Boom Busts In Asset Prices Economic Instability And Monetary Policy
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Boom Busts In Asset Prices Economic Instability And Monetary Policy
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 2002
Boom Busts In Asset Prices Economic Instability And Monetary Policy written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business cycles categories.
Boom Bust In Asset Prices Economic Instability And Monetary Policy
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Author : Michael David BORDO
language : en
Publisher:
Release Date : 2002
Boom Bust In Asset Prices Economic Instability And Monetary Policy written by Michael David BORDO and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Monetary Policy And Asset Prices
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Author : Michael D. Bordo
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
Monetary Policy And Asset Prices written by Michael D. Bordo 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 2002-12 with Business & Economics categories.
The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, we present some stylized facts on boom-bust dynamics in stock and property prices in developed economies. We then discuss the case for a preemptive monetary policy in the context of a stylized model. We find that the optimal policy depends on the economic conditions in a complex, nonlinear way and cannot be summarized by a simple policy rule of the type considered in the inflation-targeting literature.
Asset Prices Booms And Recessions
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Author : Willi Semmler
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-15
Asset Prices Booms And Recessions written by Willi Semmler 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 2011-06-15 with Business & Economics categories.
The financial market melt-down of the years 2007-2009 has posed great challenges for studies on financial economics. This financial economics text focuses on the dynamic interaction of financial markets and economic activity. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market; economic activity includes the actions and interactions of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market, and how asset prices and financial market volatility and crises impact economic activity. The book offers extensive coverage of new and advanced topics in financial economics such as the term structure of interest rates, credit derivatives and credit risk, domestic and international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models, and dynamic portfolio decisions. Moreover a completely new section of the book is dedicated to the recent financial market meltdown of the years 2007-2009. Emphasis is placed on empirical evidence relating to episodes of financial instability and financial crises in the U.S. and in Latin American, Asian and Euro-area countries. Overall, the book explains what researchers and practitioners in the financial sector need to know about the financial-real interaction, and what practitioners and policy makers need to know about the financial market.
Money And Asset Prices In Boom And Bust
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Author : Tim Congdon
language : en
Publisher: Iea
Release Date : 2005
Money And Asset Prices In Boom And Bust written by Tim Congdon and has been published by Iea this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century, monetary economist Tim Congdon is able to show how monetary policy affects both financial markets and the real economy. In all these episodes, fluctuations in money supply growth led to booms or busts in financial markets and were associated with turbulence in the price level and in output and employment. The crucial linkages between monetary policy and financial markets, argues the author, involve broad money, not narrow money. Non-bank financial institutions, such as pension funds and insurance companies, play a critical role in transmitting fluctuations in money growth to asset prices. This monograph is an important contribution to the crucial debate on the role of monetary aggregates in setting monetary policy. Congdon's argument, that ignoring monetary aggregates can lead to profound instability in the real economy, is compelling.
Financial Instability
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Author : V. D'Apice
language : en
Publisher: Springer
Release Date : 2016-04-30
Financial Instability written by V. D'Apice and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with Business & Economics categories.
This book explains what is behind the wave of increasingly frequent and severe financial crises since the 1980s. It links theoretical and policy misconceptions to explain, in plain words, why and how global finance needs fixing. Otherwise, the world may not withstand the next, even bigger, financial crisis.
Asset Prices Financial And Monetary Stability
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Author : Claudio E. V. Borio
language : en
Publisher:
Release Date : 2002
Asset Prices Financial And Monetary Stability written by Claudio E. V. Borio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Assets (Accounting) categories.
Inflation Targeting And Financial Stability
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Author : Michael Heise
language : en
Publisher: Springer
Release Date : 2019-02-26
Inflation Targeting And Financial Stability written by Michael Heise and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-26 with Business & Economics categories.
Since the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
Asset Prices And Monetary Policy
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Author : John Y. Campbell
language : en
Publisher: University of Chicago Press
Release Date : 2008-11-15
Asset Prices And Monetary Policy written by John Y. Campbell and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-15 with Business & Economics categories.
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.
Macroeconomic Patterns And Monetary Policy In The Run Up To Asset Price Busts
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Author : Alasdair Scott
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-01
Macroeconomic Patterns And Monetary Policy In The Run Up To Asset Price Busts written by Alasdair Scott 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 2009-11-01 with Business & Economics categories.
We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts.