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Credible Commitment To Optimal Escape From A Liquidity Trap
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Book Synopsis Credible Commitment to Optimal Escape from a Liquidity Trap by : Mr.Olivier Jeanne
Download or read book Credible Commitment to Optimal Escape from a Liquidity Trap written by Mr.Olivier Jeanne and published by International Monetary Fund. This book was released on 2004-09-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the central bank cannot commit itself to a particular future money supply. It supports the feasibility of Svensson's Foolproof Way to escape from a liquidity trap.
Book Synopsis Credible Commitment to Optimal Escape from a Liquidity Trap by : Olivier Jeanne
Download or read book Credible Commitment to Optimal Escape from a Liquidity Trap written by Olivier Jeanne and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Economics by : Steven Durlauf
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 395 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.
Download or read book Deep Freeze written by Philipp Bagus and published by Ludwig von Mises Institute. This book was released on 2011-04-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises’s point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.
Download or read book Monetary and Economic Studies written by and published by . This book was released on 2006 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank of Japan Monetary and Economic Studies by :
Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 2006 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Alternatives at the Zero Bound by : Ben S. Bernanke
Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben S. Bernanke and published by www.bnpublishing.com. This book was released on 2009-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.
Book Synopsis The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability by : Philipp Lehmbecker
Download or read book The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability written by Philipp Lehmbecker and published by Peter Lang. This book was released on 2008 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
Book Synopsis The Mistake of 1937 by : Gauti B. Eggertsson
Download or read book The Mistake of 1937 written by Gauti B. Eggertsson and published by . This book was released on 2006 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper studies a dynamic general equilibrium model with sticky prices and rational expectations in an environment of low interest rates and deflationary pressures. We show that small changes in the public's beliefs about the future inflation target of the government can lead to large swings in both inflation and output. This effect is much larger at low interest rates than under regular circumstances. This highlights the importance of effective communication policy at zero interest rates. We argue that confusing communications by the US Federal Reserve, the President of the United States, and key administration officials about future price objectives were responsible for the sharp recession in the US in 1937-38, one of the sharpest recessions in US economic history. Poor communication policy is the mistake of 1937. Before committing the mistake of 1937 the US policy makers faced economic conditions that are similar in some respect to those confronted by Japanese policy makers in the first half of 2006."--Authors' abstract.
Download or read book IMF Research Bulletin written by and published by . This book was released on 2004 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Environmental, Social, and Governance Perspectives on Economic Development in Asia by : William A. Barnett
Download or read book Environmental, Social, and Governance Perspectives on Economic Development in Asia written by William A. Barnett and published by Emerald Group Publishing. This book was released on 2021-11-08 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Asia.
Book Synopsis Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle by : Stephanie Schmitt-Grohé
Download or read book Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle written by Stephanie Schmitt-Grohé and published by . This book was released on 2004 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies optimal interest-rate rules within a rich, dynamic, general equilibrium model that has been shown to account well for observed aggregate dynamics in the postwar United States. We perform policy evaluations based on second-order accurate approximations to conditional and unconditional expected welfare. We require that interest-rate rules be operational, in the sense that they include as arguments only a few readily observable macroeconomic indicators and respect the zero bound on nominal interest rates. We find that the optimal operational monetary policy is a real-interest-rate targeting rule. That is, an interest-rate feedback rule featuring a unit inflation coefficient, a mute response to output, and no interest-rate smoothing. Contrary to existing studies, we find a significant degree of optimal inflation volatility. A key factor driving this result is the assumption of indexation to past inflation. Under indexation to long-run inflation the optimal inflation volatility is close to zero. Finally, we show that initial conditions matter for welfare rankings of policies.
Book Synopsis How to Fight Deflation in a Liquidity Trap by : Mr. Gauti B. Eggertsson
Download or read book How to Fight Deflation in a Liquidity Trap written by Mr. Gauti B. Eggertsson and published by International Monetary Fund. This book was released on 2003-03-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: I model deflation, at zero nominal interest rate, in a microfounded general equilibrium model. I show that deflation can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by means of open market operations in short-term bonds, and cannot commit to future policies. I propose several policies to solve the credibility problem. They involve printing money or nominal debt and either (1) cutting taxes, (2) buying real assets such as stocks, or (3) purchasing foreign exchange. The government credibly "commits to being irresponsible" by using these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation instead of deflation. This is optimal, since it curbs deflation and increases output by lowering the real rate of return.
Book Synopsis The Effects of Foreign Shocks when Interest Rates are at Zero by : Martin Bodenstein
Download or read book The Effects of Foreign Shocks when Interest Rates are at Zero written by Martin Bodenstein and published by . This book was released on 2009 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a two-country DSGE model, the effects of foreign demand shocks on the home country are greatly amplified if the home economy is constrained by the zero lower bound for policy interest rates. This result applies even to countries that are relatively closed to trade such as the United States. The duration of the liquidity trap is determined endogenously. Adverse foreign shocks can extend the duration of the liquidity trap, implying more contractionary effects for the home country; conversely, large positive shocks can prompt an early exit, implying effects that are closer to those when the zero bound constraint is not binding.
Book Synopsis Monthly Report on General Business and Agricultural Conditions in Federal Reserve District No. 8 by :
Download or read book Monthly Report on General Business and Agricultural Conditions in Federal Reserve District No. 8 written by and published by . This book was released on 2010 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Review written by and published by . This book was released on 2010-07 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Banking Crises written by Garett Jones and published by Springer. This book was released on 2016-01-26 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do banks collapse? Are financial systems more fragile in recent decades? Can policies to fix the banking system do more harm than good? What's the history of banking crises? With dozens of brief, non-technical articles by economists and other researchers, Banking Crises offers answers from diverse scholarly viewpoints.
