Monetary Policy And Financial Stability

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Unconventional Monetary Policy and Financial Stability

Alexis Stenfors,Jan Toporowski
Unconventional Monetary Policy and Financial Stability Book PDF

Author : Alexis Stenfors,Jan Toporowski
Publisher : Routledge
Page : 184 pages
File Size : 55,5 Mb
Release : 2020-07-15
Category : Business & Economics
ISBN : 9780429627972

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Unconventional Monetary Policy and Financial Stability by Alexis Stenfors,Jan Toporowski Pdf

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

Monetary Policy and Financial Stability

Claude Gnos,Louis-Philippe Rochon
Monetary Policy and Financial Stability Book PDF

Author : Claude Gnos,Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
Page : 312 pages
File Size : 48,6 Mb
Release : 2009
Category : Business & Economics
ISBN : IND:30000126762586

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Monetary Policy and Financial Stability by Claude Gnos,Louis-Philippe Rochon Pdf

Pushes the boundaries of post-Keynesian thinking, addressing issues dealing with wage determination, income distribution and central bank governance.

Monetary Policy and Financial Stability

Janet Louise Yellen,International Monetary Fund
Monetary Policy and Financial Stability Book PDF

Author : Janet Louise Yellen,International Monetary Fund
Publisher : International Monetary Fund
Page : 68 pages
File Size : 40,8 Mb
Release : 2015-08-28
Category : Business & Economics
ISBN : 9781498344265

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Monetary Policy and Financial Stability by Janet Louise Yellen,International Monetary Fund Pdf

The issue of using monetary policy for financial stability purposes is hotly contested. The crisis was a reminder that price stability is not sufficient for financial stability, financial crises are costly, and policy should aim to decrease the likelihood of crises, not only rely on dealing with their repercussions once they occur. It is clear that well-targeted prudential policies (including micro and macroprudential regulation and supervision) should be pursued actively to attenuate the buildup of financial risks. The question is whether monetary policy should be altered to contain financial stability risks. Should it lend a hand by temporarily raising interest rates more than warranted by price and output stability objectives? Keeping rates persistently higher is also possible, but more costly.

Monetary Policy and Macroprudential Regulation with Financial Frictions

Pierre-Richard Agenor
Monetary Policy and Macroprudential Regulation with Financial Frictions Book PDF

Author : Pierre-Richard Agenor
Publisher : MIT Press
Page : 601 pages
File Size : 47,6 Mb
Release : 2020-11-10
Category : Business & Economics
ISBN : 9780262359429

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Monetary Policy and Macroprudential Regulation with Financial Frictions by Pierre-Richard Agenor Pdf

An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Age&́nor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries.

Inflation Targeting and Financial Stability

Michael Heise
Inflation Targeting and Financial Stability Book PDF

Author : Michael Heise
Publisher : Springer
Page : 111 pages
File Size : 40,9 Mb
Release : 2019-02-26
Category : Business & Economics
ISBN : 9783030050788

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Inflation Targeting and Financial Stability by Michael Heise Pdf

Since the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.

Issues in Monetary Policy

Kent Matthews,Philip M. Booth
Issues in Monetary Policy Book PDF

Author : Kent Matthews,Philip M. Booth
Publisher : John Wiley & Sons
Page : 210 pages
File Size : 55,5 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.

Monetary Policy and Financial Stability

Mr.Jeremy Clift
Monetary Policy and Financial Stability Book PDF

Author : Mr.Jeremy Clift
Publisher : International Monetary Fund
Page : 24 pages
File Size : 52,6 Mb
Release : 2014-10-06
Category : Business & Economics
ISBN : 9781498346511

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Monetary Policy and Financial Stability by Mr.Jeremy Clift Pdf

The Inaugural Camdessus Central Banking Lecture

Financial Stability and Interest-Rate Policy

Mr.Andrea Pescatori,Stefan Laseen
Financial Stability and Interest Rate Policy Book PDF

Author : Mr.Andrea Pescatori,Stefan Laseen
Publisher : International Monetary Fund
Page : 29 pages
File Size : 51,7 Mb
Release : 2016-03-21
Category : Business & Economics
ISBN : 9781475522679

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Financial Stability and Interest-Rate Policy by Mr.Andrea Pescatori,Stefan Laseen Pdf

Should monetary policy use its short-term policy rate to stabilize the growth in household credit and housing prices with the aim of promoting financial stability? We ask this question for the case of Canada. We find that to a first approximation, the answer is no— especially when the economy is slowing down.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 54,9 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

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.

Monetary Policy in Times of Crisis

Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Monetary Policy in Times of Crisis Book PDF

Author : Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Publisher : Oxford University Press
Page : 449 pages
File Size : 51,9 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780192895912

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Monetary Policy in Times of Crisis by Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou Pdf

The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Understanding Financial Stability

Indranarain Ramlall
Understanding Financial Stability Book PDF

Author : Indranarain Ramlall
Publisher : Emerald Group Publishing
Page : 168 pages
File Size : 52,5 Mb
Release : 2018-12-14
Category : Business & Economics
ISBN : 9781787568358

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Understanding Financial Stability by Indranarain Ramlall Pdf

Understanding Financial Stability undertakes an in-depth analysis of all the issues related to financial stability. It establishes a general framework for a holistic assessment of financial stability, provides a comprehensive analysis pertaining to the genesis of financial crises and offers key terms embodied in financial stability.

Monetary Policy in the New Normal

Mr.Tamim Bayoumi,Mr.Giovanni Dell'Ariccia,Mr.Karl F Habermeier,Mr.Tommaso Mancini Griffoli,Mr.Fabian Valencia
Monetary Policy in the New Normal Book PDF

Author : Mr.Tamim Bayoumi,Mr.Giovanni Dell'Ariccia,Mr.Karl F Habermeier,Mr.Tommaso Mancini Griffoli,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 49 pages
File Size : 45,6 Mb
Release : 2014-04-04
Category : Business & Economics
ISBN : 9781475561784

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Monetary Policy in the New Normal by Mr.Tamim Bayoumi,Mr.Giovanni Dell'Ariccia,Mr.Karl F Habermeier,Mr.Tommaso Mancini Griffoli,Mr.Fabian Valencia Pdf

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

Advancing the Frontiers of Monetary Policy

Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld
Advancing the Frontiers of Monetary Policy Book PDF

Author : Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld
Publisher : International Monetary Fund
Page : 297 pages
File Size : 47,8 Mb
Release : 2018-04-13
Category : Business & Economics
ISBN : 9781484325940

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Advancing the Frontiers of Monetary Policy by Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld Pdf

Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Unconventional Monetary Policy and Financial Stability

Alexis Stenfors,Jan Toporowski
Unconventional Monetary Policy and Financial Stability Book PDF

Author : Alexis Stenfors,Jan Toporowski
Publisher : Routledge
Page : 184 pages
File Size : 45,9 Mb
Release : 2020-07-15
Category : Business & Economics
ISBN : 9780429627972

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Unconventional Monetary Policy and Financial Stability by Alexis Stenfors,Jan Toporowski Pdf

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

Macroeconomic Shocks and Unconventional Monetary Policy

Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble
Macroeconomic Shocks and Unconventional Monetary Policy Book PDF

Author : Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble
Publisher : Oxford University Press, USA
Page : 345 pages
File Size : 50,9 Mb
Release : 2019
Category : Business & Economics
ISBN : 9780198838104

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Macroeconomic Shocks and Unconventional Monetary Policy by Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble Pdf

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.