Author: Colin Dearborn CampbellPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 278
Book Description
Alternative Monetary Regimes
Author: Colin Dearborn CampbellPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 278
Book Description
Monetary Alternatives
Author: James A. DornPublisher: Cato Institute
ISBN: 1944424458
Category : Business & Economics
Languages : en
Pages : 304
Book Description
What monetary system best serves society? The current system of pure government fiat monies, managed by discretionary central banks, is inefficient and unstable. Monetary Alternatives explores fundamental and controversial ideas that move our monetary system and economy beyond repeated crises to sustainable stability and prosperity. The contributors to this volume energetically question the status quo and provide compelling arguments for moving to a monetary system based on freedom and the rule of law.
Monetary Policy Alternatives at the Zero Bound
Author: Ben S. BernankePublisher: www.bnpublishing.com
ISBN: 9781607961055
Category :
Languages : en
Pages : 0
Book Description
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.
Monetary Policy Strategies
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1451952570
Category : Business & Economics
Languages : en
Pages : 28
Book Description
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.
Handbook of Monetary Economics
Author: Benjamin M. FriedmanPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 0
Book Description
Exchange Rate Regimes in the Modern Era
Author: Michael W. KleinPublisher: Mit Press
ISBN: 9780262517997
Category : Business & Economics
Languages : en
Pages : 0
Book Description
An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945-72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.
Explorations on Alternative Monetary Policy Regimes in Post-crisis Asia
Author: Seung-Cheol JeonResetting the International Monetary (Non)System
Author: José Antonio OcampoPublisher: Oxford University Press
ISBN: 019871811X
Category : Business & Economics
Languages : en
Pages : 296
Book Description
This volume provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74
Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Asset Prices and Monetary Policy
Author: John Y. CampbellPublisher: University of Chicago Press
ISBN: 0226092127
Category : Business & Economics
Languages : en
Pages : 444
Book Description
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.