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The Nonlinearity Of The Phillips Curve And European Monetary Policy
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Book Synopsis Possible Effects of European Monetary Union on Switzerland by : Mr.Douglas Laxton
Download or read book Possible Effects of European Monetary Union on Switzerland written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1997-03-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the possible effects on Switzerland of asset preference shifts in favor of Swiss-franc-denominated assets that could result from EMU. Alternative policy responses to temporary and persistent asset preference shifts and the consequent pressures for exchange rate appreciation are examined. Simulations of a stylized macroeconomic model of the Swiss economy indicate that monetary policy is likely to be the most effective tool for stabilizing output in the short run, but at the cost of a temporary increase in inflationary pressures. The simulations highlight the dilemmas faced by policymakers in an environment with low inflation and nominal interest rates.
Book Synopsis Monetary Policy Under Flexible Exchange Rates by : Pierre-Richard Agénor
Download or read book Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2000 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.
Book Synopsis Asymmetry and Aggregation in the EU by : D. Mayes
Download or read book Asymmetry and Aggregation in the EU written by D. Mayes and published by Springer. This book was released on 2011-01-27 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a clear exposition of what constitutes asymmetry in economics. It provides an empirical application of these ideas in the case of the EU. In particular, it shows how important asymmetry is for the appropriate design of policy in the Euro Area.
Book Synopsis Nonlinear Time Series Analysis of Business Cycles by : C. Milas
Download or read book Nonlinear Time Series Analysis of Business Cycles written by C. Milas and published by Emerald Group Publishing. This book was released on 2006-02-08 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of Contributions to Economic Analysis addresses a number of important questions in the field of business cycles including: How should business cycles be dated and measured? What is the response of output and employment to oil-price and monetary shocks? And, is the business cycle asymmetric, and does it matter?
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451812981 Total Pages :120 pages Book Rating :4.4/5 (518 download)
Book Synopsis Monetary and Exchange Rate Policies of the Euro Area by : International Monetary Fund
Download or read book Monetary and Exchange Rate Policies of the Euro Area written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-10-29 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
Book Synopsis Monetary Policy and Unemployment by : Willi Semmler
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.
Download or read book Bulletin written by and published by . This book was released on 2002 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels by : Carl Chiarella
Download or read book Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels written by Carl Chiarella and published by Emerald Group Publishing. This book was released on 2006-05-30 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.
Book Synopsis Macroeconomic Analysis and International Finance by : Georgios P. Kouretas
Download or read book Macroeconomic Analysis and International Finance written by Georgios P. Kouretas and published by Emerald Group Publishing. This book was released on 2014-02-20 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking sector transformation, economic growth and inequality and exchange rate arrangements are critical issues whose importance has been highlighted during the recent financial crisis. This volume contains new research on the relationships between economic growth, inequality and the financial sector.
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 Monetary Policy and the German Unemployment Problem in Macroeconomic Models by : Jan Gottschalk
Download or read book Monetary Policy and the German Unemployment Problem in Macroeconomic Models written by Jan Gottschalk and published by Springer Science & Business Media. This book was released on 2007-04-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and modeling techniques inspired by new classical economics and real business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different econometric techniques to investigate the relevance and implications of different macroeconomic theories for German data. A key question this book investigates is the role of demand and supply side conditions for the increase in the German unemployment rate. On a policy level, the book relates the implications of the different theories to the ongoing debate on the appropriate roles of demand and supply side policies for curing the German unemployment problem.
