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Essays On Monetary Economics And Financial Economics
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Book Synopsis Essays in Monetary Economics (Collected Works of Harry Johnson) by : Harry Johnson
Download or read book Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Book Synopsis Selected Essays in Monetary Economics (Collected Works of Harry Johnson) by : Harry Johnson
Download or read book Selected Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.
Book Synopsis Essays on Monetary Economics and Financial Economics by : Sok Won Kim
Download or read book Essays on Monetary Economics and Financial Economics written by Sok Won Kim and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation three different economic issues have been analyzed. The first issue is whether monetary policy rules can improve forecasting accuracy of inflation. The second is whether the preference of a central bank is symmetry or not. The last issue is whether the behavior of aggregate dividends is asymmetry. Each issue is considered in Chapter II, III and IV, respectively. The linkage between monetary policy rules and the prediction of inflation is explored in Chapter II. Our analysis finds that the prediction performance of the term structure model hinges on monetary policy rules, which involve the manipulation of the federal funds rate in response to the change in the price level. As the Fed's reaction to inflation becomes stronger, the predictive information contained in the term structure becomes weaker. Using the long-run Taylor rule, a new assessment of the prediction performance regarding future change in inflation is provided. The empirical results indicate that the long-run Taylor rule improves forecasting accuracy. In chapter III, the asymmetric preferences of the central bank of Korea are examined under New Keynesian sticky prices forward-looking economy framework. To this end, this chapter adopts the central bank's objective functional form as a linear-exponential function instead of the standard quadratic function. The monetary policy reaction function is derived and then asymmetric preference parameters are estimated during the inflation targeting period: 1998:9-2005:12. The empirical evidence supports that while the objective of output stability is symmetry, but the objective of price stability is not symmetry. Specifically, it appears that the central bank of Korea aggressively responds to positive inflation gaps compared to negative inflation gaps. Chapter IV examines the nonlinear dividend behavior of the aggregate stock market. We propose a nonlinear dividend model that assumes managers minimize the regime dependent adjustment costs associated with being away from their target dividend payout. By using the threshold vector error correction model, we find significant evidence of a threshold effect in aggregate dividends of S & P 500 Index in quarterly data when real stock prices are used for the target. We also find that when dividends are relatively higher than target, the adjustment cost of dividends is much smaller than that when they are lower.
Book Synopsis Essays in Monetary Economics by : Harry Gordon Johnson
Download or read book Essays in Monetary Economics written by Harry Gordon Johnson and published by . This book was released on 1969 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Further Essays in Monetary Economics (Collected Works of Harry Johnson) by : Harry Johnson
Download or read book Further Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.
Book Synopsis Managing Global Money by : Graham Bird
Download or read book Managing Global Money written by Graham Bird and published by Springer. This book was released on 1988-05-24 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Book Synopsis Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics by : John Smithin
Download or read book Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and published by World Scientific Publishing Company. This book was released on 2013-06-27 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Book Synopsis Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by : Jan Toporowski
Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Book Synopsis Monetary Theory in Retrospect by : Filippo Cesarano
Download or read book Monetary Theory in Retrospect written by Filippo Cesarano and published by Routledge. This book was released on 2012-08-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: An objective and perceptive account of the literature of monetary theory, this volume, by a central banker who has studied monetary theory over the last quarter of a century, clearly shows how its inherent complexity is much enriched by the study of its history. In three parts Filippo Cesarano: focuses on the innovative ideas of distinguished economists who anticipated modern theories, elaborating on them along lines that suggest original research programmes examines the impact of expectations on the effectiveness of monetary policy, illustrating how different assumptions within the classical paradigm lead to diverse hypotheses and policy design investigates the role of monetary theory in shaping monetary institutions. Deserving of a wide readership among both academic economists and monetary policy practitioners, this collection of essays is key reading for students and researchers engaged with monetary theory and the history of economics and policy makers seeking to weigh up the assumptions underlying different theories in order to select the models best suited to the problems they face.
