Strategies For Monetary Policy

Author : John H. Cochrane,John B. Taylor
Publisher : Hoover Press
Page : 237 pages
File Size : 49,8 Mb
Release : 2020-05-01
Category : Business & Economics
ISBN : 9780817923761

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Strategies for Monetary Policy by John H. Cochrane,John B. Taylor Pdf

As the Federal Reserve System conducts its latest review of the strategies, tools, and communication practices it deploys to pursue its dual-mandate goals of maximum employment and price stability, Strategies for Monetary Policy—drawn from the 2019 Monetary Policy Conference at the Hoover Institution—emerges as an especially timely volume. The book's expert contributors examine key policy issues, offering their perspectives on US monetary policy tools and instruments and the interaction between Fed policies and financial markets. The contributors review central bank inflation-targeting policies, how various monetary strategies actually work in practice, and the use of nominal GDP targeting as a way to get the credit market to work well and fix the friction in that market. In addition, they discuss the effects of the various rules that the Fed considers in setting policy, how the Fed's excessive fine-tuning of the economy and financial markets has added financial market volatility and harmed economic performance, and the key issues that impact achievement of the Fed's 2 percent inflation objective. The volume concludes by exploring potential options for enhancing our policy approach.

Author : Frederic S. Mishkin
Publisher : MIT Press
Page : 561 pages
File Size : 40,7 Mb
Release : 2009-08-21
Category : Business & Economics
ISBN : 9780262513371

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Monetary Policy Strategy by Frederic S. Mishkin Pdf

A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. 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 Strategy describes 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 anchor; 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 : John Howland Cochrane,John B. Taylor
Publisher : Unknown
Page : 128 pages
File Size : 45,6 Mb
Release : 2020
Category : Monetary policy
ISBN : 0817923780

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Strategies for Monetary Policy by John Howland Cochrane,John B. Taylor Pdf

"As the Federal Reserve reviews its monetary policy strategy, key experts provide an in-depth discussion of the financial tools, debates, and practices that will ensure a sound US economy"--

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 42,8 Mb
Release : 1988-10-04
Category : Business & Economics
ISBN : 9781451952575

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Monetary Policy Strategies by International Monetary Fund Pdf

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 Bofinger
Publisher : Oxford University Press
Page : 477 pages
File Size : 43,6 Mb
Release : 2001-10-04
Category : Business & Economics
ISBN : 9780191664847

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Monetary Policy by Peter Bofinger Pdf

This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy—-targets, institutions, strategies, and instruments—-but traditional and contemporary theoretical approaches to monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, Monetary Policy offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB. In the past, many books have presented mere descriptions of the institutional framework without providing a theoretical framework, while others have dealt mainly with theoretical aspects, thus neglecting the policy implications of their analysis. By combining a theoretical with a policy-oriented approach, Peter Bofinger succeeds in closing this gap in the monetary policy literature. As a result, his book will appeal to a broad readership, including investment bankers and other professional investors, central bankers, and scholars working in the field.

Author : Michael Bordo,John Cochrane,Amit Seru
Publisher : Hoover Press
Page : 200 pages
File Size : 40,8 Mb
Release : 2018-03-01
Category : Business & Economics
ISBN : 9780817921361

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Structural Foundations of Monetary Policy by Michael Bordo,John Cochrane,Amit Seru Pdf

In The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from the Hoover Institution's annual monetary policy conference. The conference participants discuss long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions. They explore vital issues affecting the Federal Reserve, the United States' central bank. They voice concern over the Fed's independence, governance, and ability to withstand future shocks and analyze the effects of its monetary policies and growing balance sheet in the wake of the 2008 financial crisis. The authors ask a range of questions that get to the heart of twenty-first-century monetary policy. Finally they propose reforms to ensure that the Fed will remain independent, stable, strong, and resilient in an unpredictable world.

Author : John B. Taylor
Publisher : University of Chicago Press
Page : 460 pages
File Size : 42,5 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226791265

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Monetary Policy Rules by John B. Taylor Pdf

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Author : Peter Bofinger,Julian Reischle,Andrea Schächter
Publisher : Oxford University Press, USA
Page : 480 pages
File Size : 41,9 Mb
Release : 2001
Category : Business & Economics
ISBN : 0199248567

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Monetary Policy by Peter Bofinger,Julian Reischle,Andrea Schächter Pdf

Provides a description and analysis of monetary policy in Europe and the United States. It focuses on actual monetary policy - targets, institutions, strategies, and instruments - but traditional and contemporary theoretical approaches to monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, "Monetary Policy" offers a guide to understanding the targets, strategy, and instruments of the ECB. By combining a theoretical with a policy-oriented approach, this title should appeal to a broad readership, including investment bankers and other professional investors, central bankers, and scholars working in the field.

