switzerland, Germany, Global
The study of foreign exchange intervention has been slowed by the traditional reluctance of central banks to release intervention data to researchers. To circumvent the lack of actual intervention data, researchers often have used publicly available foreign exchange reserves data to proxy for the confidential intervention data. Little research has been done, however, to compare the characteristics of reserves and intervention. In this article, the author addresses that issue by using time-series techniques and measures of correlation to compare American, Swiss, and German monthly intervention and reserves series. Although the raw correlations are modest, ranging from about 0.12 to 0.42, some simple adjustments for seasonality and ERM realignments can increase the correlations in the Swiss and German data. More sophisticated adjustment techniques would be difficult and time-consuming.
Curated
Does Money Matter? (ICPSR 1245)
Released/updated on: 2001-10-31
Geographic coverage: United States
This paper was prepared for the Homer Jones Lecture, Federal Reserve Bank of St. Louis, March 28, 2001. The author addresses the influence of monetarism and the role of money in making monetary policy. The monetarist idea that monetary policy has primary responsibility for inflation is now conventional wisdom. However, monetary aggregates are largely absent from models used by policy analysts and from currency monetary policy debates (at least in the United States). The author concludes with a discussion of whether current models and current practice undervalue the role of money, specifically noting how monetary aggregates may become important again if market interest rates are driven to zero, as they have been recently in Japan.
Curated
Does the Fed's New Policy of Immediate Disclosure Affect the Market? (ICPSR 1170)
Released/updated on: 1998-10-06
Geographic coverage: United States
The purpose of the data is to investigate whether and how financial markets have responded to the change in the Federal Open Market Commission (FOMC) disclosure policy, specifically, whether the policy of immediate disclosure has created an announcement effect and whether the policy of immediate disclosure has increased or reduced financial market uncertainty.
Curated
Do Inflation Targeters Outperform Non-Targeters? (ICPSR 1336)
Released/updated on: 2006-12-01
Ten years of empirical studies of inflation targeting have not uncovered clear evidence that monetary policy that incorporates formal targets imparts better inflation performance. The authors survey the literature and find that the "no difference" verdict concerning inflation targeting has been robust to a wide range of countries and methods of analysis, starting with a study by Dueker and Fischer (1996a). The authors present updated Markov-switching estimates from the original Dueker and Fisher (1996a) article and show that their early conclusions about inflation targeting among early adopters have not been overturned with an additional decade of data. These findings to date do not rule out the possibility, however, that formal inflation targets could prove pivotal if the global environment of disinflation were to reverse course.
Self-published
ECIN Replication Package for "Housing Market Connectedness and Transmission of Monetary Policy" (ICPSR 216361)
Released/updated on: 2025-03-06
Replication files for “Housing Market Connectedness and Transmission of Monetary Policy,” Woo Suk Lee and Eunseong Ma, Economic Inquiry
Overview
The code in this replication package constructs the analysis file for Housing Market Connectedness and Transmission of Monetary Policy using R, EViews and Matlab. Various files are provided to generate the data for the 13 figures and 1 tables in the paper. Self-published
ECIN Replication Package for "Inflation targeting, output stabilization, and real indeterminacy in monetary models with an interest rate rule" (ICPSR 204682)
Released/updated on: 2024-08-02
Geographic coverage: United States
Time period: 1997-01-01--2023-01-01
Central banks set the nominal interest rate to target inflation and stabilize output. In monetary models, monetary policy affects output directly via the wealth effect. I show that in these models, the response of the central bank to fluctuations in output may induce real indeterminacy even if the Taylor principle is satisfied. I find that the determinacy conditions depend on the interest elasticity of output and generally, the Taylor principle is neither necessary nor sufficient for determinacy. This is in stark contrast with the New Keynesian model where a sufficiently strong policy response to inflation or output usually ensures determinacy.
