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Author : Jens R. Clausen
Publisher :
ISBN 13 : 9783832227999
Total Pages : 231 pages
Book Rating : 4.2/5 (279 download)
Download or read book Paradigm Uncertainty in the Conduct of Monetary Policy written by Jens R. Clausen and published by . This book was released on 2004 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Res Federal Reserve Bank of Kansas City
Publisher :
ISBN 13 : 9781410214973
Total Pages : 448 pages
Book Rating : 4.2/5 (149 download)
Download or read book Monetary Policy and Uncertainty written by Res Federal Reserve Bank of Kansas City and published by . This book was released on 2004-07 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most difficult challenges facing central banks is how to conduct monetary policy in an uncertain economic environment. This challenge is magnified when ongoing changes in the structure of the economy make economic models and forecasts less reliable. How should policymakers act in an environment of increased uncertainty? Should they be more cautious and wait for additional information about the economy that might reduce uncertainty? Or, should they react more aggressively in an attempt to keep the economy on course? In designing monetary policy in an uncertain world, how much should policymakers depend on formal rules, and how much should they rely on judgment? To address these questions, the Federal Reserve Bank of Kansas City sponsored a symposium, titled, "Monetary Policy and Uncertainty: Adapting to a Changing Economy," at Jackson Hole, Wyoming, on August 28-30, 2003. The symposium brought together a distinguished group of central bank officials, academic economists, and business economists to discuss and debate these issues. Over the years, the Jackson Hole symposium has provided a forum for the exchange of ideas on important public policy issues of interest to central banks around the world. Its continuing success is due to the contributions of all those who participate, including authors, discussants, panelists, and audience members. Special thanks also go to Craig Hakkio, Gordon Sellon, and other members of the Bank's Research Division who developed this year's program. Thomas M. Hoenig President and Chief Executive Officer Federal Reserve Bank of Kansas City
Author : Matteo Cacciatore
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (131 download)
Download or read book Uncertainty and Monetary Policy Experimentation written by Matteo Cacciatore and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks face considerable uncertainty when conducting monetary policy. Some of the reasons for this include limitations of economic data, the unobservability of key macroeconomic variables such as potential output, structural changes to the economy and disagreements over the correct model for the transmission of monetary policy. At the same time, monetary policy is affected by uncertainty from various sources, including lack of or imperfect observation of economic variables, structural economic changes and possible misspecifications using models. We draw from the academic literature to review some of the key sources of this uncertainty and their implications for the conduct of monetary policy. First, we discuss evidence on release lags and revisions to economic data. We also highlight uncertainty around measuring unobservable variables such as the output gap and the natural rate of unemployment. The strength of a trade-off between these measures of economic slack and inflation - a cornerstone of monetary policy - is itself subject to continuous reassessment. Second, the literature finds that different sources of uncertainty may make the optimal conduct of monetary policy either more or less responsive to economic shocks. Additionally, the benefits of tackling uncertainty by engaging in purposeful monetary policy experimentation are typically small but may become more significant during major structural change or following unprecedented shocks.
Author : Rhys R Mendes
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (11 download)
Download or read book Monetary Policy Under Uncertainty written by Rhys R Mendes and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Helmut Wagner
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.3/5 ( download)
Download or read book Information and Uncertainty in the Theory of Monetary Policy written by Helmut Wagner and published by . This book was released on 2007 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Walter Engert
Publisher :
ISBN 13 : 9780662268383
Total Pages : 22 pages
Book Rating : 4.2/5 (683 download)
Download or read book Uncertainty and Multiple Paradigms of the Transmission Mechanism written by Walter Engert and published by . This book was released on 1998 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Li Qin
Publisher :
ISBN 13 :
Total Pages : 241 pages
Book Rating : 4.:/5 (494 download)
Download or read book Uncertainty, Robust Control and Optimal Monetary Policy Design written by Li Qin and published by . This book was released on 2008 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyze the conduct of monetary policy in the presence of uncertainty. By adopting the framework proposed by Hansen and Sargent (2003), we analyze the behaviors of monetary authorities and private agents when faced with various sources of uncertainty, as well as their consequences in terms of macroeconomic performances. Our work shows that, in order to guard against the possibly catastrophic results of the worst-case scenario, central bankers have to react in an active manner, by manipulating the interest rate. However, in an open economy, the magnitude of this adjustment decreases with the degree of openness. Also, greater transparency of the central bank's objectives, by reducing preference uncertainty, will attenuate the variations of macroeconomic variables that follow the consideration of possible erroneous specifications. It is thus advisable to reveal informations about the central bankers' preferences, including their own estimates of the degree of model uncertainty.
Author :
Publisher :
ISBN 13 : 9780756743345
Total Pages : 415 pages
Book Rating : 4.7/5 (433 download)
Download or read book Monetary Policy and Uncertainty written by and published by . This book was released on 2004-12-01 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brought together a distinguished group of central bank officials, acad. econ., & bus. econ., with Moderators Guillermo Ortiz, Bank of Mexico, & Malcolm Knight, Bank for Internat. Settlements. Papers: Opening Remarks, Alan Greenspan; Has the Bus. Cycle Changed?: Evidence & Explanations; Globalization & Global Disinflation; Whither Monetary & Financial Stability?: Implications of Evolving Policy Regimes; Is Monetary Policy (MP) Different in Africa?; The Conduct of MP Under Uncertainty; Making MP in an Uncertain World; Structural Change & the Conduct of MP; Implications of a Changing Econ. Structure for the Strategy of MP; & Overview Panels, with Martin Feldstein, Nat. Bur. of Econ. Res., Stanley Fischer, Citigroup, & Janet Yellen, UC-Berkeley.
Author :
Publisher :
ISBN 13 :
Total Pages : 415 pages
Book Rating : 4.:/5 (454 download)
Download or read book Monetary policy and uncertainty written by and published by . This book was released on 2003 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 466 pages
Book Rating : 4.7/5 (847 download)
Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author : Joseph Stiglitz
Publisher : Cambridge University Press
ISBN 13 : 9780521008051
Total Pages : 356 pages
Book Rating : 4.0/5 (8 download)
Download or read book Towards a New Paradigm in Monetary Economics written by Joseph Stiglitz and published by Cambridge University Press. This book was released on 2003-09-04 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: A pioneer treatment of monetary economics written by two of world's leading authorities.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
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 : Otmar Issing
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)
Download or read book Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy written by Otmar Issing and published by . This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicola Acocella
Publisher : Cambridge University Press
ISBN 13 : 131667942X
Total Pages : 355 pages
Book Rating : 4.3/5 (166 download)
Download or read book Macroeconomic Paradigms and Economic Policy written by Nicola Acocella and published by Cambridge University Press. This book was released on 2016-05-31 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.
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 :
Publisher :
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.:/5 (8 download)
Download or read book Macroeconomics, Monetary Policy, and Financial Stability written by and published by . This book was released on 2004 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
