Author : Stephen Giovanni Cecchetti
Publisher : Centre for Economic Policy Research
Page : 164 pages
File Size : 39,61 MB
Release : 2000
Category : Business & Economics
ISBN : 9781898128533
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
Author : John Y. Campbell
Publisher : University of Chicago Press
Page : 444 pages
File Size : 33,62 MB
Release : 2008-11-15
Category : Business & Economics
ISBN : 0226092127
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
Publisher : MIT Press
Page : 650 pages
File Size : 14,33 MB
Release : 2005
Category : Business & Economics
ISBN : 9780262582537
A study of asset price bubbles and the implications for preventing financial instability.
Author : Éric Tymoigne
Publisher : Routledge
Page : 337 pages
File Size : 31,27 MB
Release : 2008-11-21
Category : Business & Economics
ISBN : 1135976732
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 : Paul De Grauwe
Publisher : CEPS
Page : 22 pages
File Size : 46,92 MB
Release : 2008
Category : Monetary policy
ISBN : 929079819X
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 :
Page : 140 pages
File Size : 44,74 MB
Release : 2000
Category :
ISBN :
Author : Board of Governors of the Federal Reserve System
Publisher :
Page : 0 pages
File Size : 50,62 MB
Release : 2002
Category : Banks and Banking
ISBN : 9780894991967
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 : Kent Matthews
Publisher : John Wiley & Sons
Page : 210 pages
File Size : 28,57 MB
Release : 2006-02-22
Category : Business & Economics
ISBN : 0470032812
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 : Mr.Peter Stella
Publisher : International Monetary Fund
Page : 40 pages
File Size : 34,22 MB
Release : 1997-07-01
Category : Business & Economics
ISBN : 1451850506
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Author : Frederic S. Mishkin
Publisher : MIT Press
Page : 561 pages
File Size : 45,63 MB
Release : 2009-08-21
Category : Business & Economics
ISBN : 0262513374
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.
