Asset Prices And Monetary Policy

Author : John Y. Campbell
Publisher : University of Chicago Press
Page : 444 pages
File Size : 50,9 Mb
Release : 2008-11-15
Category : Business & Economics
ISBN : 9780226092126

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Asset Prices and Monetary Policy by John Y. Campbell Pdf

Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.

Author : William Curt Hunter,George G. Kaufman,Michael Pomerleano
Publisher : MIT Press
Page : 650 pages
File Size : 45,5 Mb
Release : 2005
Category : Business & Economics
ISBN : 0262582538

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Asset Price Bubbles by William Curt Hunter,George G. Kaufman,Michael Pomerleano Pdf

A study of asset price bubbles and the implications for preventing financial instability.

Author : Éric Tymoigne
Publisher : Routledge
Page : 337 pages
File Size : 49,7 Mb
Release : 2008-11-21
Category : Business & Economics
ISBN : 9781135976736

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Central Banking, Asset Prices and Financial Fragility by Éric Tymoigne Pdf

In this book Tymoigne argues that financial stability should be the sole goal of central banks and suggests an alternative to the inflation targeting framework showing how interest-rate policy can help to solve some of the problems faced by central bankers.

Author : Stephen Giovanni Cecchetti
Publisher : Centre for Economic Policy Research
Page : 164 pages
File Size : 43,8 Mb
Release : 2000
Category : Business & Economics
ISBN : 1898128537

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Asset Prices and Central Bank Policy by Stephen Giovanni Cecchetti Pdf

Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.

Author : Mark Gertler
Publisher : Centre for Economic Policy Research
Page : 44 pages
File Size : 49,5 Mb
Release : 1998
Category : Banks and banking, Central
ISBN : 1898128405

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Asset Prices and Monetary Policy by Mark Gertler Pdf

This report collects the views of several prominent scholars and central bankers on whether and how asset price developments can be incorporated in the design of monetary policy. The views were expressed in a concluding panel discussion of a conference on Asset Prices and Monetary Policy organized by CEPR and the Bank for International Settlements.

Author : Mr.Pau Rabanal,Mr.Prakash Kannan,Mr.Alasdair Scott
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,8 Mb
Release : 2009-11-01
Category : Business & Economics
ISBN : 9781451873993

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Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts by Mr.Pau Rabanal,Mr.Prakash Kannan,Mr.Alasdair Scott Pdf

We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts.

Author : Willi Semmler
Publisher : Springer Science & Business Media
Page : 327 pages
File Size : 48,8 Mb
Release : 2011-06-15
Category : Business & Economics
ISBN : 9783642206801

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Asset Prices, Booms and Recessions by Willi Semmler Pdf

The financial market melt-down of the years 2007-2009 has posed great challenges for studies on financial economics. This financial economics text focuses on the dynamic interaction of financial markets and economic activity. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market; economic activity includes the actions and interactions of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market, and how asset prices and financial market volatility and crises impact economic activity. The book offers extensive coverage of new and advanced topics in financial economics such as the term structure of interest rates, credit derivatives and credit risk, domestic and international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models, and dynamic portfolio decisions. Moreover a completely new section of the book is dedicated to the recent financial market meltdown of the years 2007-2009. Emphasis is placed on empirical evidence relating to episodes of financial instability and financial crises in the U.S. and in Latin American, Asian and Euro-area countries. Overall, the book explains what researchers and practitioners in the financial sector need to know about the financial-real interaction, and what practitioners and policy makers need to know about the financial market.

Author : Paul De Grauwe
Publisher : CEPS
Page : 22 pages
File Size : 55,8 Mb
Release : 2008
Category : Monetary policy
ISBN : 9789290798194

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Stock Prices and Monetary Policy by Paul De Grauwe Pdf

The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.

