Author: Julius MoschitzPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Essays on the Transmission Mechanism of Monetary Policy
Author: Julius MoschitzEssays on the Transmission Mechanism of Monetary Policy
Author: Massimo GiuliodoriPublisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 295
Book Description
Essays on the Transmission Mechanisms of Monetary Policy
Author: Shabbir DastgirPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This study presents coverage of the transmission mechanism of monetary policy in the UK. It shows that historically, monetary policy has evolved through several distinct phases and frameworks over the last quarter of a century. A "new consensus" has emerged as a key theoretical construct of this process, with implications for the nature and role of money in an endogenous framework. It is argued that this is the essential basis for the current mode of economic analysis at the Bank of England. A further series of implications of this are the outcomes of Inflation Targeting as an objective of monetary policy. The stance can be shown to underpin thinking on monetary policy rules and these are used to perform an initial econometric analysis of a monetary policy reaction function. It is argued that the essential time series properties of such rules are generally overlooked in the empirical literature. Tentative analysis suggests that Taylor-type monetary policy reaction functions may not necessarily fit with an Inflation Targeting policy. In addition, the extent of pass through from official to retail bank interest rates is considered and shown to be incomplete.
Essays on the Monetary Transmission Mechanism
Author: Jerry-Jeff SukPublisher:
ISBN: 9783866243309
Category :
Languages : en
Pages : 156
Book Description
Three Essays on the Transmission Mechanism of Monetary Policy
Author: Irene ChanPublisher:
ISBN:
Category : Liquidity (Economics)
Languages : en
Pages : 0
Book Description
Essays on the transmission mechanism of monetary policy
Author: Shabbir DastgirEssays on the Role that Banks Play in the Monetary Policy Transmission Mechanism in the United States
Author: Rosen Azad ChowdhuryThe Preparation of Monetary Policy
Author: J.M. BerkPublisher: Springer Science & Business Media
ISBN: 1475734050
Category : Business & Economics
Languages : en
Pages : 157
Book Description
Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.
Essays on the Transmission of Monetary Policy
Author: Marvin Jenkins BarthPublisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 340
Book Description
Essays on the Interaction between Monetary Policy and Financial Markets
Author: Alain DurréPublisher: Presses univ. de Louvain
ISBN: 2930344296
Category : Business & Economics
Languages : fr
Pages : 188
Book Description
Despite the consequences of financial bubbles on economic activity, it is still an open question to what extent the monetary policy should react to sharp fluctuations of equity prices. This dissertation attempts to contribute to the debate with some theoretical and empirical analyses of the relationship between monetary policy and financial markets. Chapter 1 incorporates the effect of real equity prices on aggregate demand in a forward-looking expectations neo-Keynesian model. This effect arises either from a wealth effect or from a change in consumers' confidence. The objective function of monetary authorities depends on the output gap and the deviation of expected inflation from the target. A numerical simulation, based on US data, illustrates the quantitative importance of the financial market channel for various exogenous shocks. In Chapter 2, the variation of equity prices enters explicitly in the loss function of the monetary authorities while, at the same time, it affects aggregate demand. This modifies the optimal monetary policy by increasing the volatility of the nominal interest rate. Chapter 3 examines how the launch of the European single currency has affected expectations on future monetary policy by comparing the econometric results of a co-integrated VAR model on pre- and post- January 1999 data. Chapter 4 deals with diverse methodological issues related to the estimation of the Taylor rule, which represents Central Bank decisions by a single and stable function. Several interesting results emerge from the modelling of the Fed funds rate over the period 1987-2002. In particular, assuming a discontinuous and asymmetric response of the Federal Reserve to fluctuations of equity prices, corrects the apparent instability of the rule.