monetary policy and currency

... patterns between shifts in policy and changes in lending and output Unfortunately, the observation that changes in monetary policy are followed by changes in both loan quantities and economic activity ... (L), and bonds (B), and fmances itself with deposits (D) and CDs (C) The bank seeks to maximize: (1) Max rLL + r8B - rC, where rL, r, and rc represent the interest rates on loans, bonds, and CDs ... extent to which the money view of monetary policy transmission can account for the decline in U.S output between 1930 and 1933 He finds that while a standard monetary model would predict a large...

Ngày tải lên: 06/09/2013, 05:46

... Taylor rule Following Cúrdia and Woodford (2010) and Hirakata, Sudo, and Ueda (2011b), we de…ne a rule as a monetary policy rule that lowers the intercept of the standard Taylor rule by responding ... to meet the aggregate demand F (st ) : The aggregate demand is not known to the operator and it infers the aggregate 12 See Christiano, Motto, and Rostagno (2003, 2008, and 2010) for quantitative ... shocks and document that such news shocks are quantitatively important drivers of the business cycle ‡ uctuation in the U.S and in Japan (Fujiwara, Hirose, and Shintani 2009; and Schimitt-Grohé and...

Ngày tải lên: 17/02/2014, 03:20

Ngày tải lên: 18/02/2014, 11:20

... Borio  C.E.V  and White  W.R(2003)  “Whither  Monetary and Financial  Stability  :  the  Implications  of  Evolving Policy Regimes?” – Presentation at the Symposium  Monetary Policy and Uncertainty: Adapting  ... Adrian T and Shin HS.(2008a) “ Liquidity and Financial Cycles” – BIS Working Paper 256, Basel, July    Adrian T and Shin H.S(2008b) “Financial Intermediaries, Financial Stability and Monetary Policy  Federal  ... Impacts  and Recommendations”    Fahr  S,  Motto  R,  Rostagne  M,  Smets  F  and Tristani  O  (2010)  “Lessons  for  Monetary Policy:   Strategies  from the Recent Past”‐ “Approaches to Monetary Policy Revisited – Lesson from the Crisis” – Sixth ECB ...

Ngày tải lên: 22/03/2014, 23:20

... macroeconomic and monetary surprises Moreover, the relationship between in‡ ation, interest rates and monetary policy has been studied for a long time and, for example, since the seminal paper of Mankiw and ... Expectations and Monetary Policy Board of Governors Finance and Economics Discussion Series, # 2002-27 Orphanides, A – Williams, J.C (2003) In‡ ation Scares and Forecast-Based Monetary Policy Board ... adopt a learning strategy about monetary policy to infer the level of the long-term monetary policy target for in‡ ation and why this process could take time and leads to some empirical facts...

Ngày tải lên: 22/03/2014, 23:20

... sorts of problems monetary policy can address And we don’t need to worry that our stimulative monetary policy could fuel regional imbalances Monetary policy works by raising and lowering interest ... on demand for construction materials and home furnishings And it’s kept millions of carpenters, plumbers, and others in construction and real estate out of work It’s impossible to understand the ... forthcoming Feroli, Mike, Ethan Harris, Amir Sufi, and Ken West 2012 “Housing, Monetary Policy, and the Recovery.” Presentation to the 2012 U.S Monetary Policy Forum, New York, February 24 http://research.chicagobooth.edu/igm/usmpf/2012/download.aspx...

Ngày tải lên: 23/03/2014, 05:22

... bị bóp méo - “China as a reserve sink: The evidence from offset and sterilization coefficients” Alice Y Ouyang, Ramkishen S Rajan and Thomas D Willett-2007 Trung Quốc tích lũy dự trữ ngoại hối ... giá hối đoái linh hoạt tăng trưởng nhanh so với quốc gia có tỷ giá hối đoái cố định -“No single currency regime is right for all countries or at all times” -Jeffrey A Frankel (1999) Bài viết xem ... gian,và chế độ tiền tệ tối ưu phù hợp biến nội sinh Nhóm 2: Nghiên cứu dự trữ ngoại hối -“The high demand for international reserves in the Far East: What’s going on?” Joshua Aizenman, Nancy Marion-2002...

Ngày tải lên: 09/04/2014, 01:25

... sets monetary policy objectives and the stance of monetary policy Monetary policy of Viet Nam 1.2 Goal: Resolution 11(24/2/2011): control inflation, stabilized macroeconomic with packages of policy ... Content I Overview Monetary Policy of VN Inflation of VN II Tools of State Bank of Vietnam III How Vietnam used Monetary Policy to control Inflation I Overview Monetary policy of Viet Nam 1.1 ... inflation and stabilize asset markets” (Frenkel and Taylor 2005) Evaluation: While indirect monetary policy has been introduced, there appears to exist a strong belief in the government and the...

Ngày tải lên: 01/07/2014, 10:41

... implementation and organization of monetary policy and related market issues, as well as with market participants in the United States about current policy developments and market impacts The prominence and ... toward monetary policy and related questions were also being adapted in light of experience, changing economic and financial circumstances, and congressional interest and oversight Though Purpose and ... constraints The instruments of monetary policy are generally powerful and far-reaching enough to keep inflation Overview of Policy Management and Managers 13 under control and the overall economy on...

Ngày tải lên: 30/10/2014, 16:54

... The Evolution of Monetary Policy and Banking in the US Donald D Hester The Evolution of Monetary Policy and Banking in the US Donald D Hester Professor of Economics, ... volume describes what led to changes and what the changes mean for the conduct of monetary policy and financial markets Change and innovation are unending and should always be the principal focus ... securities to loans, and interest rates and the rate of inflation were volatile Between 1955 and 1960, restrictive monetary policy and competitive pressures forced banks and other institutions to begin...

Ngày tải lên: 30/10/2014, 17:01

... only one parameter determining the stance of monetary policy Fuller understanding of monetary policy requires information about changes in private and public banks’ reserve requirements, discount ... Publishing Ltd STERILIZATION, MONETARY POLICY, AND FINANCIAL INTEGRATION 779 The inconsistent policy goals resulted in severe financial crises, in Mexico during 1994–95 and in East Asia during 1997–98.2 ... rate Korea’s monetary authorities responded to the monetary impact of these inflows by sterilization A similar pattern of inflows and sterilization is apparent in Thailand Aizenman and Glick (2008b)...

Ngày tải lên: 09/06/2015, 16:11

... Sevestre and Andreas Worms (2003), “Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area,” in: Ignazio Angeloni, Anil K Kashyap and Benoit Mojon (eds), Monetary Policy ... the wealth effect of monetary policy should be important and one would expect a larger impact of monetary policy shocks on GDP (see Maclennan et al 1998) On the other hand, landlords or institutional ... and Monetary Stability: Exploring the Nexus,” BIS Working Paper No 114 Calza, Alessandro, Tommaso Monacelli and Livio Stracca (2007), “Mortgage Markets, Collateral Constraints, and Monetary Policy: ...

Ngày tải lên: 24/10/2012, 09:40

... Macropudential policy: regulatory policy to affect what is happening in credit markets in the aggregate • Monetary policy: Central banks and other regulators should not have a laissez-faire attitude and ... Inflation Rates and Inflation Targets for New Zealand, Canada, and the United Kingdom, 1980–2011 16-8 © 2013 Pearson Education, Inc All rights reserved The Federal Reserve’s Monetary Policy Strategy ... 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)...

Ngày tải lên: 15/11/2013, 20:27

... by monetary policy against threat of inflation • Monetary policy has long lags • Cannot wait to respond until inflation has begun • Needs to be forward-looking and pre-emptive Advantages and ... the preferences, skills and trustworthiness of the central bank staff Summary of Advantages and Disadvantages of Different Monetary Policy Strategies Tactics: Choosing the Policy Instrument • Tools ... 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...

Ngày tải lên: 05/01/2014, 16:58

... not necessarily with the specific sources of support I initially hypothesized).  See Berger, Eijffinger and De Haan  (2001), Hayo (1998), Kuttner and  Posen (2009), and Miller (1998), and the references therein.   Drazen and Masson (1994) give a particularly insightful formal model of this phenomenon.  ... Independence in Theory and Practice MIT Press Debelle, Guy, and Stanley Fischer (1994) How Independent Should a Central Bank Be? In Goals, Guidelines and Constraints Facing Monetary Policymakers, edited ... 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...

Ngày tải lên: 15/02/2014, 13:20

... “EMU and the Transmission of Monetary Policy: Evidence from Business Lending Rates.” ZEI University of Bonn Kleimeier, S., and H Sander 2006 “Expected versus Unexpected Monetary Policy Impulses and ... Sack, B., and V Wieland 2000 “Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence.” Journal of Economics and Business 52 (1–2): 205–28 Sander, H., and S Kleimeier ... Eichenbaum, and Evans (2005), and Ravenna and Walsh (2006), See, for example, Barth and Ramey (2001), Angeloni, Kashyap, and Mojon (2003), Christiano, Eichenbaum, and Evans (2005), Chowdhury, Hoffmann, and...

Ngày tải lên: 17/02/2014, 03:20

... combination of wage policy and monetary policy coordination In the case of the United States, it is hard to see any evidence of ex ante policy coordination at all In the Netherlands and in Ireland, a consensual ... coordination between wage policy and monetary policy usually did not exist The conditions prevailing in the monetary union also suggest that an ex ante coordination of monetary policy and wage setting ... explicit agreements on monetary and fiscal policy Certainly, at the beginning of the nineties, when the recession was bottoming out and the recovery was slow, both monetary and fiscal policy were expansive...

Ngày tải lên: 20/02/2014, 20:20

... rection of policy The third section presents new empirical estimates of the relationship between policy actions and long-term rates MONETARY POLICY AND LONG-TERM RATES: THEORY VS REALITY The standard ... 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 ... current and expected future short-term rates to fall and leads to lower short-term and long-term rates Evidence on the relationship between policy actions and interest rates In the standard view...

Ngày tải lên: 06/03/2014, 02:21

... supply Reserve demand Interest on reserves Reserves This opens an important new possibility for monetary policy: separate interest rate and bank reserves channels of monetary policy transmission ... 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, ... the channel system for implementing monetary policy See Sargent and Wallace (1985) and Smith (1991) See, for example, Kerr and King (1996), McCallum (2001), and Woodford (1999) 11 Economists have...

Ngày tải lên: 06/03/2014, 02:21

... 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, and bond yields, ... participants and policymakers alike Bondholders, naturally, are concerned with the effects of Fed policy on bond prices And because the first link in the transmission of Federal Reserve policy is ... 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...

Ngày tải lên: 06/03/2014, 02:21