Self-published
ECIN Replication Package for "Interest Rate Misalignments and Monetary Policy: Evidence from U.S. States" (ICPSR 244567)
Released/updated on: 2026-03-09
Geographic coverage: United States
Time period: 1989-01-01--2017-01-01
This archive contains the data, code, and documentation to reproduce the main empirical results in “Interest Rate Misalignments and Monetary Policy: Evidence from U.S. States.” The archive includes raw and intermediate inputs, a script to assemble the quarterly state-level panel, a script to produce the final analysis dataset, and scripts to generate the tables and figures. All underlying data sources are publicly available, and detailed provenance and variable definitions are documented within the archive.
Self-published
ECIN Replication Package for "Measuring the U.S. monetary noise shocks" (ICPSR 205142)
Released/updated on: 2024-08-02
Geographic coverage: United States
Time period: 1989-01-01--2008-01-01
Agents’ beliefs regarding future monetary policy changes influence their current decisions. However, these expectations may not always materialize in the future. This study shows that the monetary fundamental shocks (exogenous changes consistent with expectations) stabilize output and inflation, while the noise shocks (biased beliefs that fail to be realized in the future) increase economic fluctuations. Moreover, factors that amplify financial frictions – the spread between the capital return of entrepreneurs and the risk-free interest rate of a central bank – can increase anticipation effects associated with these two types of monetary policy shocks.
Self-published
ECIN Replication Package for "Persistent monetary policy in a model with involuntary unemployment" (ICPSR 222081)
Released/updated on: 2025-09-05
In a basic New Keynesian DSGE model with involuntary unemployment, we study the role of labor markets in the transmission of persistent monetary policy shocks that increase households' inflation expectations. The model predicts that, in contrast to the standard nominal interest rate shocks, labor market conditions can affect the outcomes of persistent monetary policy shocks suggesting a trade-off between inflation and output growth: restricted labor market access leads to higher inflation response with smaller effects on output. Using a VAR analysis, we further provide empirical evidence consistent with the predictions of our theoretical model.
Curated
Eighty Years of Observations on the Adjusted Monetary Base: 1918-1997 (ICPSR 1199)
Released/updated on: 1999-06-23
Geographic coverage: United States
Time period: 1918-01-01--1997-01-01
Recent trends in empirical macroeconomic research embedding long-run relationships between seasonal cycles and business cycles and building endogenous growth models, along with the interest of policymakers in inflation targeting, have increased the importance of long-time series of macroeconomic data. Among the more important time series are quantitative measures of monetary policy, such as the adjusted monetary base. Previously published data for the Federal Reserve Bank of St. Louis adjusted monetary base begin in 1935 (seasonally unadjusted), and in 1950 (seasonally adjusted). In this analysis, the authors develop a consistent time series for the adjusted monetary base that begins in 1918, shortly after the founding of the Federal Reserve System.
Curated
EMU: Will It Fly? (ICPSR 1165)
Released/updated on: 1998-08-27
Geographic coverage: Europe
The data examine the progress of the economic and monetary union (EMU) in the European Union.
Curated
Eurobarometer 44.0: Cancer, Education Issues, and the Single European Currency, October-November 1995 (ICPSR 6721)
Released/updated on: 2001-01-25
Geographic coverage: Europe, United Kingdom, Portugal, Global, Spain, Greece, Netherlands, Sweden, Austria, Belgium, Luxembourg, Ireland, Denmark, Italy, France, Germany
Time period: 1995-10-01--1995-11-01
This round of Eurobarometer surveys queried respondents on standard Eurobarometer measures such as public awareness of and attitudes toward the European Union (EU), and also focused on cancer, education issues, and the Single European Currency. Respondents were questioned about their attitudes toward cancer risks and prevention strategies. They were also asked whether they had heard or read anything about the European Week Against Cancer, the European program to fight cancer, or the "European Code Against Cancer". The European Code Against Cancer, consisting of ten elementary rules for the possible prevention of cancer, was developed by a committee of cancer experts from all member countries of the EU. Education questions concerned whether respondents were satisfied with primary and secondary schools. Common European currency questions included whether respondents were for or against having one European currency in all member states. Respondents were queried about their knowledge of the Single European Currency and conditions member countries must meet in order to join the European Economic and Monetary Union. They were also asked for their opinions about possible outcomes of the changeover to the Single European Currency. Respondents were further queried about their time-frame preference for introducing the dual display of both the national currency and the European currency on goods and services, their concerns about this changeover, and their opinions about where useful information on the European currency and the changeover should be available. Demographic and other background information was gathered on the number of people residing in the home, size of locality, household income, and region of residence, as well as the respondent's age, sex, religion, age when completed education, occupation, and left-right political self-placement.