Author : Stephen G. Cecchetti
Publisher : Unknown
Page : 140 pages
File Size : 51,9 Mb
Release : 2000
Category : Electronic
ISBN : OCLC:882616035

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Asset Prices and Central Bank Policy by Stephen G. Cecchetti Pdf

Author : Mr.Garry J. Schinasi
Publisher : International Monetary Fund
Page : 29 pages
File Size : 42,8 Mb
Release : 1994-03-01
Category : Business & Economics
ISBN : 9781451971927

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Asset Prices, Monetary Policy, and the Business Cycle by Mr.Garry J. Schinasi Pdf

The business cycle in several industrial countries during the period 1989-1993 was different from previous post World War II business cycles in important ways. This paper describes the unique character of the recent cycle, examines important underlying structural and macroeconomic factors, and discusses why these unique features emerged. Although many of the structural changes were partly responsible for the overshooting of asset prices and private debt levels, the extreme overshooting could not have occurred without overexpansionary monetary and fiscal policies. The paper examines why inflationary pressures were allowed to accumulate and then discusses a number of lessons for conducting economic policy in the 1990s. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Author : Willi Semmler
Publisher : Springer Science & Business Media
Page : 249 pages
File Size : 44,6 Mb
Release : 2007-03-21
Category : Business & Economics
ISBN : 9783540246961

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Asset Prices, Booms and Recessions by Willi Semmler Pdf

"Asset Prices, Booms and Recessions" is a book on Financial Economics from a dynamic perspective. It focuses on the dynamic interaction of financial markets and economic activity. The financial markets to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market and how asset prices and financial market volatility feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The current version of the book has moved to a more extensive coverage of the topics in financial economics by updating the literature in the appropriate chapters. Moreover it gives a more extensive treatment of new and more advanced topics in financial economics such as international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models and dynamic portfolio decisions. Overall, the book presents material that researchers and practitioners in financial engineering need to know about economic dynamics and that economists, practitioners and policy makers need to know about the financial market.

Author : Kent Matthews,Philip M. Booth
Publisher : John Wiley & Sons
Page : 210 pages
File Size : 54,6 Mb
Release : 2006-02-22
Category : Business & Economics
ISBN : 9780470032817

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Issues in Monetary Policy by Kent Matthews,Philip M. Booth Pdf

Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.

Author : Frederic S. Mishkin
Publisher : MIT Press
Page : 561 pages
File Size : 54,9 Mb
Release : 2007
Category : Monetary policy
ISBN : 9780262134828

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Monetary Policy Strategy by Frederic S. Mishkin Pdf

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.

Author : Mike Kennedy
Publisher : Unknown
Page : 44 pages
File Size : 49,7 Mb
Release : 1998
Category : Asset-backed financing
ISBN : STANFORD:36105021511667

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Asset Prices and Monetary Policy by Mike Kennedy Pdf

Author : María Socorro Gochoco Bautista,Bank for International Settlements
Publisher : Unknown
Page : 46 pages
File Size : 53,9 Mb
Release : 2007
Category : Assets (Accounting)
ISBN : OCLC:508443269

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Asset Prices and Monetary Policy by María Socorro Gochoco Bautista,Bank for International Settlements Pdf

Do housing and equity booms significantly raise the probability of extremely bad outcomes at the margin? This study addresses this question for a group of 8 East Asian countries. The main findings are the following: (i) Asset price booms in housing and equity markets, either separately or jointly but especially in housing, significantly raise the probability at the margin that (a) the real output gap will be in the left tail of its distribution, in which output is significantly below trend, and (b) the price-level gap will be in the right tail of its distribution, in which the price level is significantly above trend. At the margin, the risk of the occurrence of these particular tail events due to asset price booms is largely asymmetric and does not apply to the tails of good outcomes; and (ii) Expected real output and price level outcomes that are either obtained without conditioning on asset price booms or are obtained conditional on asset price booms using the normal approximation underestimate the risk of tail events and lead to less pessimistic but misleading inferences. One implication for monetary policy is that an approach that is ex-ante more compatible with risk management may be appropriate.