Details about Michael T. Belongia

Workplace:

Department of Economics, University of Mississippi, (more information at EDIRC)

Access statistics for papers by Michael T. Belongia.

Last updated 2024-03-26. Update your information in the RePEc Author Service.

Short-id: pbe449

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Working Papers

2019

1. A Classical View of the Business Cycle
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
   Also in Boston College Working Papers in Economics, Boston College Department of Economics (2016)
   See also Journal Article A Classical View of the Business Cycle, Journal of Money, Credit and Banking, Blackwell Publishing (2021) View citations (3) (2021)
2. A Reconsideration of Money Growth Rules
   Boston College Working Papers in Economics, Boston College Department of Economics View citations (10)
   See also Journal Article A reconsideration of money growth rules, Journal of Economic Dynamics and Control, Elsevier (2022) View citations (8) (2022)

2018

3. Monetary Policy Lessons from the Greenbook
   Boston College Working Papers in Economics, Boston College Department of Economics View citations (1)

2017

4. Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
   Also in Boston College Working Papers in Economics, Boston College Department of Economics (2016) View citations (6)
   See also Journal Article Circumventing the zero lower bound with monetary policy rules based on money, Journal of Macroeconomics, Elsevier (2017) View citations (28) (2017)
5. The Demand for Divisia Money: Theory and Evidence
   Boston College Working Papers in Economics, Boston College Department of Economics View citations (1)
   See also Journal Article The demand for Divisia Money: Theory and evidence, Journal of Macroeconomics, Elsevier (2019) View citations (35) (2019)

2016

6. Targeting Constant Money Growth at the Zero Lower Bound
   Boston College Working Papers in Economics, Boston College Department of Economics View citations (1)
   See also Journal Article Targeting Constant Money Growth at the Zero Lower Bound, International Journal of Central Banking, International Journal of Central Banking (2018) View citations (32) (2018)
7. The Evolution of U.S. Monetary Policy: 2000 - 2007
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (25)
   Also in Boston College Working Papers in Economics, Boston College Department of Economics (2015) View citations (8)
   See also Journal Article The evolution of U.S. monetary policy: 2000–2007, Journal of Economic Dynamics and Control, Elsevier (2016) View citations (29) (2016)

2015

8. Money and Output: Friedman and Schwartz Revisited
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
   See also Journal Article Money and Output: Friedman and Schwartz Revisited, Journal of Money, Credit and Banking, Blackwell Publishing (2016) View citations (65) (2016)

2014

9. Interest Rates and Money in the Measurement of Monetary Policy
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
   See also Journal Article Interest Rates and Money in the Measurement of Monetary Policy, Journal of Business & Economic Statistics, Taylor & Francis Journals (2015) View citations (93) (2015)

2013

10. A "Working" Solution to the Question of Nominal GDP Targeting
    Boston College Working Papers in Economics, Boston College Department of Economics View citations (6)
    See also Journal Article A “WORKING” SOLUTION TO THE QUESTION OF NOMINAL GDP TARGETING, Macroeconomic Dynamics, Cambridge University Press (2015) View citations (36) (2015)
11. Instability: Monetary and Real
    Boston College Working Papers in Economics, Boston College Department of Economics View citations (6)

2012

12. Quantitative Easing: Interest Rates and Money in the Measurement of Monetary Policy
    Boston College Working Papers in Economics, Boston College Department of Economics View citations (23)
13. The Barnett Critique After Three Decades: A New Keynesian Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    Also in Boston College Working Papers in Economics, Boston College Department of Economics (2010) View citations (27)
    See also Journal Article The Barnett critique after three decades: A New Keynesian analysis, Journal of Econometrics, Elsevier (2014) View citations (95) (2014)

2009

14. Reforming the Fed: what would real change look like?
    MPRA Paper, University Library of Munich, Germany View citations (2)
15. The evolving role and definition of the federal funds rate in the conduct of U.S. monetary policy
    MPRA Paper, University Library of Munich, Germany View citations (1)

2005

16. Where simple sum and Divisia monetary aggregates part: illustrations and evidence for the United States
    MPRA Paper, University Library of Munich, Germany View citations (4)

2004

17. Heterogeneity and Redistribution: By Monetary or Fiscal Means?
    Boston College Working Papers in Economics, Boston College Department of Economics

2002

18. The Own-Price of Money and a New Channel of Monetary Transmission
    Boston College Working Papers in Economics, Boston College Department of Economics
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002)