Curated
Eurobarometer 46.0: Personal Health, Energy, Development Aid, and the Common European Currency, October-November 1996 (ICPSR 6939)
Released/updated on: 2000-12-04
Geographic coverage: Europe, United Kingdom, Portugal, Global, Spain, Greece, Netherlands, Sweden, Austria, Belgium, Luxembourg, Ireland, Finland, Denmark, Italy, France, Germany
Time period: 1996-10-12--1996-11-11
This round of Eurobarometer surveys queried respondents on standard Eurobarometer measures such as public awareness of and attitudes toward the European Union (EU), and also focused on personal health issues, the Common European Currency, energy questions, development aid, and the rights of EU citizens. Respondents were asked if they thought exposure to the sun was good or bad for their health, how best to protect themselves from the sun, what type of skin, eye, and hair color they had, and what information they had received about the "Europe Against Cancer" campaign. In regard to the Common European Currency, they provided their attitudes toward having one currency for all member states, and commented on how well-informed they were about this issue, if they knew about the conditions that member countries must meet in order to join the European Economic and Monetary Union, if their own country would be able to meet the requirements and what the consequences would be if it did not, when euro coins and notes might be introduced, how the introduction of the single currency should proceed, and how it would affect economic policies and transactions. Questions about energy use and consumption covered problems that could affect the environment, if respondents had made attempts to conserve energy use in recent years and how they might do so in the future, how effective public bodies were in saving energy, and whether energy investment decisions should be left to market forces or to public bodies. Views regarding the availability and cost of energy resources over the next ten years, the importance of nuclear energy, the role of taxes in energy consumption, and whether public or private transportation should be favored in traffic planning decisions were also elicited. A battery of questions about developing countries focused on whether respondents thought there was a need to help poorer countries to develop, whether their own governments provided development aid, whether the European Commission provided such aid and if so, how much, and whether such aid should be increased or decreased. Other questions probed for opinions on whether developing countries used aid money to purchase goods from the EU, whether the Community's aid should be made better known, and how profitable it was to invest in developing countries. Respondents were also asked if they thought Europe, the United States, or Japan was best placed to help poor people, where Europe's exports were sent, if development aid helped to solve certain social and economic problems, and if they felt they received accurate accounts about developing countries from newspapers and television news programs. A few questions also focused on perceptions of the rights of citizens of the EU and where information could be located about such rights. Citizens from Germany, Spain, France, Italy, and the United Kingdom were asked about their attitudes toward other EU countries, which countries should join the Monetary Union, how important the introduction of the single currency by January 1, 1999, was, and how likely it was that the deadline would be met. Demographic items included age, gender, marital status, household size, monthly income, education, size of community, region, and occupation.
