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Author : Alastair Firrell
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (126 download)
Download or read book Uncertainty and Voting on the Bank of England's Monetary Policy Committee written by Alastair Firrell and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arnab Bhattacharjee
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Rational Partisan Theory, Uncertainty, and Spatial Voting written by Arnab Bhattacharjee and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transparency and openness of the monetary policy-making process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee (MPC) and the information on which they are based. In this paper, we consider this decision-making process in the context of a model in which inflation forecast targeting is used, but there is heterogeneity among the members of the committee. We find that rational partisan theory can explain spatial voting behavior under forecast uncertainty about the output gap. Internally generated forecasts of output and market-generated expectations of medium-term inflation provide the best description of discrete changes in interest rates, in combination with uncertainty in the macroeconomic environment. There is also a role for developments in asset, housing and labor markets. Further, spatial voting patterns clearly differentiate between internally and externally apppointed members of the MPC. The results have important implications for committee design and the conduct of monetary policy.
Author : Paolo Savona
Publisher : Springer Nature
ISBN 13 : 3031387082
Total Pages : 212 pages
Book Rating : 4.0/5 (313 download)
Download or read book Monetary Policy Normalization written by Paolo Savona and published by Springer Nature. This book was released on 2023-08-18 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the pickup of inflation at the end of 2021 and monetary policy shifts by the world's major central banks, this book examines interrelated issues in the normalization of monetary policy. It covers topics including the role of technological innovations such as derivatives and cryptocurrencies in monetary and financial management, the role of monetary policy in financial crises (especially public debt), and the major repricing needed for central banks and the global economy. In addition, the book discusses the problem of how flexible money should be and the importance of predictive tools for these decisions, with attention to the advances of languages for scientific research, including those on the workings of the economy. The work addresses the geopolitical and social challenges that have arisen as a result of the invasiveness of monetary policy in its various manifestations in the context of major leading currencies. It is aimed at scholars and students of monetary and financial economics.
Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
ISBN 13 : 9780215036162
Total Pages : 162 pages
Book Rating : 4.0/5 (361 download)
Download or read book The Monetary Policy Committee of the Bank of England written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2007-09-18 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy Committee of the Bank of England : Ten years on, twelfth report of session 2006-07, Vol. 1: Report, together with formal minutes, oral and written Evidence
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 :
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.F/5 ( download)
Download or read book Monetary Policy-making Under Uncertainty written by and published by . This book was released on 2000 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451952570
Total Pages : 28 pages
Book Rating : 4.4/5 (519 download)
Download or read book Monetary Policy Strategies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-10-04 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of simple rules lose their force under a mixed strategy.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
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.
Author : Jagjit S. Chadha
Publisher : Cambridge University Press
ISBN 13 : 1316654311
Total Pages : 465 pages
Book Rating : 4.3/5 (166 download)
Download or read book The UK Economy in the Long Expansion and its Aftermath written by Jagjit S. Chadha and published by Cambridge University Press. This book was released on 2016-07-28 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007–11 has now been analysed and explained from almost every conceivable standpoint. Far less attention has been paid to the long business cycle expansion that started in 1992 and provided an exceptional period of macroeconomic stability in the UK. To many it seemed that the main problem of the UK economy had been solved: that of sustained non-inflationary economic growth. This book brings together senior macroeconomists from universities and the Bank of England to look at what policy-making lessons can be learned from looking at the period of expansion that preceded the financial crisis. It does so with the twin aims of encouraging more policy-focused research on the UK and encouraging policy debate in the aftermath of the financial crisis and the prolonged economic recession. Students, researchers and practitioners with an interest in the UK economy will need to absorb the lessons of this book.
Author : Alan S. Blinder
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128601
Total Pages : 150 pages
Book Rating : 4.1/5 (286 download)
Download or read book How Do Central Banks Talk? written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Author : William Greider
Publisher : Simon and Schuster
ISBN 13 : 0671675567
Total Pages : 804 pages
Book Rating : 4.6/5 (716 download)
Download or read book Secrets of the Temple written by William Greider and published by Simon and Schuster. This book was released on 1989-01-15 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals how the Federal Reserve under Paul Volcker engineered changes in America's economy.
Author : Pierre L. Siklos
Publisher : MIT Press
ISBN 13 : 0262018934
Total Pages : 327 pages
Book Rating : 4.2/5 (62 download)
Download or read book Central Bank Communication, Decision Making, and Governance written by Pierre L. Siklos and published by MIT Press. This book was released on 2013 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts analyze the recent emphasis on central communication as an additional policy and accountability device.
Author : Rania A. Al-Mashat
Publisher : International Monetary Fund
ISBN 13 : 1484379535
Total Pages : 71 pages
Book Rating : 4.4/5 (843 download)
Download or read book An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2018-10-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
Author :
Publisher :
ISBN 13 : 9789291317912
Total Pages : 189 pages
Book Rating : 4.3/5 (179 download)
Download or read book Issues in the Governance of Central Banks written by and published by . This book was released on 2009 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.
Author : Wouter Bossu
Publisher : International Monetary Fund
ISBN 13 : 1513524054
Total Pages : 71 pages
Book Rating : 4.5/5 (135 download)
Download or read book The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues written by Wouter Bossu and published by International Monetary Fund. This book was released on 2019-12-27 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.
Author : David Cobham
Publisher : Cambridge University Press
ISBN 13 : 1139491253
Total Pages : 468 pages
Book Rating : 4.1/5 (394 download)
Download or read book Twenty Years of Inflation Targeting written by David Cobham and published by Cambridge University Press. This book was released on 2010-09-16 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
Author : Jagjit Chadha
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.4/5 (2 download)
Download or read book Deciphering Delphic Guidance: The Bank of England and Brexit written by Jagjit Chadha and published by International Monetary Fund. This book was released on 2024-07-19 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the 2016 referendum on EU Membership and the ensuing uncertainty as to the eventual consequences of Brexit, the Bank of England (BoE) adopted various methods of influencing market rates, including conventional, unconventional monetary policy measures and communications on forward guidance. To investigate the effectiveness of BoE’s communication, we first decompose long-dated yields into a risk neutral and term premium component. Text-based analysis of Monetary Policy Committee minutes is then used to measure the stance of policy, attitudes to QE and Brexit. We show that the Bank’s communication strategy acted to complement the stance of monetary policy, which had responded by lowering Bank rate and expanding QE, and acted to lower the term premium that might otherwise have risen in response to Brexit uncertainty.
