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Issues Concerning Nominal Anchors For Monetary Policy
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Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy by : Mr.Robert P. Flood
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1994-05-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy by : Robert P. Flood
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Robert P. Flood and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review, in the context of a variety of models, some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy by : Robert P. Flood
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Robert P. Flood and published by . This book was released on 2006 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Book Synopsis Issues concerning nominal anchors for monetary policy by : Fondo Monetario Internacional
Download or read book Issues concerning nominal anchors for monetary policy written by Fondo Monetario Internacional and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Strategy by : Frederic S. Mishkin
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Book Synopsis Re-Establishing Credible Nominal Anchors After a Financial Crisis by : Mr.Christopher J. Jarvis
Download or read book Re-Establishing Credible Nominal Anchors After a Financial Crisis written by Mr.Christopher J. Jarvis and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
Book Synopsis Nominal Anchors in the CIS by : Mr.Peter Keller
Download or read book Nominal Anchors in the CIS written by Mr.Peter Keller and published by International Monetary Fund. This book was released on 2003-09-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (i.e., they suffer from "fear of floating"). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.
Book Synopsis Issue Concerning Nominal Anchors for Monetary Policy by : Robert P. Flood
Download or read book Issue Concerning Nominal Anchors for Monetary Policy written by Robert P. Flood and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy by :
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Current Issues in the Design and Conduct of Monetary Policy by : Mr.Mohsin S. Khan
Download or read book Current Issues in the Design and Conduct of Monetary Policy written by Mr.Mohsin S. Khan and published by International Monetary Fund. This book was released on 2003-03-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
Book Synopsis Issues Concerning Nominal Anchors for Monetary Policy Michael Mussa by : Robert Flood
Download or read book Issues Concerning Nominal Anchors for Monetary Policy Michael Mussa written by Robert Flood and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why Inflation Targeting? by : Charles Freedman
Download or read book Why Inflation Targeting? written by Charles Freedman and published by International Monetary Fund. This book was released on 2009-04-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
Book Synopsis Policy Issues in the Evolving International Monetary System by : Mr.Peter Isard
Download or read book Policy Issues in the Evolving International Monetary System written by Mr.Peter Isard and published by International Monetary Fund. This book was released on 1992-06-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can international monetary stability be promoted? This study looks at ways to bolster economic policies and coordination among the industrial countries serving as nominal anchors for the world economy. It also assesses the operation of monetary unions and common currency areas. The authors conclude that problems with the world monetary system reflect weaknesses outside the exchange rate arena, and that exchange rate commitements must be tailored to individual country characteristics.
Book Synopsis A New Taxonomy of Monetary Regimes by : Mr.Ashok Bhundia
Download or read book A New Taxonomy of Monetary Regimes written by Mr.Ashok Bhundia and published by International Monetary Fund. This book was released on 2004-10-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history.
Book Synopsis The Monetary Policy of the Federal Reserve by : Robert L. Hetzel
Download or read book The Monetary Policy of the Federal Reserve written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2008-03-17 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
Book Synopsis Frameworks for Monetary Stability by : Mr.Carlo Cottarelli
Download or read book Frameworks for Monetary Stability written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1994-12-15 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.
Book Synopsis Re-Establishing Credible Nominal Anchors after a Financial Crisis by : Andrew Berg
Download or read book Re-Establishing Credible Nominal Anchors after a Financial Crisis written by Andrew Berg and published by . This book was released on 2006 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