Author : Harriet Ward
Publisher : Unknown
Page : 0 pages
File Size : 49,5 Mb
Release : 2017
Category : Monetary policy
ISBN : 1536108294

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Monetary Policy by Harriet Ward Pdf

Chapter One discusses the role of central banks in our economies, with more emphasis on the U.S. Federal Agency, and their monetary policy to stabilise the economy (correct the business cycle) and satisfy their ultimate objectives: price stability, growth, employment, long-term interest rates, and current account balances. Chapter Two investigates the impact of shocks of Monetary Policy Actions on the real economy and the stock market performance. Chapter Three focuses on analysing monetary policy under high level of eurosation in Serbia.

Author : Great Britain: H.M. Treasury
Publisher : The Stationery Office
Page : 66 pages
File Size : 46,9 Mb
Release : 2013-03-20
Category : Business & Economics
ISBN : 0101858825

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Review of the Monetary Policy Framework by Great Britain: H.M. Treasury Pdf

This paper reviews the performance of the UK's flexible inflation targeting framework against the internationally-accepted monetary policy objective of price stability, a pre-requisite to longer-term growth and macroeconomic stability. Chapters cover the historical and international context, monetary policy frameworks and monetary policy instruments. The paper gives the Monetary Policy Committee's revised remit at Budget 2013. The Government has retained a flexible inflation target framework. The inflation target of 2 per cent, as measured by the 12-month increase in the Consumer Prices Index, is re-affirmed. The remit has been updated to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target, and in forming and communicating its judgements the MPC should promote understanding of these trade-offs. The remit continues to require an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. The open letter from the Governor should now be sent alongside the minutes of the MPC meeting that followed the publication of the CPI data. The remit requests that the MPC provides in its August 2013 inflation report an assessment of the merits of using intermediate thresholds - policy commitments conditional on future economic developments. The remit also reflects the Government's intention that the frameworks for monetary policy and macro-prudential policy, operated by the MPC and FPC of the Bank of England respectively, should be coordinated.

Author : Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Publisher : Oxford University Press
Page : 449 pages
File Size : 45,8 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.

Author : Philippe Moutot,Giovanni Vitale
Publisher : DIANE Publishing
Page : 44 pages
File Size : 55,5 Mb
Release : 2009
Category : Business & Economics
ISBN : 9781437923650

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Monetary Policy Strategy in a Global Environment by Philippe Moutot,Giovanni Vitale Pdf

Since the mid-1980s the world economy has gone through profound transformations of which the sources and effects are probably not yet completely understood. The process of continuous integration in trade, production and financial markets across countries and economic regions ¿- which is what is generally defined as ¿globalisation¿ ¿- affects directly the conduct of monetary policy in a variety of respects. The aim of this paper is to present an overview of the structural implications of globalization for the domestic economies of developed countries and to deduct from these implications lessons for the conduct of monetary policy, and in particular the assessment of risks to price stability. Charts and tables.

Author : Frederic S. Mishkin,Miguel A. Savastano
Publisher : World Bank Publications
Page : 38 pages
File Size : 53,9 Mb
Release : 2000
Category : Anti-inflationary policies
ISBN : 8210379456XXX

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Monetary Policy Strategies for Latin America by Frederic S. Mishkin,Miguel A. Savastano Pdf

Instead of focusing the debate about the conduct of monetary policy on whether the nominal exchange rate should be fixed or flexible, the focus should be on whether the monetary policy regime appropriately constrains discretion in monetary policymaking. Three frameworks deserve serious discussion as possible long-run strategies for monetary policy in Latin America. A hard exchange-rate peg, monetary targeting, and inflation targeting.

Author : Charles Albert Eric Goodhart,José Viñals
Publisher : Unknown
Page : 76 pages
File Size : 53,9 Mb
Release : 1994
Category : Banks and banking, Central
ISBN : MINN:31951D01474359K

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Strategy and Tactics of Monetary Policy by Charles Albert Eric Goodhart,José Viñals Pdf

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 44,6 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.