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Lessons For Monetary Policy
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Book Synopsis Lessons for Monetary Policy by : Mr.Otmar Issing
Download or read book Lessons for Monetary Policy written by Mr.Otmar Issing and published by International Monetary Fund. This book was released on 2011-04-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target.
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 2007 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Strategydescribes 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 anch 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 Three Lessons for Monetary Policy in a Low Inflation Area by : David Reifschneider
Download or read book Three Lessons for Monetary Policy in a Low Inflation Area written by David Reifschneider and published by . This book was released on 1999 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Over Fifty Years by : Heinz Herrmann
Download or read book Monetary Policy Over Fifty Years written by Heinz Herrmann and published by Routledge. This book was released on 2009-06-02 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions to this prestigious volume describe important developments in monetary economics and monetary policy during the past half century and to draw lessons from this for the future with chapters from Charles Goodhart and Olivier Blanchard.
Book Synopsis From Monetary Targeting to Inflation Targeting by : Frederic S. Mishkin
Download or read book From Monetary Targeting to Inflation Targeting written by Frederic S. Mishkin and published by World Bank Publications. This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience with monetary targeting suggests that although it successfully controlled inflation in Switzerland and especially Germany, the special conditions that made it work reasonably well in those two countries are unlikely to be satisfied elsewhere. Inflation targeting is more likely to improve economic performance in countries that choose to have an independent domestic monetary policy, but there are subtleties in how inflation targeting is done. Lessons from industrial countries should be useful to central banks designing a framework for monetary policy.
Book Synopsis Monetary Policy in the Context of Financial Crisis by : Fredj Jawadi
Download or read book Monetary Policy in the Context of Financial Crisis written by Fredj Jawadi and published by Emerald Group Publishing. This book was released on 2015-07-02 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance.
Book Synopsis Monetary policy strategy : lessons from the crisis by : Frederic S. Mishkin
Download or read book Monetary policy strategy : lessons from the crisis written by Frederic S. Mishkin and published by . This book was released on 2011 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be altered and draws implications for monetary policy strategy
Book Synopsis Three Lessons for Monetary Policy in a Low Inflation Era by : David Reifschneider
Download or read book Three Lessons for Monetary Policy in a Low Inflation Era written by David Reifschneider and published by . This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and the Lost Decade by : Mr.Daniel Leigh
Download or read book Monetary Policy and the Lost Decade written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2009-10-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed the asset-price bubble collapse in the early 1990s. Estimation results based on a structural model suggest that the Bank of Japan's interest-rate policy fits a conventional forward-looking reaction function with an inflation target of about 1 percent. The disappointing economic performance thus seems primarily due to a series of adverse economic shocks rather than an extraordinary policy error. In addition, counterfactual policy simulations based on the estimated structural model suggest that simply raising the inflation target would not have yielded a lasting improvement in performance. However, a price-targeting rule or a policy rule that combined a higher inflation target with a more aggressive response to output would have achieved superior stabilization results.
Book Synopsis Political Pressure, Rhetoric and Monetary Policy by : Philipp Maier
Download or read book Political Pressure, Rhetoric and Monetary Policy written by Philipp Maier and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philipp Maier offers an examination of the extent to which governments and various interest groups have exerted pressure on central banks. The book looks in particular at the Deutsche Bundesbank - which acted as the blueprint for the European Central Bank (ECB) - and utilizes an original set of indicators to measure external pressure and support from the government and other institutions.
Book Synopsis The Lessons of Monetary Experience by : Arthur David Gayer
Download or read book The Lessons of Monetary Experience written by Arthur David Gayer and published by A. M. Kelley. This book was released on 1970 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498337325 Total Pages :43 pages Book Rating :4.4/5 (983 download)
Book Synopsis Central Banking Lessons from the Crisis by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Central Banking Lessons from the Crisis written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2010-07-07 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The broader governance reform debate—which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability—has not got very far in garnering a consensus at the Executive Board. This is the case even though, in political circles, including the IMFC, and in civil society, expectations are high that the institution will tackle reforms key to its long-term effectiveness and legitimacy. The impasse reflects many factors. Partly it is a matter of not being convinced that governance is nearly as important as quota shares, partly of disagreement over the specifics of various proposals, and partly of concern that the conflation of quotas with governance—the “package approach”—risks delaying the pivotal quota rebalancing exercise, scheduled to be completed before January 2011. This paper lays out the main governance issues, while putting forward variants of reform proposals that might command broader support. It takes as given that, even if quota reform has its own logic and deadline, this does not preclude parallel consideration of—and possibly decisions on—governance reforms, which can help make the case to domestic and international audiences that a broader reform of the Fund is underway.
Book Synopsis Monetary Policy Over Fifty Years by : Deutsche Bundesbank
Download or read book Monetary Policy Over Fifty Years written by Deutsche Bundesbank and published by . This book was released on 2009 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them. The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets. The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.
Book Synopsis Three Lessons for Monetary Policy in a Low Inflation Era by : David L. Reifschneider
Download or read book Three Lessons for Monetary Policy in a Low Inflation Era written by David L. Reifschneider and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Lessons and the Way Ahead by : Board of Governors of the Federal Reserv
Download or read book Monetary Policy Lessons and the Way Ahead written by Board of Governors of the Federal Reserv and published by CreateSpace. This book was released on 2015-04-09 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The approach of liftoff reflects the significant progress we have made toward our objectives of maximum employment and price stability. The extraordinary monetary policy accommodation that the Federal Reserve has undertaken in response to the crisis has contributed importantly to the economic recovery, though the recovery has taken longer than we expected. The unemployment rate, at 5.5 percent in February, is nearing estimates of its natural rate, and we expect that inflation will gradually rise toward the Fed's target of 2 percent. Beginning the normalization of policy will be a significant step toward the restoration of the economy's normal dynamics, allowing monetary policy to respond to shocks without recourse to unconventional tools.
Book Synopsis Greater Monetary Policy Transparency for the G3 by : Mr.Mark R. Stone
Download or read book Greater Monetary Policy Transparency for the G3 written by Mr.Mark R. Stone and published by International Monetary Fund. This book was released on 2003-11-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The experience of full-fledged inflation targeting (FFIT) countries is used here to shed light on the costs and benefits of greater monetary policy transparency for the G3. For the United States and the euro area, a hypothetical adoption of FFIT would incur a cost of less discretion while gaining the benefit of locking in a highly credible framework. The adoption of FFIT by Japan would create the risk of a further hit to credibility if policy was not able to end deflation. In practice, the G3 are already moving toward a new monetary regime that resembles FFIT in transparency, but not in accountability.