Book Synopsis Three Essays in Monetary and Financial Economics by : Liang Ma
Download or read book Three Essays in Monetary and Financial Economics written by Liang Ma and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in the field of monetary and financial economics. Specifically, we use high-frequency financial data to study monetary policies with a focus on the information effect, namely, that some of the interest rate movements around central bank announcements are not policy-driven, but are results of the market becoming aware of the central bank's view about future economic prospects. Understanding the role played by the information effect will help us apprehend monetary policy implications in both normal times and extraordinary situations. Chapter 1 evaluates the impact of unconventional monetary policy in the newly developed instrumental variable structural Vector Autoregression (VAR) framework. In the current low interest rate environment, central banks must resort to using unconventional monetary policies, such as forward guidance and quantitative easing, to flight recessions. To empirically evaluate the effectiveness of these unconventional policies, we need to rely on the clean policy shock. A prominent concern is that the often used high-frequency interest rate surprises not only reflect unexpected policy changes, but also contain the information effect. We contribute to the literature by using a heteroskedasticity identification approach, taking advantage of changes in the relative dominance of economic shocks around different macroeconomic announcements. Analysis based on clean policy shocks suggests that the unconventional policies successfully aided the recovery in the U.S. More importantly, we show that the information effect, while it may introduce bias, is rather modest when it comes to estimating the real impact of unconventional monetary policies. Chapter 2 studies the stock return pattern after the U.S. Federal Open Market Committee (FOMC) announcement. This research is motivated by recent literature that documents stock returns drifts, both before and after FOMC announcements, according to policy rate surprises. Indeed, research has shown that the information contained in the central bank announcement is multifaceted: its current monetary policy stances (monetary policy news) and news about future economic prospects (non-monetary policy news). Our contribution is to combine these two strands of literature. To the best of our knowledge, no study has looked at stock market reactions to the non-monetary news stemming from policy announcements. We identify both good and bad news events using a combination of sign restriction with high-frequency financial prices. The novel finding is that following bad FOMC announcements, that is the market interpreted the Fed announcements as revealing negative information about the economy, we observe significant positive stock returns in a 20-day period. We call this the ``post-FOMC drift.'' Further analysis suggests that the drift is likely caused by relatively heightened risks associated with bad announcements, although the drift is consistent with market overreactions as well. Moreover, the post FOMC drift is a market-wide phenomenon and can be exploited in an easy-to-implement trading strategy with a historical record of earning 40\% of the annual equity premium. In Chapter 3, we explore the channels through which the FOMC announcements affect the financial market. While much of the existing literature measures the surprise components with only changes in policy rates (surrounding the announcement), we contribute to the existing literature by taking a broader view through examining unexpected changes in longer-term yields, corporate credit spreads, and inflation expectations (a proxy for growth prospects), using high-frequency financial data. Through a regression analysis, our findings show that these additional surprises provide orthogonal information and sharply increase the goodness of fit in explaining stock returns around FOMC announcements, with the inclusion of inflation expectations having the biggest contribution. The important role of inflation expectation suggests that the current literature, which uses stock prices together with nominal rates to disentangle the information contents of central bank announcements, may be too limited in the scope of information it uses.
Book Synopsis Essays in History by : Charles Poor Kindleberger
Download or read book Essays in History written by Charles Poor Kindleberger and published by University of Michigan Press. This book was released on 1999 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classic Kindleberger: Engaging and stimulating reading on eclectic topics in finance, economics, and the life of this captivating author
Book Synopsis Money and Markets by : Robert W. Clower
Download or read book Money and Markets written by Robert W. Clower and published by CUP Archive. This book was released on 1986-10-31 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Clower's influential essays discuss monetary economics and monetary behaviour.
Book Synopsis Essays in Monetary Economics by : Harry G. Johnson
Download or read book Essays in Monetary Economics written by Harry G. Johnson and published by Ashgate Publishing. This book was released on 1993-11 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together the late Harry Johnson's essays and articles in monetary economics. It is specifically designed for teaching purposes. Part 1 deals with pure monetary theory. Part 2 looks at monetary and fiscal policy issues in North America. Part 3 looks at developing countries.
Book Synopsis Money, History, and International Finance by : Michael D. Bordo
Download or read book Money, History, and International Finance written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2007-12-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.
Book Synopsis Monetary and Banking History by : Geoffrey Wood
Download or read book Monetary and Banking History written by Geoffrey Wood and published by Routledge. This book was released on 2011-05-11 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is a former editor of the Economic History Review, one of the leading academic journals in this discipline. Under the steely editorship of Geoffrey Wood, this book brings together a stellar line of of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen, Charles Calomiris, and Anna Schwartz. The book analyzes many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.
Book Synopsis Selected Essays in Monetary Economics by : Harry Gordon Johnson
Download or read book Selected Essays in Monetary Economics written by Harry Gordon Johnson and published by London : Allen & Unwin. This book was released on 1978-01-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money and the Market by : Kevin Dowd
Download or read book Money and the Market written by Kevin Dowd and published by Routledge. This book was released on 2013-12-16 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.
