Monetary Policy on the 75th Anniversary of the Federal Reserve System

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Publisher : Springer Science & Business Media
ISBN 13 : 9401138885
Total Pages : 288 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Monetary Policy on the 75th Anniversary of the Federal Reserve System by : M.T. Belongia

Download or read book Monetary Policy on the 75th Anniversary of the Federal Reserve System written by M.T. Belongia and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the 12 District Banks of the Federal Reserve System opened their doors for business on November 16, 1914, few observers could have foreseen the Fed's present role as a major, if not dominant, player in U. S. and world economic policymaking. After all, two previous attempts to create a central bank in this country had ended in failure. Moreover, much of the economic theory and institutional structure that have given rise to monetary policy's influence in recent years were not yet in place. Indeed, it would take the Fed more than 20 years to learn (by accident!) the power of open market operations. Clearly, the modern Federal Reserve System has found itself with powers and responsibilities that were not envisioned by its founders. These proceedings from a conference held at the Federal Reserve Bank of St. Louis on October 19-20, 1989, examine U. S. monetary policy from a variety of perspectives: a historical review of how it has affected aggregate economic performance; a positive analysis of why the Federal Reserve has chosen particular policy strategies; a review of normative arguments about what the Fed should pursue as its policy objective; a critique of how the Fed's "output"-the flow of monetary services in the U. S. economy-is measured; and, finally, a debate over the Fed's ability to influence real economic activity by changing the nominal quantity of money in circulation.

Interest-rate Smoothing and Optimal Monetary Policy

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Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Interest-rate Smoothing and Optimal Monetary Policy by : Brian Sack

Download or read book Interest-rate Smoothing and Optimal Monetary Policy written by Brian Sack and published by . This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy Rules

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Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Monetary Policy Rules by : John B. Taylor

Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

The Great Inflation

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Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Interest Rate Smoothing and Time-varying Premium

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Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 ( download)

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Book Synopsis Interest Rate Smoothing and Time-varying Premium by : Yosuke Takeda

Download or read book Interest Rate Smoothing and Time-varying Premium written by Yosuke Takeda and published by . This book was released on 1999 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Stock Prices and Monetary Policy

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Publisher : CEPS
ISBN 13 : 929079819X
Total Pages : 22 pages
Book Rating : 4.2/5 (97 download)

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Book Synopsis Stock Prices and Monetary Policy by : Paul De Grauwe

Download or read book Stock Prices and Monetary Policy written by Paul De Grauwe and published by CEPS. This book was released on 2008 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.

Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia

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Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia by : Glenn D. Rudebusch

Download or read book Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia written by Glenn D. Rudebusch and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Designing a Simple Loss Function for Central Banks

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Publisher : International Monetary Fund
ISBN 13 : 1484311752
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Designing a Simple Loss Function for Central Banks by : Davide Debortoli

Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.

The Inflation-Targeting Debate

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Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke

Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

Interest Rate Modeling

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Publisher :
ISBN 13 : 9780984422104
Total Pages : 1154 pages
Book Rating : 4.4/5 (221 download)

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Book Synopsis Interest Rate Modeling by : Leif B. G. Andersen

Download or read book Interest Rate Modeling written by Leif B. G. Andersen and published by . This book was released on 2010 with total page 1154 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The three volumes of Interest rate modeling are aimed primarily at practitioners working in the area of interest rate derivatives, but much of the material is quite general and, we believe, will also hold significant appeal to researchers working in other asset classes. Students and academics interested in financial engineering and applied work will find the material particularly useful for its description of real-life model usage and for its expansive discussion of model calibration, approximation theory, and numerical methods."--Preface.

Excess Volatility and the Smoothing of Interest Rates

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Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Excess Volatility and the Smoothing of Interest Rates by : Steven Strongin

Download or read book Excess Volatility and the Smoothing of Interest Rates written by Steven Strongin and published by . This book was released on 1992 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Estimating and Interpreting Forward Interest Rates

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Publisher : International Monetary Fund
ISBN 13 : 1451853750
Total Pages : 76 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Estimating and Interpreting Forward Interest Rates by : Mr.Lars E. O. Svensson

Download or read book Estimating and Interpreting Forward Interest Rates written by Mr.Lars E. O. Svensson and published by International Monetary Fund. This book was released on 1994-09-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of forward interest rates as a monetary policy indicator is demonstrated, using Sweden 1992-1994 as an example. The forward rates are interpreted as indicating market expectations of the time-path of future interest rates, future inflation rates, and future currency depreciation rates. They separate market expectations for the short-, medium-, and long-term more easily than the standard yield curve. Forward rates are estimated with an extended and more flexible version of Nelson and Siegel’s functional form.

International Dimensions of Monetary Policy

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Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Price Smoothing Policies

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Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Price Smoothing Policies by : Fabio Canova

Download or read book Price Smoothing Policies written by Fabio Canova and published by . This book was released on 1992 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Introduction to Data Science

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Publisher : CRC Press
ISBN 13 : 1000708039
Total Pages : 836 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis Introduction to Data Science by : Rafael A. Irizarry

Download or read book Introduction to Data Science written by Rafael A. Irizarry and published by CRC Press. This book was released on 2019-11-20 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Data Science: Data Analysis and Prediction Algorithms with R introduces concepts and skills that can help you tackle real-world data analysis challenges. It covers concepts from probability, statistical inference, linear regression, and machine learning. It also helps you develop skills such as R programming, data wrangling, data visualization, predictive algorithm building, file organization with UNIX/Linux shell, version control with Git and GitHub, and reproducible document preparation. This book is a textbook for a first course in data science. No previous knowledge of R is necessary, although some experience with programming may be helpful. The book is divided into six parts: R, data visualization, statistics with R, data wrangling, machine learning, and productivity tools. Each part has several chapters meant to be presented as one lecture. The author uses motivating case studies that realistically mimic a data scientist’s experience. He starts by asking specific questions and answers these through data analysis so concepts are learned as a means to answering the questions. Examples of the case studies included are: US murder rates by state, self-reported student heights, trends in world health and economics, the impact of vaccines on infectious disease rates, the financial crisis of 2007-2008, election forecasting, building a baseball team, image processing of hand-written digits, and movie recommendation systems. The statistical concepts used to answer the case study questions are only briefly introduced, so complementing with a probability and statistics textbook is highly recommended for in-depth understanding of these concepts. If you read and understand the chapters and complete the exercises, you will be prepared to learn the more advanced concepts and skills needed to become an expert.

Monetary Policy Alternatives at the Zero Bound

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Publisher : www.bnpublishing.com
ISBN 13 : 9781607961055
Total Pages : 0 pages
Book Rating : 4.9/5 (61 download)

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Book Synopsis Monetary Policy Alternatives at the Zero Bound by : Ben S. Bernanke

Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben S. Bernanke and published by www.bnpublishing.com. This book was released on 2009-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.

Central Bank Finances

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Publisher :
ISBN 13 : 9789291979318
Total Pages : 90 pages
Book Rating : 4.9/5 (793 download)

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Book Synopsis Central Bank Finances by : David Archer

Download or read book Central Bank Finances written by David Archer and published by . This book was released on 2013 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: