Advances In Monetary Policy Design
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Advances In Monetary Policy Design
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Author : Ryadh M. Alkhareif
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2013-10-03
Advances In Monetary Policy Design written by Ryadh M. Alkhareif and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-03 with Business & Economics categories.
In response to the recent financial crisis, many countries have initiated monetary stimulus packages. Maintaining proper measures of monetary aggregates is of particular importance for such economic policies. However, many central banks worldwide use the simple-sum monetary indexes, which ignore the liquidity characteristics of financial assets. Using the simple-sum indexes can produce misleading information, especially for broad monetary aggregates within which financial assets are not likely to be perfect substitutes. This book focuses on alternative economic stability indicators, and outlines the methods for constructing proper monetary and financial indicators – known as Divisia indexes. The Divisia monetary indexes are designed to measure accurately the liquidity in the economy by assigning different weights to different financial assets according to their usefulness in transactions. This book is highly relevant to economists interested in monetary policy and the construction of core inflation indicators and proper monetary indexes, in accordance with aggregation and index number theory. This book is the first to publish Divisia-based money supply indexes and core inflation indicators for the Gulf Cooperation Council (GCC) countries and for the Gulf Monetary Union. Researchers who use the financial data published by GCC central banks can use our indexes and findings to examine the interactions among the relevant macro-economic variables.
Current Issues In The Design And Conduct Of Monetary Policy
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Current Issues In The Design And Conduct Of Monetary Policy written by Mr.Mohsin S. Khan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
The Evolution Of Monetary Policy Strategies In Europe
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Author : Aerdt C.F.J. Houben
language : en
Publisher: Springer Science & Business Media
Release Date : 2000-07-31
The Evolution Of Monetary Policy Strategies In Europe written by Aerdt C.F.J. Houben and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-07-31 with Business & Economics categories.
The Evolution of Monetary Policy Strategies in Europe provides a comprehensive review of the advances in European monetary policy-making over the past decades. This book examines the considerations that determine a central bank's monetary strategy and explains how these considerations have featured in recent European monetary history. In so doing, it establishes what European monetary policy-makers have learned (or should have learned) and how they learned it. At the same time, Aerdt Houben maps out the rich monetary traditions that now flow together in the new-born Eurosystem and provides important insight into a prime influence on the system's decision-making, that is, the participating countries' past experiences. The book's distinctiveness lies in its sweeping coverage of policy developments in the individual central banks of the European Union, its penetrating analysis of the country-specific learning curves and its balanced assessment of the viability of alternative monetary policy strategies, including the strategy recently adopted by the Eurosystem. It combines theoretical insights with an in-depth empirical study of monetary policy design in Europe, highlighting the specific features that have contributed to policy success or failure. While the subject of monetary policy strategy (especially that of the Eurosystem) is currently very topical, the book's detailed information on how monetary policy has actually been implemented in each of the 15 European Union countries makes it a useful reference work with a long life-span.
Monetary Theory And Policy
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2003
Monetary Theory And Policy written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
An overview of recent theoretical and policy-related developments in monetary economics.
Advanced Monitory Theory Policies
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Author : R. Jayaprakash Reddy
language : en
Publisher: APH Publishing
Release Date : 2004
Advanced Monitory Theory Policies written by R. Jayaprakash Reddy and has been published by APH Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Monetary policies categories.
Brings Out Classical, Keynesians And Contemporary Monetary Theories, Theories Of Inflation And Monetary Policies In Earlier Plans. Alos Covers Monetary And Credit Policy Of India From 2002-03. In Question And Answer Model. Useful For Bcom, Bba, Mcom And Ma Students.
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-23 with Business & Economics categories.
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.
Strengthening Monetary Policy Frameworks In The Caucasus And Central Asia
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Author : Mr. Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2023-08-28
Strengthening Monetary Policy Frameworks In The Caucasus And Central Asia written by Mr. Tigran Poghosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-28 with Business & Economics categories.
Amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine, the countries of the Caucasus and Central Asia (CCA) region have faced strong price pressures in recent years. Inflation is estimated to have peaked in early 2023, but still exceeds central bank targets. In particular, core inflation remains stubbornly high reflecting a combination of second-round effects, surges in global energy and food prices, and domestic demand pressures. More broadly, uncertainty and downside risks also weigh on the economic outlook, including due to regional tensions, financial turmoil related to international monetary policy normalization, and a growth slowdown in key trading partners. In this context, CCA countries’ ability to contain inflationary pressures and anchor inflation expectations hinges on the credibility and effectiveness of their monetary policy frameworks. Since gaining independence in the 1990s, countries in the CCA region have made considerable progress in modernizing their monetary policy frameworks. CCA central banks have strengthened their legal frameworks and established broad de-jure independence. Armenia, Georgia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan are transitioning to inflation targeting regimes, while the central banks of Azerbaijan, Tajikistan, and Turkmenistan rely on the exchange rate as an operational target. However, the post-COVID surge in inflation has highlighted the limitations of current frameworks and triggered a fresh policy debate on the need to strengthen monetary policy effectiveness in the CCA. This paper reviews the CCA region’s monetary policy landscape, highlights challenges in monetary policy design and implementation, and identifies areas that warrant strengthening. It draws on original surveys of country authorities, IMF country teams, and the work by Unsal and others (2022). It uses novel empirical work to analyze monetary policy transmission, the link between foreign exchange interventions and exchange rate dynamics, the drivers of financial de-dollarization, and the effects of central bank communication in the CCA.
Monetary Policy Strategy
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Author : Frederic S. Mishkin
language : en
Publisher: MIT Press
Release Date : 2007
Monetary Policy Strategy written by Frederic S. Mishkin and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Monetary policy categories.
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 Strategydescribes 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 anch 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.
Money In Monetary Policy Design Under Uncertainty
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Author : Günter Beck
language : en
Publisher:
Release Date : 2007
Money In Monetary Policy Design Under Uncertainty written by Günter Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Interest rates categories.
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many contributions to research onmonetary policy in the last two decades. Of course, if one allows for a direct effect of money on output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions,it would be optimal to include a measure of (long-run) money growth in the rule. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect knowledge regarding unobservables such as potential output and equilibrium interest rates. We formulate a novel characterization of ECB-style monetary cross-checking and showthat it can generate substantial stabilization benefits in the event of persistent policy misperceptions regarding potential output. Such misperceptions cause a bias in policy setting. We find that cross-checking and changing interest rates in response to sustained deviations of long-runmoney growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross-checking does not require direct effects of money on output or inflation.
Issues In Monetary Policy
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Author : Kent Matthews
language : en
Publisher: John Wiley & Sons
Release Date : 2006-02-22
Issues In Monetary Policy written by Kent Matthews and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-22 with Business & Economics categories.
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.