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Author :
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (62 download)
Download or read book Should the Fed Smooth Interest Rates? written by and published by . This book was released on 1990 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : N. Gregory Mankiw
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Should the fed smooth interest rates? the case of seasonal monetary policy written by N. Gregory Mankiw and published by . This book was released on 1990 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)
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 : Brian Sack
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.E/5 ( download)
Download or read book Interest-rate Smoothing and Optimal Monetary Policy written by Brian Sack and published by . This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sanjay K. Chugh
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (249 download)
Download or read book Does Monetary Policy Keep Up with the Joneses? written by Sanjay K. Chugh and published by . This book was released on 2004 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andreas M. Fischer
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.X/5 (6 download)
Download or read book Do Interventions Smooth Interest Rates? written by Andreas M. Fischer and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve Bank of San Francisco presents the full text of an article entitled "Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia," by Glenn D. Rudebusch. The article discusses how quickly central banks adjust monetary policy in response to developments in the economy.
Author : Steven Strongin
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book Excess Volatility and the Smoothing of Interest Rates written by Steven Strongin and published by . This book was released on 1992 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michelle Lynn Mireault
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (611 download)
Download or read book The Federal Reserve System and the Federal Funds Rate written by Michelle Lynn Mireault and published by . This book was released on 2004 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the U.S., monetary policy decisions are handled by our central bank, the Federal Reserve System. By targeting a desired interest rate level and using three main "tools" to adjust the money supply in order to achieve this rate, the Federal Reserve guides our economy in order to maintain its long-term goals of price stability and sustainable economic growth. To help the public better understand the actions of the Federal Reserve, economist John B. Taylor devised a monetary policy rule in 1993 that is both simple and reasonably accurate. In the decade since his pivotal rule, numerous researchers have attempted to challenge, expand, or redefine this equation to make it more accurate and useful. My paper reexamines two rules, Taylor's original rule as well as another expanded rule, by using a larger set of observations. I also present and test additional models that build on these two to determine if there are other important factors the Fed takes into account when deciding on the appropriate targeted federal funds rate. In the two models that I present, it appears that when inflation is above the target level, the Fed responds to changes in inflation and GDP much more aggressively. On the other hand, when inflation is at or below the objective, the Fed follows a policy of interest rate smoothing.
Author : Charles T. Carlstrom
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (759 download)
Download or read book Comments on Backward-looking Interest-rate Rules, Interest-rate Smoothing, and Macroeconomic Instability written by Charles T. Carlstrom and published by . This book was released on 2003 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : R. Todd Smith
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book Interest Rate Smoothing and Financial Stability written by R. Todd Smith and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks smooth fluctuations in interest rates based on a belief that this policy promotes financial stability. This belief is based on a presumption that the direct effect of less interest rate volatility on a bank's likelihood of insolvency is the predominant effect of this policy. The main point of this paper is that these policies also give rise to indirect effects that lower financial stability. These indirect effects occur because the policy itself alters bank behavior. In effect, if the central bank provides (liquidity) insurance (at zero premia), it may introduce a classic moral hazard problem that encourages risk-taking by banks. As a result, to maintain a given degree of financial stability, a bank regulator may, in fact, need to impose a higher prudential capital requirement when an interest rate smoothing policy is in place. The paper concludes that the link between interest rate smoothing policy and financial stability may be more complicated than is generally recognized.
Author : Ruchir Agarwal
Publisher : International Monetary Fund
ISBN 13 : 1484398777
Total Pages : 89 pages
Book Rating : 4.4/5 (843 download)
Download or read book Enabling Deep Negative Rates to Fight Recessions: A Guide written by Ruchir Agarwal and published by International Monetary Fund. This book was released on 2019-04-29 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed—thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, we (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession.
Download or read book Coming U.S. Interest Rate Tightening Cycle written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nick Timiraos
Publisher : Hachette UK
ISBN 13 : 0316273074
Total Pages : 331 pages
Book Rating : 4.3/5 (162 download)
Download or read book Trillion Dollar Triage written by Nick Timiraos and published by Hachette UK. This book was released on 2022-03-01 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inside story, told with “insight, perspective, and stellar reporting,” of how an unassuming civil servant created trillions of dollars from thin air, combatted a public health crisis, and saved the American economy from a second Great Depression (Alan S. Blinder, former Vice Chair of the Federal Reserve). By February 2020, the U.S. economic expansion had become the longest on record. Unemployment was plumbing half-century lows. Stock markets soared to new highs. One month later, the public health battle against a deadly virus had pushed the economy into the equivalent of a medically induced coma. America’s workplaces—offices, shops, malls, and factories—shuttered. Many of the nation’s largest employers and tens of thousands of small businesses faced ruin. Over 22 million American jobs were lost. The extreme uncertainty led to some of the largest daily drops ever in the stock market. Nick Timiraos, the Wall Street Journal’s chief economics correspondent, draws on extensive interviews to detail the tense meetings, late night phone calls, and crucial video conferences behind the largest, swiftest U.S. economic policy response since World War II. Trillion Dollar Triage goes inside the Federal Reserve, one of the country’s most important and least understood institutions, to chronicle how its plainspoken chairman, Jay Powell, unleashed an unprecedented monetary barrage to keep the economy on life support. With the bleeding stemmed, the Fed faced a new challenge: How to nurture a recovery without unleashing an inflation-fueling, bubble-blowing money bomb? Trillion Dollar Triage is the definitive, gripping history of a creative and unprecedented battle to shield the American economy from the twin threats of a public health disaster and economic crisis. Economic theory and policy will never be the same.
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 : Kevin J. Lansing
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Real-Time Estimation of Trend Output and the Illusion of Interest Rate Smoothing written by Kevin J. Lansing and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical estimates of the Federal Reserve's policy rule typically find that the regression coefficient on the lagged federal funds rate is around 0.8 and strongly significant. One economic interpretation of this result is that the Fed intentionally "smoothes" interest rates, i.e., policymakers move gradually over time to bring the current level of the funds rate in line with a desired level that is determined by consideration of recent economic data. This paper develops a small forward-looking macroeconomic model where the Federal Reserve estimates the level of trend (or potential) output in real time by running a regression on past output data. Using the model as a data-generating mechanism, I show that efforts to identify the Fed's policy rule using final data (as opposed to real-time data) can create the illusion of interest rate smoothing behavior when in fact none exists. In particular, I show that the lagged federal funds rate can enter spuriously in final-data policy rule regressions because it helps pick up the Fed's serially correlated real-time measurement errors which are not taken into account by the standard estimation procedure. In model simulations, I find that this misspecification problem can explain as much as one-half of the apparent degree of "inertia" or "partial adjustment" in the U.S. federal funds rate.