Curated
Eurobarometer 57.1: European Union Enlargement, the European Parliament, and the Euro, March-May 2002 (ICPSR 3521)
Released/updated on: 2007-02-12
Geographic coverage: Europe, United Kingdom, Portugal, Global, Spain, Greece, Netherlands, Sweden, Austria, Belgium, Luxembourg, Ireland, Finland, Denmark, Italy, France, Germany
Time period: 2002-03-29--2002-05-01
This round of Eurobarometer surveys queried respondents on standard Eurobarometer measures, such as how satisfied they were with their present life, whether they attempted to persuade others close to them to share their views on subjects they held strong opinions about, whether they discussed political matters, what actions the European Union (EU) should undertake as a priority, and how they viewed the need for societal change. Additional questions focused on respondents' knowledge and opinions about the EU, including how well-informed they felt about the EU, what sources of information about the EU they used, whether their country had benefited from being an EU member, and the extent of their personal interest in EU matters. Another major focus of the surveys was EU enlargement. Respondents were asked about their opinions in regard to how well-informed they felt about EU enlargement, which countries they favor to join the EU, the effects of enlargement, and EU decision-making among the member states after enlargement. The second major focus of the surveys was the European Parliament (EP). Those polled were asked about their voting practices for different types of elections, likes and dislikes about the EP, the effects of government activities and decisions, and their exposure to information about the EP through media or personal contact with the EP, as well as their interest in obtaining more information about the EP. For the final major focus, the euro, certain respondents were asked to provide their opinion about the replacement of national currencies with the euro, the future effects of the introduction of the euro, and their comfort in using the euro. For respondents in countries where the euro was introduced, the poll solicited their opinions regarding price display in euros and in their national currency, and need for these indicators, and queried them about their methods and practices in converting prices between these currencies. Respondents were also asked their opinion about the attributes of euro notes and coinage, the rounding of prices, and their experience in using the euro and with the changeover from their national currency to the euro. In addition, the survey asked respondents to identify who helped them most during the introduction of the euro, to estimate the cost of certain items in euros, and whether they had heard about or benefited from a Euro information campaign directed towards disabled citizens. Respondents were also asked about the presence of foreign coins in their country, their attachment to the euro or their national currency, and their identity as a European in using the euro. For certain countries, respondents were asked whether they had seen the euro logo in shops, and whether the presence of the logo had affected their confidence in the store. Other survey questions included whether respondents were afraid of organized crime and certain disaster situations, as well as particular scenarios in relation to EU enlargement, whether decision-making about select issues should be done by a member country alone or jointly with the EU, and whether the EU should develop a constitution, as well as common foreign, defense, and security policies. In addition, respondents were asked about their opinion regarding the electoral processes of the EU government and member states, and tax revenue, while respondents in Spain were asked about the EU presidency. Demographic and other background information collected includes respondent age, gender, nationality, marital status, left-right political self-placement, age when stopped full-time education, household income, occupation, type and size of community, region of residence, and language of interview.
Curated
Eurobarometer 67.3: Health Care Service, Undeclared Work, EU Relations With Its Neighbor Countries, and Development Aid, May-June 2007 (ICPSR 21521)
Released/updated on: 2010-06-29
Geographic coverage: Cyprus, Portugal, Global, Malta, Greece, Netherlands, Sweden, Austria, Latvia, Luxembourg, Ireland, Poland, Slovenia, Slovakia, France, Bulgaria, Lithuania, Croatia, Romania, Hungary, Europe, United Kingdom, Spain, Czech Republic, Turkey, Belgium, Finland, Denmark, Italy, Germany, Estonia
Time period: 2007-05-25--2007-06-27
This round of Eurobarometer surveys diverged from the Standard Eurobarometer measure and queried respondents on (1) health, long term care, and the dependent elderly (2) undeclared work, (3) the European Union's (EU) relationship with neighboring countries, and development aid, and (4) euro coins. For the first special topic, respondents were asked to assess their health status, life expectancy, whether they have significant impairment in participating in certain activities of daily living, and their experience with health care services, including access and cost. In addition, respondents were asked to identify persons in need of long term care, to provide their opinion and experiences in the planning and provision of long term care for the elderly, including the health care costs, and to evaluate the risk that dependent elders are being exposed to abuse and need for future personal care requirements. The second special topic, undeclared work, respondents were asked to identify their knowledge of persons who work without declaring income to tax or social security institutions, and the characteristics and reasons of those who would most likely do so. Respondents also evaluated the risk of being detected in not declaring income for which supplementary bills or fines may be issued, and sanctions expected to be implemented by authorities in response to a certain amount of income that is undeclared. The survey also queried respondents about services and goods acquired from an individual or group associated with undeclared work, and undeclared payment received from their employer and portion of gross yearly income this comprises, and their