macroeconomic performance under alternative monetary policy regimes

Research " SOME MARCOECONOMIC ISSUES UNDER ALTERNATIVE EXCHANGE RATE REGIMES " pot

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Tài liệu Higher economic growth through macroeconomic policy coordination? The combination of wage policy and monetary policy docx

... time, whereas monetary policy played no active role Using a small theoretical macroeconomic model, we show that coordination between wage policy and monetary policy can be beneficial under certain ... applies Policy Rules for the Reaction of Monetary Policy to an Upward Shift of Potential Output To analyze the potential benefits of macroeconomic coordination, the model is simulated under alternative ... employment gains is reached Wage Moderation Policy with Coordination with Monetary Policy The second scenario assumes that German wage policy and ECB monetary policy are coordinated German social partners...

Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists doc

Danh mục: Ngân hàng - Tín dụng

... additional monetary easing under the zero 120 MONETARY AND ECONOMIC STUDIES /FEBRUARY 2001 Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists interest rate policy, and ... for Monetary and Economic Studies, Bank of Japan, 2001, pp 323–360 Okina, Kunio, Monetary Policy under Zero Inflation: A Response to Criticisms and Questions Regarding Monetary Policy, ” Monetary ... optimal path of monetary policy under zero interest rates imposes the following two constraints on the monetary base: (1) monetary base converges to zero in the distant future; and (2) monetary base...

THE PERFORMANCE OF CREDIT RATING SYSTEMS IN THE ASSESSMENT OF COLLATERAL USED IN EUROSYSTEM MONETARY POLICY OPERATIONS pot

Danh mục: Ngân hàng - Tín dụng

... in the monitoring of the performance of the different credit assessment systems participating in the assessment of eligible collateral underlying Eurosystem monetary policy operations Contrary ... issue European Central Bank (2007), The implementation of monetary policy in the Euro area General documentation on Eurosystem monetary policy instruments and procedures Finger, C (2001), The one-factor ... “Competitiveness and the export performance of the euro area”, by a Task Force of the Monetary Policy Committee of the European System of Central Banks, June 2005 31 “Regional monetary integration in...

public policy and government finance a comparative analysis under different monetary systems

Danh mục: Kinh tế

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Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices

Danh mục: Ngân hàng - Tín dụng

... adverse macroeconomic outcomes While seemingly attractive, this proposed policy has implications for central banks' understanding of economic developments and for the effectiveness of monetary policy ... asset prices by using interest rate policy are likely to induce pronounced macroeconomic fluctuations However, while the panel estimates confirm that monetary policy has predictable effects on ... contractionary monetary policy shock.17 It therefore seems appropriate to order the interest rate before the asset prices in the system Figure shows the bootstrapped impulse responses to a monetary policy...

Monetary policy and bank lending

Danh mục: Ngân hàng - Tín dụng

... ability of monetary policy to offset particular sorts of adverse shocks 5) Finally, the lending view implies that monetary policy can have distributional consequences that would not arise were policy ... channel of monetary policy transmission To begin, we.need to define clearly what is meant by the lending channel It is perhaps easiest to so by contrasting the lending view of monetary policy transmission ... bond" market, etc.) Thus understanding the lending channel is a prerequisite to understanding how innovation in financial institutions might influence the potency of monetary policy 4) Similarly,...

The Conduct of Monetary Policy: Strategy and Tactics

Danh mục: Ngân hàng - Tín dụng

... Fed would not use any monetary aggregates as a guide for conducting monetary policy 16-9 © 2013 Pearson Education, Inc All rights reserved The Federal Reserve’s Monetary Policy Strategy (cont’d) ... Education, Inc All rights reserved The Federal Reserve’s Monetary Policy Strategy • The United States has achieved excellent macroeconomic performance (including low and stable inflation) until ... rights reserved Other Goals of Monetary Policy • Five other goals are continually mentioned by central bank officials when they discuss the objectives of monetary policy: – – – – – 16-3 (1) (2)...

tools of monetary policy

Danh mục: Lý thuyết tài chính tiền tệ

... determine the monetary conditions in which the economy operates How Monetary Policy Affects the Economy III How Monetary Policy Affects the Economy IV Nominal Interest Rates and Monetary Policy • ... channel/corridor with an upper limit of ib and a lower limit of ib- 0.50 How Monetary Policy Affects the Economy I How Monetary Policy Affects the Economy II • Changes in the overnight rate influences ... on the monetary policy on economic activity are from the real interest rate affecting consumption and investment • Short term nominal rates affect short and longterm real interest rates under...

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what should central banks do monetary policy goals, strategy and tactics

Danh mục: Lý thuyết tài chính tiền tệ

... signs of future inflation coupled with periodic “pre-emptive strikes” by monetary policy against threat of inflation • Monetary policy has long lags • Cannot wait to respond until inflation has begun ... Different Monetary Policy Strategies Tactics: Choosing the Policy Instrument • Tools – – – – Open market operation Government deposit shifting Last resort lending Overnight interest rate • Policy ... inflation Rise of monetarism CB adopted key monetary aggregates as intermediate targets of monetary policy Interest Rates - Canada and U.S., 1941-2009 Monetary Targeting, 1975-1981 • Rising inflation...