Book Synopsis Consequences of the European Monetary Integration on Financial Systems by : Stanislav Polouček
Download or read book Consequences of the European Monetary Integration on Financial Systems written by Stanislav Polouček and published by Cambridge Scholars Publishing. This book was released on 2009-01-23 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume consists of twelve chapters that represent updated and revised versions of papers presented at the 11th International Conference on Finance and Banking which took place at Silesian University - School of Business Administration in Karviná, Czech Republic on 17 – 18 October 2007. The chapters are arranged in three thematic parts focusing on exchange rates, financial markets and monetary policy. The purpose of the book is to identify effects of the European monetary integration in financial systems of original, new and potential euro area member countries. The book also aims to evaluate how different are the effects in countries at different stage of the integration process and how important are the implications for national economic policies. Although each chapter is originally an independent study all of them were selected by the editors in order to create consistent book offering a rich blend of well grounded theory, innovative empirical approaches, fresh ideas, and striking conclusions. Contributors include scholars, researchers, central bankers and financial practitioners from respected universities and financial institutions. “I highly recommend this book to everyone, economist or not, who want to better understand the enormous challenges that financial systems nowadays have to face, particularly in the context of the European monetary integration. One of the main advantages of this book is that it does not reflect the opinion of only one author, but instead, it presents the views of 23 authors, all academics and qualified researchers, working in well known universities and research institutions from different EU and non EU countries.” — Candida Ferreira, Associate Professor, School of Economics and Management, Technical University of Lisbon (ISEG-UTL) and Research Unit on Complexity and Economics (UECE) “Analyzing the consequences of the European monetary integration on financial systems is certainly a challenging task, but this book tackles it very successfully by presenting a rich collection of highly original studies on the most relevant issues: exchange rate convergence of euro-candidates, inflation targeting, portfolio choice, volatility, yield curve disturbances and many others, currently debated in finance, macroeconomics and political economy. The International Conference on Finance and Banking at Silesian University in Karviná is a well established scientific event where the hottest issues in the financial scenario are analyzed from an international perspective.” — Marco Mazzoli, Associate Professor of Monetary and International Economics, Director of CESPEM, Università Cattolica del S. Cuore, Italy
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Book Synopsis How Monetary Policy Got Behind the Curve—and How to Get Back by : Michael D. Bordo
Download or read book How Monetary Policy Got Behind the Curve—and How to Get Back written by Michael D. Bordo and published by Hoover Press. This book was released on 2023-03-01 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to get back on track. They reflect a range of opinions and perspectives, including examination of the fiscal shock resulting from the COVID pandemic and the related borrowing and spending; emphasis on the value of adherence to rules versus discretion in setting Fed policy; lessons from history in the spikes in federal expenditures during times of war (including the pandemic) and in the timing of the Fed's use of its policy instruments; the role of central banks in the emerging inflation crisis; and strategies toward disinflation.
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Book Synopsis Understanding Post-COVID Inflation Dynamics by : Martin Harding
Download or read book Understanding Post-COVID Inflation Dynamics written by Martin Harding and published by International Monetary Fund. This book was released on 2023-01-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. The nonlinear Phillips curve in our model arises due to a quasi-kinked demand schedule for goods produced by firms. Our model can jointly account for the modest decline in inflation during the Great Recession and the surge in inflation during the Post-Covid period. Because our model implies a stronger transmission of shocks when inflation is high, it generates conditional heteroskedasticity in inflation and inflation risk. Hence, our model can generate more sizeable inflation surges due to cost-push and demand shocks than a standard linearized model. Finally, our model implies that the central bank faces a more severe trade-off between inflation and output stabilization when inflation is high.
Book Synopsis Monetary Policy with a Convex Phillips Curve and Asymmetric Loss by : Demosthenes N. Tambakis
Download or read book Monetary Policy with a Convex Phillips Curve and Asymmetric Loss written by Demosthenes N. Tambakis and published by International Monetary Fund. This book was released on 1998-02-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent theoretical and empirical work has cast doubt on the hypotheses of a linear Phillips curve and a symmetric quadratic loss function underlying traditional thinking on monetary policy. This paper analyzes the Barro-Gordon optimal monetary policy problem under alternative loss functions—including an asymmetric loss function corresponding to the “opportunistic approach” to disinflation—when the Phillips curve is convex. Numerical simulations are used to compare the implications of the alternative loss functions for equilibrium levels of inflation and unemployment. For parameter estimates relevant to the United States, the symmetric loss function dominates the asymmetric alternative.