1992

19. Selecting an intermediate target variable for monetary policy when the goal is price stability
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)

1989

20. An admissible monetary aggregate for the United Kingdom
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
    See also Journal Article An Admissible Monetary Aggregate for the United Kingdom, The Review of Economics and Statistics, MIT Press (1991) View citations (28) (1991)
21. EFFECTS OF MANAGEMENT DECISIONS ON AGRICULTURAL BANK FAILURES
    1989 Regional Committee NC-161, October 2-3, 1989, St. Louis, Missouri, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition View citations (3)
    See also Journal Article The Effects of Management Decisions on Agricultural Bank Failures, American Journal of Agricultural Economics, Agricultural and Applied Economics Association (1990) View citations (4) (1990)

1987

22. Monetary shocks and the farm/nonfarm price ratio: empirical tests of competing hypotheses
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
23. The U. S. monetary policy regime, interest differentials and dollar exchange rate risk premia
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The US monetary policy regime, interest differentials, and dollar exchange rate risk premia, Journal of International Money and Finance, Elsevier (1989) View citations (2) (1989)

1986

24. A note on the temporal stability of the interest rate-weekly money relationship
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
25. COMMERCIAL BANK LENDING TO AGRICULTURE: A COMPARISON OF RURAL INDEPENDENT BANK AND HOLDING COMPANY SUBSIDIARIES
    1986 Regional Committee NC-161, October 7-8, 1986, St. Paul, Minnesota, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition
    Also in Working Papers, Federal Reserve Bank of St. Louis (1986)
26. The Changing Empirical Definition of Money: Some Estimates From a Model of the Demand for Money Substitutes
    CUDARE Working Papers, University of California, Berkeley, Department of Agricultural and Resource Economics View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (1986) View citations (1)
    See also Journal Article The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes, Journal of Political Economy, University of Chicago Press (1989) View citations (32) (1989)
27. The effects of federal credit programs on farm output
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
    See also Journal Article The Effects of Federal Credit Programs on Farm Output, American Journal of Agricultural Economics, Agricultural and Applied Economics Association (1990) View citations (4) (1990)

1985

28. Interest-bearing checkable deposits: are they \"money\"?
    Working Papers, Federal Reserve Bank of St. Louis
29. On the importance of being expected: insights to the weekly money puzzle
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
30. The efficient markets hypothesis and weekly money: some contrary evidence
    Working Papers, Federal Reserve Bank of St. Louis

1984

31. Agricultural and financial market interdependence: another view
    Working Papers, Federal Reserve Bank of St. Louis
32. Derivation of the set of exact hedges for the financial portfolio
    Working Papers, Federal Reserve Bank of St. Louis
33. Estimates of the link between variable money growth and GNP: a supplement to Mascaro and Meltzer
    Working Papers, Federal Reserve Bank of St. Louis
34. Monetary indicators of economic activity: a comment
    Working Papers, Federal Reserve Bank of St. Louis
35. Risk aversion and weekly money: does the market expect the Fed to offset large increases in M1?
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Risk aversion and weekly money: Does the market expect the Fed to offset large increase in M1?, Economics Letters, Elsevier (1984) View citations (1) (1984)
36. The independence of farm output and macro variables: some evidence from the business cycle
    Working Papers, Federal Reserve Bank of St. Louis
37. The money supply announcements puzzle: a comment
    Working Papers, Federal Reserve Bank of St. Louis

1983

38. The FOMC directive and the Treasury-bill futures market: could inside information produce profits?
    Working Papers, Federal Reserve Bank of St. Louis
39. United States Farm Policy in a World Dimension
    Miscellaneous Reports, University of Missouri Columbia, Department of Agricultural Economics View citations (1)

1979

40. An Analysis of Food Stamp Redemptions
    Economics Statistics and Cooperative Services (ESCS) Reports, United States Department of Agriculture, Economic Research Service

1978

41. AGRICULTURAL-FOOD POLICY REVIEW: Proceedings of Five Food Policy Seminars
    Economics Statistics and Cooperative Services (ESCS) Reports, United States Department of Agriculture, Economic Research Service View citations (1)

Journal Articles

2024

1. The transmission of monetary policy shocks through the markets for reserves and money
   Journal of Macroeconomics, 2024, 80, (C) View citations (2)

2022

2. A reconsideration of money growth rules
   Journal of Economic Dynamics and Control, 2022, 135, (C) View citations (8)
   See also Working Paper A Reconsideration of Money Growth Rules, Boston College Working Papers in Economics (2019) View citations (10) (2019)
3. Strengthening the second pillar: a greater role for money in the ECB’s strategy
   Applied Economics, 2022, 54, (1), 99-114 View citations (5)

2021

4. A Classical View of the Business Cycle
   Journal of Money, Credit and Banking, 2021, 53, (2-3), 333-366 View citations (3)
   See also Working Paper A Classical View of the Business Cycle, NBER Working Papers (2019) View citations (4) (2019)

2020

5. Rules versus Discretion: Inference Gleaned from Greenbook Forecasts and FOMC Decisions
   Oxford Bulletin of Economics and Statistics, 2020, 82, (1), 156-179 View citations (1)

2019

6. The demand for Divisia Money: Theory and evidence
   Journal of Macroeconomics, 2019, 61, (C), - View citations (35)
   See also Working Paper The Demand for Divisia Money: Theory and Evidence, Boston College Working Papers in Economics (2017) View citations (1) (2017)

2018

7. Targeting Constant Money Growth at the Zero Lower Bound
   International Journal of Central Banking, 2018, 14, (2), 159-204 View citations (32)
   See also Working Paper Targeting Constant Money Growth at the Zero Lower Bound, Boston College Working Papers in Economics (2016) View citations (1) (2016)

2017

8. Circumventing the zero lower bound with monetary policy rules based on money
   Journal of Macroeconomics, 2017, 54, (PA), 42-58 View citations (28)
   See also Working Paper Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money, NBER Working Papers (2017) View citations (27) (2017)

2016

9. Money and Output: Friedman and Schwartz Revisited
   Journal of Money, Credit and Banking, 2016, 48, (6), 1223-1266 View citations (65)
   See also Working Paper Money and Output: Friedman and Schwartz Revisited, NBER Working Papers (2015) View citations (11) (2015)
10. The evolution of U.S. monetary policy: 2000–2007
    Journal of Economic Dynamics and Control, 2016, 73, (C), 78-93 View citations (29)
    See also Working Paper The Evolution of U.S. Monetary Policy: 2000 - 2007, NBER Working Papers (2016) View citations (25) (2016)

2015

11. A “WORKING” SOLUTION TO THE QUESTION OF NOMINAL GDP TARGETING
    Macroeconomic Dynamics, 2015, 19, (3), 508-534 View citations (36)
    See also Working Paper A "Working" Solution to the Question of Nominal GDP Targeting, Boston College Working Papers in Economics (2013) View citations (6) (2013)
12. Interest Rates and Money in the Measurement of Monetary Policy
    Journal of Business & Economic Statistics, 2015, 33, (2), 255-269 View citations (93)
    See also Working Paper Interest Rates and Money in the Measurement of Monetary Policy, NBER Working Papers (2014) View citations (9) (2014)

2014

13. The Barnett critique after three decades: A New Keynesian analysis
    Journal of Econometrics, 2014, 183, (1), 5-21 View citations (95)
    See also Working Paper The Barnett Critique After Three Decades: A New Keynesian Analysis, NBER Working Papers (2012) View citations (16) (2012)

2007

14. Opaque rather than transparent: Why the public cannot monitor monetary policy
    Public Choice, 2007, 133, (3), 259-267 View citations (2)

2006

15. The Own-Price of Money and the Channels of Monetary Transmission
    Journal of Money, Credit and Banking, 2006, 38, (2), 429-445 View citations (41)

1996

16. Measurement Matters: Recent Results from Monetary Economics Reexamined
    Journal of Political Economy, 1996, 104, (5), 1065-83 View citations (139)

1994

17. EFFECTS ON INTEREST RATES OF IMMEDIATELY RELEASING FOMC DIRECTIVES
    Contemporary Economic Policy, 1994, 12, (4), 79-91 View citations (5)

1992

18. Foreign exchange intervention by the United States: a review and assessment of 1985-89
    Review, 1992, (May), 32-51 View citations (2)
19. The Business Cycle: Theories and Evidence: Proceedings of the Sixteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis (held October 17-18 1991)
    Proceedings, 1992 View citations (5)

1991

20. An Admissible Monetary Aggregate for the United Kingdom
    The Review of Economics and Statistics, 1991, 73, (3), 497-503 View citations (28)
    See also Working Paper An admissible monetary aggregate for the United Kingdom, Working Papers (1989) View citations (4) (1989)
21. Monetary policy and the farm/nonfarm price ratio: a comparison of effects
    Review, 1991, (Jul), 30-46 View citations (15)

