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Author : Athanasios Orphanides
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.E/5 ( download)
Download or read book Monetary Policy Evaluation with Noisy Information written by Athanasios Orphanides and published by . This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frederic S. Mishkin
Publisher : MIT Press
ISBN 13 : 0262513374
Total Pages : 561 pages
Book Rating : 4.2/5 (625 download)
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.
Author : Willi Semmler
Publisher : Routledge
ISBN 13 : 1135993807
Total Pages : 237 pages
Book Rating : 4.1/5 (359 download)
Download or read book Monetary Policy and Unemployment written by Willi Semmler and published by Routledge. This book was released on 2004-08-02 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan.
Author : R. Ayadi
Publisher : Springer
ISBN 13 : 1137003480
Total Pages : 294 pages
Book Rating : 4.1/5 (37 download)
Download or read book Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean written by R. Ayadi and published by Springer. This book was released on 2013-11-28 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy, central banking, and international norms and regulations; a discussion far from new, nor applying exclusively to the world's most advanced economies. A sound monetary policy and a well-enforced regulatory regime is provided, in explanation of developing nations to channel financial resources more efficiently into investments.
Author : Cheryl Schonhardt-Bailey
Publisher : MIT Press
ISBN 13 : 0262314738
Total Pages : 537 pages
Book Rating : 4.2/5 (623 download)
Download or read book Deliberating American Monetary Policy written by Cheryl Schonhardt-Bailey and published by MIT Press. This book was released on 2013-11-01 with total page 537 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic analysis of Federal Reserve and congressional deliberations on monetary policy, drawing on textual analysis software and in-depth interviews with participants. American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. In this book, Cheryl Schonhardt-Bailey provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve's Open Market Committee (FOMC) and House and Senate banking committees. Her innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants' personal experiences. Analyzing why and under what conditions deliberation matters for monetary policy, the author identifies several strategies of persuasion used by FOMC members, including Paul Volcker's emphasis on policy credibility and efforts to influence economic expectations. Members of Congress, however, constrained by political considerations, show a relative passivity on the details of monetary policy.
Author : Oliver Sauter
Publisher : Springer Science & Business Media
ISBN 13 : 365804974X
Total Pages : 221 pages
Book Rating : 4.6/5 (58 download)
Download or read book Monetary Policy under Uncertainty written by Oliver Sauter and published by Springer Science & Business Media. This book was released on 2014-01-31 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oliver Sauter analyzes three aspects of monetary policy under uncertainty. First he shows that the terms risk and uncertainty are often wrongly used as synonyms despite their different meanings. The second aspect is the proper examination and incorporation of uncertainty into a monetary policy framework. The author undertakes systematization with a closer look at each identified form of uncertainty. Thirdly, he focuses on the quantification of uncertainty from two different perspectives, either from a market perspective or from a central bank perspective.
Author : Margarita Rubio
Publisher : International Monetary Fund
ISBN 13 : 1475588062
Total Pages : 36 pages
Book Rating : 4.4/5 (755 download)
Download or read book Macroprudential Policy, Incomplete Information and Inequality written by Margarita Rubio and published by International Monetary Fund. This book was released on 2017-03-21 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policymaker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost. The results therefore point to the need for a more careful consideration toward the passive policy, which is usually advocated for LIDCs.
Author : Steven Durlauf
Publisher : Springer
ISBN 13 : 0230280854
Total Pages : 384 pages
Book Rating : 4.2/5 (32 download)
Download or read book Monetary Economics written by Steven Durlauf and published by Springer. This book was released on 2016-04-30 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
Author : Benjamin M. Friedman
Publisher : Elsevier
ISBN 13 : 0444534547
Total Pages : 971 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Monetary Economics written by Benjamin M. Friedman and published by Elsevier. This book was released on 2010-11-16 with total page 971 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship." [source : 4e de couv.].
Author : Philip Arestis
Publisher : Edward Elgar Publishing
ISBN 13 : 1845427939
Total Pages : 261 pages
Book Rating : 4.8/5 (454 download)
Download or read book The New Monetary Policy written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . this book provides a useful overview of the challenges facing the IT policy framework, both by pointing to the limitations of the underlying theory and, more importantly, by outlining the importance of a transparent policy framework for anchoring expectations. . . the book should be of interest to all central bankers and students of monetary policy. Colin Rogers, Economic Record Recent developments in macroeconomic and monetary thinking have given a new impetus to the management of the economy. The use of monetary policy by way of manipulating the rate of interest to affect inflation is now well accepted by both academic economists and central bank practitioners. Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets. Bringing together a distinguished cast of international contributors, this book presents a collection of papers, which discuss the following issues amongst others: the stability of the macroeconomic equilibrium monetary policy divergences in the Euro area stock market prices the US post- new economy bubble the information economy inflation targeting. This useful analysis of New Consensus Monetary Policy will be of great interest to financial economists and international monetary economists, as well as students and scholars of macroeconomics and finance.
Author : Benjamin M. Friedman
Publisher : Elsevier
ISBN 13 : 0444534717
Total Pages : 1729 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Monetary Economics vols 3A+3B Set written by Benjamin M. Friedman and published by Elsevier. This book was released on 2010-11-10 with total page 1729 pages. Available in PDF, EPUB and Kindle. Book excerpt: How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years
Author : D. Bundesbank
Publisher : Springer
ISBN 13 : 0230595995
Total Pages : 323 pages
Book Rating : 4.2/5 (35 download)
Download or read book The Monetary Transmission Process written by D. Bundesbank and published by Springer. This book was released on 2001-01-29 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
Author : Ann-Charlotte Eliasson
Publisher : International Monetary Fund
ISBN 13 : 1451849710
Total Pages : 61 pages
Book Rating : 4.4/5 (518 download)
Download or read book Simple Monetary Policy Rules Under Model Uncertainty written by Ann-Charlotte Eliasson and published by International Monetary Fund. This book was released on 1999-05-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.
Author : Kosuke Aoki
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (4 download)
Download or read book Optimal Commitment Policy Under Noisy Information written by Kosuke Aoki and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Vítor Gaspar
Publisher : Cambridge University Press
ISBN 13 : 9781139448567
Total Pages : 160 pages
Book Rating : 4.4/5 (485 download)
Download or read book Imperfect Knowledge and Monetary Policy written by Vítor Gaspar and published by Cambridge University Press. This book was released on 2006-02-16 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.
Author : James A. Dorn
Publisher : Cato Institute
ISBN 13 : 194864715X
Total Pages : 334 pages
Book Rating : 4.9/5 (486 download)
Download or read book Monetary Policy in an Uncertain World written by James A. Dorn and published by Cato Institute. This book was released on 2018-08-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed’s exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.
Author : David Cobham
Publisher : Routledge
ISBN 13 : 1134023766
Total Pages : 287 pages
Book Rating : 4.1/5 (34 download)
Download or read book Monetary Policy and Central Banking in the Middle East and North Africa written by David Cobham and published by Routledge. This book was released on 2009-01-13 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.