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Transmission mechanisms of monetary policy the evidence

Danh mục: Lý thuyết tài chính tiền tệ

... mechanism for monetary policy is expansionary monetary policy Pe ↑, q ↑, I ↑, Y ↑ where Pe is the price of equity (not the expected price level) Wealth Channel Expansionary monetary policy ↑ stock ... Channel Monetary policy can affect firms’ balance sheets in several ways For example, expansionary monetary policy, ↑ Pe and ↑ the NW of firms and so leads to an ↑ in I and Y The monetary policy ... followed Transmission Mechanisms of Monetary Policy Traditional Interest-Rate Channels: expansionary monetary policy ir ↓, I ↑, Y↑ The interest rate channel of monetary transmission applies equally...

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Tài liệu EXTERNAL MEMBER, MONETARY POLICY COMMITTEE, BANK OF ENGLAND AND SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS pptx

Danh mục: Ngân hàng - Tín dụng

... In such cycles, monetary or fiscal policy would be loosened in time to enhance the chances of a given official’s election, or cyclical policy would otherwise be manipulated to suit the perceived electoral needs of incumbents. ... of Deflationary Monetary Policy, ” in Ryoichi Mikitani and Adam Posen, eds., Japan’s Financial Crisis and Its Parallels with US Experience, Washington: PIIE Posen, Adam (1999) “No Monetary Masquerades ... bank independence is about a specific form of autonomy, not some broad political process, and monetary policymaking remains politically challenging even for independent central banks The famous...

Tài liệu Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks ppt

Danh mục: Ngân hàng - Tín dụng

... 14 are Monetary Policy Counterparties and are Primary Monetary Policy Counterparties Only Monetary Policy Counterparties participate in the Riksbank’s standing facilities or its weekly monetary ... Implementation of Monetary Policy in Canada,” Bank of Canada Discussion Papers 2008-9, July 2008 Goodfriend, Marvin, “Interest on Reserves and Monetary Policy, ” FRBNY Economic Policy Review, Vol ... significantly the effectiveness of a policy floor rate as a monetary policy tool Even a porous floor rate can influence market rates if arbitrage keeps the spread between the policy rate and the market...

Tài liệu Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗ docx

Danh mục: Ngân hàng - Tín dụng

... 2008 Figure Policy Rate Responses under Commitment Figure illustrates the policy rate responses under timeless commitment It turns out that the optimal policy rate responses under alternative ... the following, we consider two alternative policy regimes: standard Taylor rule and commitment under a timeless perspective In addition, we also investigate optimal policy in the face of a loan ... , aﬀects the desirable policy To this end, we especially focus on its relation with conventional policy rate smoothing or policy inertia In investigating policy inertia under various degrees of...

Tài liệu Financial Markets, Monetary Policy and Reference Rates: Assessments in DSGE Framework docx

Danh mục: Ngân hàng - Tín dụng

... estimated underestimated overestimated -0.5 -1 -1.5 10 15 20 -2 10 15 20 Figure 8: Equilibrium response of macroeconomic variables to a disruption of FIs’net worth under di¤erent monetary policy regimes ... 15 20 10 15 20 Figure 9: Equilibrium response of macroeconomic variables to a large disruption of FIs’ net worth under di¤erent monetary policy regimes 34 ... rates as a disturbance to monetary policy implementation Set up 19 Finally, we explore a channel where reference rate acts as a disturbance to the economy through monetary policy implementation As...

Tài liệu Research " Stabilization Programs, Monetary Policy and Exchange Rate Movements in Emerging Markets Economies " doc

Danh mục: Thạc sĩ - Cao học

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Monetary Policy Actions and Long-Term Interest Rates doc

Danh mục: Ngân hàng - Tín dụng

... rates Monetary policy affects long-term rates to the extent that it influences current and expected short-term rates The monetary transmission mechanism Changes in the stance of monetary policy ... 3) Policy implications The analysis of these five policy scenarios highlights the crucial role market expectations of future policy actions play in the response of interest rates to monetary policy ... occurred in anticipation of monetary policy actions Estimates of the relationship between long-term rates and policy actions New estimates of the relationship between monetary policy actions and long-term...

Interest on Reserves and Monetary Policy doc

Danh mục: Ngân hàng - Tín dụng

... otherwise Interest on Reserves and Monetary Policy This unorthodox way of viewing monetary policy operating procedures is entirely consistent with conventional monetary theory The change of perspective, ... bank reserves channels of monetary transmission in an interest-on-reserves regime However, one can understand the potential usefulness of the additional degree of monetary policy freedom as follows ... policies? Interest rate FRBNY Economic Policy Review / Forthcoming policy could continue to be utilized to maintain overall macroeconomic stability Bank reserves policy could then address financial...

Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc

Danh mục: Ngân hàng - Tín dụng

... Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market Abstract This paper estimates the impact of monetary policy actions on bill, note, ... respond only to the surprise element of monetary policy actions, and not to anticipated movements in the funds rate In assessing the market response to monetary policy, therefore, it makes sense to ... 1998 U.S Monetary Policy and Financial Markets New York: Federal Reserve Bank of New York Radecki, Lawrence, & Reinhart, Vincent 1994 The Financial Linkages in the Transmission of Monetary Policy...

Research " Monetary Policy , the Banking System, and Short -term Money Instrusments " pot

Danh mục: Thạc sĩ - Cao học

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