1990

22. Alternative measures of money as indicators of inflation: a survey and some new evidence
    Review, 1990, (Nov), 20-33 View citations (2)
23. Monetary policy on the 75th anniversary of the Federal Reserve System: summary of conference proceedings
    Review, 1990, (Sep), 59-65 View citations (10)
24. The Effects of Federal Credit Programs on Farm Output
    American Journal of Agricultural Economics, 1990, 72, (3), 769-773 View citations (4)
    See also Working Paper The effects of federal credit programs on farm output, Working Papers (1986) View citations (3) (1986)
25. The Effects of Management Decisions on Agricultural Bank Failures
    American Journal of Agricultural Economics, 1990, 72, (4), 901-910 View citations (4)
    See also Working Paper EFFECTS OF MANAGEMENT DECISIONS ON AGRICULTURAL BANK FAILURES, 1989 Regional Committee NC-161, October 2-3, 1989, St. Louis, Missouri (1989) View citations (3) (1989)
26. The pitfalls of exchange rate targeting: a case study from the United Kingdom
    Review, 1990, (Sep), 15-24 View citations (3)

1989

27. Can a central bank influence its currency's real value? The Swiss case
    Review, 1989, (Jan), 47-55 View citations (1)
28. Monetary policy on the 75th anniversary of the Federal Reserve system: proceedings of the fourteenth annual Economic Policy Conference, held on October 19-20, 1989
    Proceedings, 1989 View citations (3)
29. The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes
    Journal of Political Economy, 1989, 97, (2), 387-97 View citations (32)
    See also Working Paper The Changing Empirical Definition of Money: Some Estimates From a Model of the Demand for Money Substitutes, CUDARE Working Papers (1986) View citations (1) (1986)
30. The US monetary policy regime, interest differentials, and dollar exchange rate risk premia
    Journal of International Money and Finance, 1989, 8, (1), 137-145 View citations (2)
    See also Working Paper The U. S. monetary policy regime, interest differentials and dollar exchange rate risk premia, Working Papers (1987) (1987)

1988

31. Are economic forecasts by government agencies biased? Accurate?
    Review, 1988, (Nov), 15-23 View citations (12)
32. On the Temporal Stability of the Interest Rate-Weekly Money Relationship
    The Review of Economics and Statistics, 1988, 70, (3), 516-20 View citations (6)
33. Prospects for international policy coordination: some lessons from the EMS
    Review, 1988, (Jul), 19-29 View citations (2)
34. Testing the expectations model of the term structure: some conjectures on the effects of institutional changes
    Review, 1988, (Sep), 37-45 View citations (1)
35. The Effects of Affiliation with Large Bank Holding Companies on Commercial Bank Lending to Agriculture
    American Journal of Agricultural Economics, 1988, 70, (1), 69-78 View citations (20)

1987

36. Agricultural banks: causes of failures and the condition of survivors
    Review, 1987, (May), 30-37 View citations (4)
37. Do the new exchange rate indexes offer better answers to old questions?
    Review, 1987, (May), 5-17 View citations (2)
38. INTEREST RATE RISK, MARKET VALUE, AND HEDGING FINANCIAL PORTFOLIOS
    Journal of Financial Research, 1987, 10, (1), 47-55 View citations (1)
39. Predicting interest rates: a comparison of professional and market- based forecasts
    Review, 1987, (Mar), 9-15 View citations (6)
40. The Informational Efficiency of Weekly Money Announcements: An Econometric Critique
    Journal of Business & Economic Statistics, 1987, 5, (3), 351-56 View citations (3)

1986

41. Estimating exchange rate effects on exports: a cautionary note
    Review, 1986, (Jan), 5-16 View citations (10)
42. Marris, Stephen. Deficits and the Dollar: The World Economy at Risk. Washington DC: Institute for International Economics, 1985, xxxvii + 343 pp., $15.00
    American Journal of Agricultural Economics, 1986, 68, (3), 760-761
43. Monetary Policy, Real Exchange Rates, and U.S. Agricultural Exports
    American Journal of Agricultural Economics, 1986, 68, (2), 422-427 View citations (35)
44. The farm sector in the 1980s: sudden collapse or steady downturn?
    Review, 1986, (Nov), 17-25

