Getting Global Monetary Policy On Track
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Getting Global Monetary Policy On Track
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Author : Michael D. Bordo
language : en
Publisher: Hoover Press
Release Date : 2025-03-01
Getting Global Monetary Policy On Track written by Michael D. Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-01 with Business & Economics categories.
Based on the 2024 Monetary Policy Conference held at the Hoover Institution at Stanford University, Getting Global Monetary Policy on Track reviews recent global inflation, asking how central banks could have better responded and how they can improve their forecasting and policy strategies to avoid inflationary bursts in the future. Discussions delve into the interactions of fiscal and monetary policies, digital currency, and how the European Central Bank has become more dovish, preferring to keep interest rates low. The publication shares the presentations from economic experts around the globe, who contribute analysis of monetary policy and strategy from Asia, Europe, Latin America, and the United States, in large economies and in emerging markets. It also reproduces the lively and informative discussions at the conference. Essays on financial regulation examine asset value and equity levels in the US banking system, Treasury market turmoil, Federal Reserve independence, the 2023 UK pension fund meltdown, and regulatory expansion. Additional topics include labor market responses to the surge in remote work; how Israel handled financial shocks following the 2023 Hamas attack; and continued fallout from the COVID-19 pandemic: the supply, fiscal, and relative demand shocks of the pandemic and how central banks handled postpandemic inflation.
Getting Global Monetary Policy On Track
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Author : Michael D Bordo
language : en
Publisher:
Release Date : 2025-03
Getting Global Monetary Policy On Track 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 2025-03 with Business & Economics categories.
Based on the 2024 Monetary Policy Conference held at the Hoover Institution at Stanford University, Getting Global Monetary Policy on Track reviews recent global inflation, asking how central banks could have better responded and how they can improve their forecasting and policy strategies to avoid inflationary bursts in the future. Discussions delve into the interactions of fiscal and monetary policies, digital currency, and how the European Central Bank has become more dovish, preferring to keep interest rates low. The publication shares the presentations from economic experts around the globe, who contribute analysis of monetary policy and strategy from Asia, Europe, Latin America, and the United States, in large economies and in emerging markets. It also reproduces the lively and informative discussions at the conference. Essays on financial regulation examine asset value and equity levels in the US banking system, Treasury market turmoil, Federal Reserve independence, the 2023 UK pension fund meltdown, and regulatory expansion. Additional topics include labor market responses to the surge in remote work; how Israel handled financial shocks following the 2023 Hamas attack; and continued fallout from the COVID-19 pandemic: the supply, fiscal, and relative demand shocks of the pandemic and how central banks handled postpandemic inflation.
Monetary Equilibrium And Nominal Income Targeting
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Author : Nicolás Cachanosky
language : en
Publisher: Routledge
Release Date : 2018-06-27
Monetary Equilibrium And Nominal Income Targeting written by Nicolás Cachanosky and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-27 with Business & Economics categories.
This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others). Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules. It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek’s rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman’s k-percent? Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.
Rules For International Monetary Stability
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Author : Michael D. Bordo
language : en
Publisher: Hoover Press
Release Date : 2017-04-01
Rules For International Monetary Stability written by Michael D. Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-01 with Business & Economics categories.
Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy. In this view a return to rules based monetary policy and a rolling back of the " global great deviation" by each country's central bank would lead to a beneficial policy outcome without the need for explicit policy coordination. In this book we report the results from a recent conference which brought together academics, market participants, and policy makers to focus on these issues. The consensus of much of the conference was on the need for a classic rules based reform of the international monetary system.
Inflation In Emerging And Developing Economies
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Author : Jongrim Ha
language : en
Publisher: World Bank Publications
Release Date : 2019-01-03
Inflation In Emerging And Developing Economies written by Jongrim Ha and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-03 with Business & Economics categories.
This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
The Global Financial Crisis And The New Monetary Consensus
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Author : Marc Pilkington
language : en
Publisher: Routledge
Release Date : 2013-10-01
The Global Financial Crisis And The New Monetary Consensus written by Marc Pilkington and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-01 with Business & Economics categories.
The Global Financial Crisis has reshuffled the cards for central banks throughout the world. In the wake of the biggest crisis since the Great Depression, this volume traces the evolution of modern central banking over the last fifty years. It takes in the inflationary chaos of the 1970s and the monetarist experiments of the 1980s, eventually leading to the New Monetary Consensus, which took shape in the 1990s and prevailed until 2007. The book then goes on to review the limitations placed on monetary policy in the aftermath of the global meltdown, arguing that the financial crisis has shaken the new monetary consensus. In the aftermath of the worst crisis since the Great Depression, the book investigates the nature of present and future monetary policy. Is the Taylor rule still a satisfactory monetary precept for central bankers? Has the New Monetary Consensus been shaken by the Global Financial Crisis? What are the fundamental issues raised by the latter cataclysmic chain of events? How should central banks conceptualize monetary policy anew in a post-crisis scenario? Existing books have dwelt extensively on the characteristics of the New Monetary Consensus, but few have cast light on its relevance in a post-crisis scenario. This book seeks to fill this gap, drawing on the lessons from five decades of contrasted theoretical approaches ranging from Keynesianism, monetarism, new classical macroeconomics, inflation targeting and more recently, pragmatic global crisis management.
Globalization And National Financial Systems
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Author : James A. Hanson
language : en
Publisher: World Bank Publications
Release Date : 2003
Globalization And National Financial Systems written by James A. Hanson and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This book breaks new ground by exploring the challenges, constraints, and opportunities of national financial systems in developing countries, while noting that all such systems must be considered small when viewed in the context of global finance. Banking, securities, contractual savings, and systemic macroeconomic aspects are all considered.
How Latin America Weathered The Global Financial Crisis
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Author : José De Gregorio
language : en
Publisher: Columbia University Press
Release Date : 2013-10-05
How Latin America Weathered The Global Financial Crisis written by José De Gregorio and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-05 with Business & Economics categories.
Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of the Central Bank of Chile from 2007 to 2011, tells the story of how Latin America has responded to the crisis with a perspective that only an insider can have. De Gregorio focuses on the seven largest economies of the region, Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela (90 percent of the region's output). He argues that Latin America was resilient because of good macroeconomic policies, strong financial systems, and "a bit of luck."
Inflation Unemployment And Monetary Policy
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Author : Robert M. Solow
language : en
Publisher: MIT Press
Release Date : 1998
Inflation Unemployment And Monetary Policy written by Robert M. Solow and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
The Global Findex Database 2017
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Author : Asli Demirguc-Kunt
language : en
Publisher: World Bank Publications
Release Date : 2018-04-19
The Global Findex Database 2017 written by Asli Demirguc-Kunt and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-19 with Business & Economics categories.
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals.The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.