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Do Open Market Operations Matter? Theory and Evidence from the Second Bank of the Unites States

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  • Highfield, R.A.
  • O,Hara, M.
  • Smith, B.

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  • Highfield, R.A. & O,Hara, M. & Smith, B., 1992. "Do Open Market Operations Matter? Theory and Evidence from the Second Bank of the Unites States," RCER Working Papers 325, University of Rochester - Center for Economic Research (RCER).
    • Handle: RePEc:roc:rocher:325
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    1. Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 10(Win), pages 2-16.
    2. Wallace, Neil, 1981. "A Modigliani-Miller Theorem for Open-Market Operations," American Economic Review, American Economic Association, vol. 71(3), pages 267-274, June.
    3. Arthur J. Rolnick & Warren E. Weber, 1988. "Explaining the demand for free bank notes," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 12(Spr), pages 21-35.
    4. Bryant, John & Wallace, Neil, 1979. "The Inefficiency of Interest-bearing National Debt," Journal of Political Economy, University of Chicago Press, vol. 87(2), pages 365-381, April.
    5. Sushka, Marie Elizabeth, 1976. "The Antebellum Money Market and the Economic Impact of the Bank War," The Journal of Economic History, Cambridge University Press, vol. 36(4), pages 809-835, December.
    6. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98, National Bureau of Economic Research, Inc.
    7. Sargent, Thomas J & Smith, Bruce D, 1987. "Irrelevance of Open Market Operations in Some Economies with Government Currency Being Dominated in Rate of Return," American Economic Review, American Economic Association, vol. 77(1), pages 78-92, March.
    8. Willard Long Thorp, 1926. "Business Annals," NBER Books, National Bureau of Economic Research, Inc, number thor26-1.
    9. David, Paul A., 1967. "The Growth of Real Product in the United States Before 1840: New Evidence, Controlled Conjectures," The Journal of Economic History, Cambridge University Press, vol. 27(2), pages 151-197, June.
    10. Lucas, Robert E, Jr, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, American Economic Association, vol. 70(5), pages 1005-1014, December.
    11. Thomas Doan & Robert B. Litterman & Christopher A. Sims, 1983. "Forecasting and Conditional Projection Using Realistic Prior Distributions," NBER Working Papers 1202, National Bureau of Economic Research, Inc.
    12. L. E. Davis & J. R. T. Hughes, 1960. "A Dollar-Sterling Exchange, 1803–1895," Economic History Review, Economic History Society, vol. 13(1), pages 52-78, August.
    13. Christophe Chamley & Herakles Polemarchakis, 1984. "Assets, General Equilibrium and the Neutrality of Money," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 129-138.
    14. Fraas, Arthur, 1974. "The Second Bank of the United States: An Instrument for an Interregional Monetary Union," The Journal of Economic History, Cambridge University Press, vol. 34(2), pages 447-467, June.
    15. Robert E. Hall, 1982. "Inflation: Causes and Effects," NBER Books, National Bureau of Economic Research, Inc, number hall82-1.
    16. Smith, Bruce D, 1985. "Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1178-1211, December.
    17. Fenstermaker, J Van & Filer, John E, 1986. "Impact of the First and Second Banks of the United States and the Suffolk System on New England Bank Money: 1791-1837," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(1), pages 28-40, February.
    18. J. R. T. Hughes & Nathan Rosenberg, 1963. "The United States Business Cycle before i860: some Problems of Interpretation," Economic History Review, Economic History Society, vol. 15(3), pages 476-493, April.
    19. Willard Long Thorp, 1926. "Prefatory Note," NBER Chapters, in: Business Annals, pages 101-106, National Bureau of Economic Research, Inc.
    20. Leon M. Schur, 1960. "The Second Bank of the United States and the Inflation after the War of 1812," Journal of Political Economy, University of Chicago Press, vol. 68(2), pages 118-118.
    21. Rolnick, Arthur J & Weber, Warren E, 1983. "New Evidence on the Free Banking Era," American Economic Review, American Economic Association, vol. 73(5), pages 1080-1091, December.
    22. Lucas, Robert E., 1984. "Money in a theory of finance," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 21(1), pages 9-46, January.
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    Cited by:

    1. Officer, Lawrence H., 2002. "The U.S. Specie Standard, 1792-1932: Some Monetarist Arithmetic," Explorations in Economic History, Elsevier, vol. 39(2), pages 113-153, April.
    2. Bhattacharya, Joydeep & Haslag, Joseph H. & Russell, Steven, 2003. "Monetary Policy, Fiscal Policy, And The Inflation Tax: Equivalence Results," Macroeconomic Dynamics, Cambridge University Press, vol. 7(5), pages 647-669, November.

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