1985

45. Cash flow or present value: what's lurking behind that hedge?
    Review, 1985, 67, (Jan), 5-13 View citations (2)
46. Factors behind the rise and fall of farmland prices: a preliminary assessment
    Review, 1985, 67, (Aug), 18-24 View citations (4)
47. Interaction Effects on Rural Financial Intermediaries of Financial Stress and Deregulation: Discussion
    American Journal of Agricultural Economics, 1985, 67, (5), 1196-1197
48. The Impact of Inflation on the Real Income of U.S. Farmers: Discussion
    American Journal of Agricultural Economics, 1985, 67, (2), 398-399 View citations (5)
49. The farm credit crisis: will it hurt the whole economy?
    Review, 1985, 67, (Dec), 5-15
50. The status of farm lenders: an assessment of Eighth District and national trends
    Review, 1985, 67, (Oct), 17-27
51. Would lower federal deficits increase U.S. farm exports?
    Review, 1985, 67, (Nov), 5-19 View citations (6)

1984

52. Are options on treasury bond futures price efficiently?
    Review, 1984, 66, (Jan), 5-13
53. Hedging interest rate risk with financial futures: some basic principles
    Review, 1984, 66, (Oct), 15-25 View citations (3)
54. Money growth variability and GNP
    Review, 1984, 66, (Apr), 23-31 View citations (11)
55. Risk aversion and weekly money: Does the market expect the Fed to offset large increase in M1?
    Economics Letters, 1984, 16, (3-4), 327-330 View citations (1)
    See also Working Paper Risk aversion and weekly money: does the market expect the Fed to offset large increases in M1?, Working Papers (1984) (1984)
56. The dairy price support program: a study of misdirected economic incentives
    Review, 1984, 66, (Feb), 5-14 View citations (1)
57. The recent decline in agricultural exports: is the exchange rate the culprit?
    Review, 1984, 66, (Oct), 5-14 View citations (29)
58. Variability of the Japanese money stock: Links to the U.S. and the October 1979 policy change
    Economics Letters, 1984, 14, (2-3), 241-244

1983

59. A Monetary Analysis of Food Price Determination
    American Journal of Agricultural Economics, 1983, 65, (1), 131-135 View citations (11)
60. Agricultural Price Supports and Cost of Production: Comment
    American Journal of Agricultural Economics, 1983, 65, (3), 620-622 View citations (2)
61. Commodity options: a new risk management tool for agricultural markets
    Review, 1983, 65, (Jun), 5-15 View citations (6)
62. Outlook for agriculture in 1983
    Review, 1983, 65, (Feb), 14-24
63. Why do food prices increase?
    Review, 1983, 65, (Apr), 5-12 View citations (1)

1982

64. Prefiltering and Causality Tests
    Journal of Agricultural Economics Research, 1982, 34, (4), 5 View citations (5)
65. SOME FALLACIES IN AGRICULTURAL ECONOMICS: A MACROECONOMIC INTERPRETATION
    Southern Journal of Agricultural Economics, 1982, 14, (1), 7 View citations (2)
    Also in Journal of Agricultural and Applied Economics, 1982, 14, (1), 117-123 (1982) View citations (2)

1981

66. A NOTE ON THE SPECIFICATION OF WAGE RATES IN COST-PUSH MODELS OF FOOD PRICE DETERMINATION
    Southern Journal of Agricultural Economics, 1981, 13, (2), 6
    Also in Journal of Agricultural and Applied Economics, 1981, 13, (2), 119-124 (1981)

1980

67. Total Food Expenditures: An Update on the Revised Series
    Food Review/ National Food Review, 1980, NFR 09, (1)

1979

68. Domestic Food Programs and Their Related Impacts on Retail Food Prices
    American Journal of Agricultural Economics, 1979, 61, (2), 358-362
69. Following Food Stamps Through the Redemption Chain
    Food Review/ National Food Review, 1979, NFR 06, (1)

1978

70. THE FARMER'S SHARE: A SUMMARY OF STATISTICAL MEASURES
    Food Review/ National Food Review, 1978, NFR 03, (1) View citations (3)
71. TOTAL FOOD EXPEND I TURES: SOME FURTHER DELINEATIONS
    Food Review/ National Food Review, 1978, NFR 05, (1)

Edited books

2000

1. Divisia Monetary Aggregates
   Palgrave Macmillan Books, Palgrave Macmillan View citations (53)

Chapters

2000

1. Consequences of Money Stock Mismeasurement: Evidence from Three Countries
   Palgrave Macmillan View citations (8)
2. Introductory Comments, Definitions, and Research on Indexes of Monetary Services
   Palgrave Macmillan