opinion about these practices. In addition, respondents identified the type and frequency of undeclared work in which they participated, amount of income received for this work, and the reasons this work was completed and for whom, and consequences in working undeclared. In addition, respondents assessed the legitimacy of certain behaviors pertaining to public and private economic transactions. As the next special topic, the survey examines respondents' knowledge of which countries currently plan to join the EU, which countries neighbor the EU, the European Neighborhood policy, and obtaining information about developmental aid. Pertaining to this policy, respondents were asked to assess the relationship between the EU and neighboring countries, and the importance of issues which would affect this relationship, including providing economic assistance. Respondents provided their opinion in regard to developmental aid the EU provides to the poor, the efficiency of providing aid through each member state or the European Commission, which donor provides the most aid to developing countries, and priorities for the EU in disbursing developmental aid. For the final special topic, respondents were asked about their knowledge of the sides of euro coins, to identify the genuineness and value of particular coins, to describe their experiences in accepting a fake, or a non-euro coin or coin-like object, and their opinion in regard to the national sides of the coins which differ among each country in the EU. Demographic and other background information includes respondent's age, estimate of life expectancy, gender, nationality, origin of birth (personal and parental), marital status, left-to-right political self-placement, occupation, age when stopped full-time education, household composition, ownership of a fixed or a mobile telephone and other durable goods, type and size of locality, region of residence, and language of interview (select countries). Respondents were also queried about their family size, including the number of children birthed, ages of their mother and father, and the housing situation for their child or parent, including distance from respondent. The survey also collected information such as the job sector in which the respondent currently works, number employed by respondent's employer, gross income, and hours worked per week at formal employment.
Curated
Evolution of Monetary Policy in Transition Economies (ICPSR 1219)
Released/updated on: 2000-08-28
Geographic coverage: Czech Republic, Hungary, Poland, Global
The last decade of the 20th century brought about many economic and financial changes in the economies of former communist countries. This article provides an overview of the developments that took place in financial markets, institutions, and monetary policies of three of the most advanced transition economies: the Czech Republic, Hungary, and Poland. After examining the evolution of monetary policy in each country, the authors highlight the problems that monetary authorities have faced in these countries and describe the current approach to managing inflation. The authors state that although monetary policy has made a significant contribution to stabilization, the relative newness and fragility of these countries' markets and institutions remains a concern because of the heavy burden placed on monetary authorities in the battle to reduce inflation. They caution that it will be important to continue to strengthen the capital market in these countries and to provide more active fiscal policy support for monetary policy.
Curated
The Fed, Liquidity, and Credit Allocation (ICPSR 24563)
Released/updated on: 2013-06-14
Geographic coverage: United States
Time period: 1995-01-01--2008-11-30
The current financial turmoil has generated considerable discussion of liquidity. Moreover, it has been widely reported that the Federal Reserve played a major role in supplying liquidity to financial markets during this distressed time. This article describes two ways in which the Fed has supplied liquidity since late 2007. The first is traditional: The Fed supplies liquidity by providing credit through open market operations and by lending to depository institutions at the so-called discount window. The second is by enhancing the liquidity of portfolios of some institutions by replacing their less-liquid assets with more-liquid assets. The Fed has used the second approach since late 2007. Unlike several previous occasions, however, it began supplying liquidity in the first, more traditional way only recently in September 2008. This article notes that the Fed departed from its long-standing tradition of minimizing its effect on the allocation of credit by supplying liquidity to institutions that it believed to be most in need, at the same time, it neutralized the effects of these actions on the total supply of liquidity in the financial market. The article also discusses the Fed's reasons for reallocating credit this time rather than simply increasing the total supply of financial market liquidity.
Curated
The Fed's Monetary Policy Rule (ICPSR 1326)
Released/updated on: 2006-01-31
Geographic coverage: United States
This article was originally presented as a speech at the Cato Institute, Washington, DC, October 14, 2005
Curated
Financial Innovation, Deregulation and the "Credit View" of Monetary Policy (ICPSR 1084)
Released/updated on: 1996-01-03
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
FOMC Forecasts: Is All the Information in the Central Tendency? (ICPSR 1287)
Released/updated on: 2003-06-25
Geographic coverage: United States
Federal Reserve policymakers began reporting their economic forecasts to Congress in 1979. These forecasts are important because they indicate what the Federal Open Market Committee members think will be the likely consequence of their policies. The Fed reports both the range (high and low) of the individual policymakers' forecasts and a truncated central tendency. The central tendency range omits outliers from both the top and the bottom of the full range. The author of this article finds, generally, that the forecasts derived from the full range are at least as good as those derived from the central tendency and, in a few cases, significantly better.
Curated
FOMC in 1993 and 1994: Monetary Policy in Transition (ICPSR 1147)
Released/updated on: 1998-08-27
Geographic coverage: United States
The data collection contains data on the actions of the Federal Open Market Committee (FOMC), the Federal Reserve's primary policymaking body, over the last two years.
Curated
FOMC in 1995: A Step Closer to Inflation Targeting? (ICPSR 1167)
Released/updated on: 1998-08-27
Geographic coverage: United States
The data explore using price level rather than money supply as a guide for Federal Open Market Committee (FOMC) policy regarding inflation.
Curated
FOMC in 1998: Can It Get Any Better Than This? (ICPSR 1210)
Released/updated on: 2000-05-02
Geographic coverage: United States
This article explores how the Federal Open Market Committee (FOMC) largely contributed to the solid performance of the United States economy in 1998. The author discusses how the FOMC focused on domestic spending growth, tight labor markets, and increasing money stock growth to create a monetary policy that prevented increase in domestic demand. Further, the data illustrate how the committee also eased policy to accommodate the increasing demand for liquidity caused by Russia's default on its domestic debt and economic weaknesses in Asia and Latin America.
Curated
The FOMC's Balance-of-Risk Statement and Market Expectations of Policy Actions (ICPSR 1270)
Released/updated on: 2003-04-18
Geographic coverage: United States
In January 2000, the Federal Open Market Committee (FOMC) instituted the practice of issuing a "balance of risks" statement along with their policy decision immediately following each FOMC meeting. The authors evaluate the use of the balance-of-risks statement and the market's interpretation of it. They find that the balance-of-risks statement is one of the factors that market participants use to determine the likelihood that the FOMC will adjust its target for the federal funds rate at their next meeting. Moreover, they find that, on some occasions, the FOMC behaved in such a way as to encourage the use of the balance-of-risks statement for this purpose. The clarifying statements that sometimes accompany these balance-of-risks statements, as well as general remarks made by the Chairman and other FOMC members, often provide additional useful information.
Curated
Forecasting Inflation and Growth: Do Private Forecasts Match Those of Policymakers? (ICPSR 1242)
Released/updated on: 2001-06-12
Geographic coverage: United States
Federal Open Market Committee (FOMC) projections are important because they provide information for evaluating current monetary policy intentions and because they indicate what FOMC members think will be the likely consequence of their policies. Knowing the Fed's objectives, their forecasts, and recent deviations of the economy from the forecasts should be sufficient to understand how the Fed is making monetary policy. Results here show that the Blue Chip consensus forecasts are a good proxy for the FOMC views. For example, they match the policymakers' views as closely as do the Board staff forecasts presented at FOMC meetings. Using alternative forms of the Taylor rule, the authors show that the Blue Chip consensus and the Fed policymakers' forecasts have almost identical implications for the monetary policy process.
Curated
The Gold Standard, Bretton Woods and Other Monetary Regimes: A Historical Appraisal (ICPSR 1077)
Released/updated on: 1996-01-03
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
Indicators of Monetary Policy (ICPSR 1069)
Released/updated on: 1996-01-03
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
A Look Inside Two Central Banks: The European System of Central Banks and the Federal Reserve System (ICPSR 1278)
Released/updated on: 2003-06-05
Geographic coverage: United States, Europe, Global
In 1998 the European Central Bank (ECB) became the world's 173rd central bank. The Eurosystem, with its structure of national central banks and the ECB, is similar to the Federal Reserve System, with its District Banks and Board of Governors. However, important differences exist in the way the two systems operate. This article compares the organization and tasks of the two central banks by examining differences in their monetary policy frameworks, specifically focusing on the goals, tools, and policymaking process. In addition it examines the independence, accountability, and transparency of these central banks.
