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Author : 馬場直彦
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Markup Pricing and Monetary Policy written by 馬場直彦 and published by . This book was released on 1997 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr. Romain A Duval
Publisher : International Monetary Fund
ISBN 13 : 1513588001
Total Pages : 56 pages
Book Rating : 4.5/5 (135 download)
Download or read book Market Power and Monetary Policy Transmission written by Mr. Romain A Duval and published by International Monetary Fund. This book was released on 2021-07-09 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that firms’ market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm’s markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics — notably size and age — are likely to be associated with greater financial constraints. We rationalize these findings through a simple partial equilibrium model in which borrowing constraints amplify disproportionately low-markup firms’ responses to changes in interest rates.
Author : John Y. Campbell
Publisher : University of Chicago Press
ISBN 13 : 0226092127
Total Pages : 444 pages
Book Rating : 4.2/5 (26 download)
Download or read book Asset Prices and Monetary Policy written by John Y. Campbell and published by University of Chicago Press. This book was released on 2008-11-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)
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.
Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Author : Anjan V. Thakor
Publisher : Elsevier
ISBN 13 : 0080559921
Total Pages : 605 pages
Book Rating : 4.0/5 (85 download)
Download or read book Handbook of Financial Intermediation and Banking written by Anjan V. Thakor and published by Elsevier. This book was released on 2008-07-07 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. - Original review articles offer valuable perspectives on research issues appearing in top journals - Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation - Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Author : Ufuk Akcigit
Publisher : International Monetary Fund
ISBN 13 : 1513512080
Total Pages : 34 pages
Book Rating : 4.5/5 (135 download)
Download or read book Rising Corporate Market Power written by Ufuk Akcigit and published by International Monetary Fund. This book was released on 2021-03-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is hotly debated. This note provides new evidence on the policy relevance of rising market power and highlights possible implications for the design of competition policy frameworks and macroeconomic policies.
Author : Davide Debortoli
Publisher : International Monetary Fund
ISBN 13 : 1484311752
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)
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.
Author : Manuel H. Johnson
Publisher : Praeger
ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.:/5 (321 download)
Download or read book Monetary Policy, A Market Price Approach written by Manuel H. Johnson and published by Praeger. This book was released on 1996-10-21 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive presentation of how monetary policymakers can use market prices to produce price stability. Drs. Johnson and Keleher show why other, conventional methods have failed and why market prices are superior guides for setting monetary policy. Their book presents the rationale, history, and philosophy underlying their approach; offers three forms of empirical research evidence to support it; and then presents special methods to use market prices as policy setting guides. Important and challenging reading for monetary policymakers and economists, bankers, financial analysts, and professional investors, as well as their colleagues in the academic community with similar interests. Substantial changes involving revolutions in telecommunications and information processing, financial deregulation, and the global integration of financial markets have altered the environment in which central banks operate. This altered environment has undermined various conventional approaches to monetary policy. This book presents an alternative market price approach to monetary policy. The approach is easily adapted to the above-cited change: it adopts a price stabilization policy goal and uses key market prices from the commodity, foreign exchange, and bond markets as guides to policy. Commodity prices, foreign exchange rates, and bond yields represent proxies for the exchange rate between domestic money and (1) commodities, (2) foreign monies, and (3) future money (bonds), respectively. These market prices are assessed in conjunction with one another to yield policy guidance to the monetary authority. This book describes how this approach is carried out in practice. Empirical evidence support the approach from three perspectives. First, empirical support exists for each of the individual market price indicators examined in isolation. Second, market price indicators provided accurate signals for monetary policymakers during the post-Bretton Wood era. Had this market price approach been used by policymakers, the performance of the macroeconomy during this period likely would have been improved. Third, at least one historical episode demonstrates that when the approach was employed, economic performance was impressive, and price stability was, in fact, achieved.
Author : Michael Stone
Publisher : Craftsman Book Co
ISBN 13 : 9781572180710
Total Pages : 316 pages
Book Rating : 4.1/5 (87 download)
Download or read book Markup & Profit written by Michael Stone and published by Craftsman Book Co. This book was released on 1999-01-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to succeed in a construction business you have to be able to mark up the price of your jobs to cover overhead expenses and make a decent profit. The problem is how much to mark it up. You don't want to lose jobs because you charge too much, and you don't want to work for free because you've charged too little. If you know how much to mark up you can apply it to your job costs and arrive at the right sales price for your work. This book gives you the background and the calculations necessary to easily figure the markup that is right for your business. Includes a CD-ROM with forms and checklists for your use.
Author : Alessandro Cantelmo
Publisher : International Monetary Fund
ISBN 13 : 1475584830
Total Pages : 33 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sectoral Labor Mobility and Optimal Monetary Policy written by Alessandro Cantelmo and published by International Monetary Fund. This book was released on 2017-03-06 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an estimated two-sector New-Keynesian model with durable and nondurable goods, an inverse relationship between sectoral labor mobility and the optimal weight the central bank should attach to durables inflation arises. The combination of nominal wage stickiness and limited labor mobility leads to a nonzero optimal weight for durables inflation even if durables prices were fully flexible. These results survive alternative calibrations and interestrate rules and point toward a non-negligible role of sectoral labor mobility for the conduct of monetary policy.
Author : Jeffrey A. Frankel
Publisher : MIT Press
ISBN 13 : 9780262061742
Total Pages : 342 pages
Book Rating : 4.0/5 (617 download)
Download or read book Financial Markets and Monetary Policy written by Jeffrey A. Frankel and published by MIT Press. This book was released on 1995 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns his attention to domestic markets, with special attention to how national monetary policy is handled. The decade of the 1980s left many central bankers disillusioned with monetarism, so that the question of the optimal nominal anchor remains an open one. In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns his attention to domestic markets, with special attention to how national monetary policy is handled. The fifteen papers are divided into three sections, each introduced by the author. They cover, respectively, optimal portfolio diversification, indicators of expected inflation, and the determination of monetary policy in the face of uncertainty. In the first section, Frankel explores what information the theory of optimal portfolio diversification can give the macroeconomist. In the second section, he considers what economic variables central bankers might use to gauge whether monetary policy is too tight or too loose. And in the final section, he looks at the range of uncertainty over policy effects and how that complicates coordination of macroeconomic policymaking. The book concludes with a sympathetic analysis of nominal GDP targeting.
Author : John B. Taylor
Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.2/5 (267 download)
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.
Author : Mr.Federico J Diez
Publisher : International Monetary Fund
ISBN 13 : 1498311636
Total Pages : 42 pages
Book Rating : 4.4/5 (983 download)
Download or read book Global Declining Competition written by Mr.Federico J Diez and published by International Monetary Fund. This book was released on 2019-04-26 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a new firm-level dataset on private and listed firms from 20 countries, we document five stylized facts on market power in global markets. First, competition has declined around the world, measured as a moderate increase in average firm markups during 2000- 2015. Second, the markup increase is driven by already high-markup firms (top decile of the markup distribution) that charge increasing markups. Third, markups increased mostly among advanced economies but not in emerging markets. Fourth, there is a non-monotonic relation between firm size and markups that is first decreasing and then increasing. Finally, the increase is mostly driven by increases within incumbents and also by market share reallocation towards high-markup entrants.
Author : Simon Gilchrist
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (318 download)
Download or read book Expectations, Asset Prices, and Monetary Policy written by Simon Gilchrist and published by . This book was released on 2006 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of financial market imperfections represented by a countercyclical external finance premium and the gradual recognition of changes in the drift of technology growth for the design of an interest rate rule. Asset price movements induced by changes in trend growth influence balance-sheet conditions that determine the external finance premium. Such movements are magnified when the private sector is imperfectly informed regarding the trend growth rate of technology. The presence of financial market imperfections provides a motivation for responding to the gap between the observed asset prices and the potential level of asset prices in addition to responding strongly to inflation. This is because the asset price gap represents distortions in the resource allocation induced by financial market imperfections more distinctly than inflation . The policymaker's imperfect information about the drift of technology growth renders imprecise the calculation of potential and thus reduces the benefit of responding to the asset price gap. A policy that responds to the level of asset prices which does not take into account changes in potential tends to be welfare reducing.--Publisher's description.
Author : L. Randall Wray
Publisher : Springer
ISBN 13 : 1137539925
Total Pages : 322 pages
Book Rating : 4.1/5 (375 download)
Download or read book Modern Money Theory written by L. Randall Wray and published by Springer. This book was released on 2015-09-22 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)
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.