Curated
Measuring Monetary Policy Inertia in Target Fed Funds Rate Changes (ICPSR 1212)
Released/updated on: 2000-05-03
Geographic coverage: United States
Recent research has grappled with an apparent paradox: Why would a central bank that is focused primarily on inflation control exhibit signs of inertia when making policy adjustments? In this article, the author argues that fully characterizing the policy inertia is a precondition toward resolving the apparent paradox. This research presents empirical estimates of adjustments to the target fed funds rate that take into account two facets of policy inertia: a partial-adjustment mechanism and thresholds for making discrete changes to the target fed funds rate. With a more complete picture of the policy inertia, subsequent research can investigate whether policy appears to display either too much or the right amount of inertia.
Curated
Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets (ICPSR 1246)
Released/updated on: 2001-10-31
Geographic coverage: Asia, Thailand, Global
To the surprise of many market watchers, Thailand's exchange rate peg to the dollar collapsed in July 1997, leading to similar rounds of currency devaluations in other East Asian countries. This study seeks to determine whether there were identifiable contrasts in implementation between Thailand's peg and a perennially successful peg -- Austria's peg to the Deutsche mark -- that would have hinted at problems for Thailand prior to July 1997. The comparison suggests that Thailand was not sufficiently vigilant about keeping its inflation rate low in the early 1990s. By 1995, Thailand faced a situation in which a tight monetary policy involving high domestic interest rates would not always have created disinflationary pressure, as high interest rates also tended to attract greater capital inflow to Thailand. In this environment, Thailand's monetary policy became erratic and failed to maintain the exchange rate peg.
Curated
Milton Friedman and U.S. Monetary History: 1961-2006 (ICPSR 1346)
Released/updated on: 2007-05-16
Geographic coverage: United States
Time period: 1961-01-01--2006-01-01
This paper, using extensive archival material from several countries, brings together scattered information about Milton Friedman's views and predictions regarding United States monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz's Monetary History of the United States). The author evaluates these interpretations and predictions in light of subsequent events.
Curated
Monetary Aggregates, Monetary Policy and Economic Activity (ICPSR 1074)
Released/updated on: 1996-01-03
These data and/or computer programs are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the INVESTIGATOR(S) if further information is desired.
Curated
Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations (ICPSR 1301)
Released/updated on: 2004-08-12
Geographic coverage: United States
This article analyzes how announced surprises in monetary policy actions and macroeconomic data releases affect the average rate of inflation that economic agents expect to prevail over the 10-year period following the surprise. The analysis also addresses the effect of Federal Reserve communication and surprises in monetary policy actions on perceived inflation risk over this 10-year period. The study shows that surprises in macroeconomic data releases and monetary policy actions indeed affect the expected rate of inflation. Further, there is evidence that surprises in monetary policy actions increase perceived inflation risk, whereas Federal Reserve communication reduces it.
Curated
Monetary Policy and Commodity Futures (ICPSR 1315)
Released/updated on: 2005-11-28
This paper constructs daily measures of the real interest rate and expected inflation using commodity futures prices and the term structure of Treasury yields. We find that commodity futures markets respond to surprise increases in the federal funds rate target by raising the inflation rate expected over the next three to nine months. There is no evidence that the real interest rate responds to surprises in the federal funds target. The data from the commodity futures markets are highly volatile. We show that one can substantially reduce the noise using limited information estimators such as the median change. Nevertheless, the basket of commodities actually traded daily is quite narrow and we do not know whether our observable rates are closely connected to the unobservable inflation and real rates that affect economy-wide consumption and investment decisions.
Curated
Monetary Policy and Financial Market Expectations: What Did They Know and When Did They Know It? (ICPSR 1161)
Released/updated on: 1998-08-27
Geographic coverage: United States
The data attempt to demystify the relationship between Federal Reserve monetary policy actions and interest rate behavior.