Monetary Policy Decisions
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Committee Decisions On Monetary Policy
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Author : Henry W. Chappell, Jr.
language : en
Publisher: MIT Press
Release Date : 2004-12-30
Committee Decisions On Monetary Policy written by Henry W. Chappell, Jr. and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-30 with Business & Economics categories.
An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
Monetary Policy Decisions
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Author :
language : en
Publisher:
Release Date : 2008
Monetary Policy Decisions written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking, Central categories.
The Impact Of Ecb Monetary Policy Decisions And Communication On The Yield Curve
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Author : Claus Brand
language : en
Publisher:
Release Date : 2006
The Impact Of Ecb Monetary Policy Decisions And Communication On The Yield Curve written by Claus Brand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Monetary Policy Decisions
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Author : William Nelson
language : en
Publisher:
Release Date : 2008
Monetary Policy Decisions written by William Nelson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking, Central categories.
Monetary Policy In Times Of Crisis
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Author : Massimo Rostagno
language : en
Publisher: Oxford University Press
Release Date : 2021
Monetary Policy In Times Of Crisis written by Massimo Rostagno and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Japanese Monetary Policy
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Author : Kenneth J. Singleton
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Japanese Monetary Policy written by Kenneth J. Singleton 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 2007-12-01 with Business & Economics categories.
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Monetary Policy Committees Learning And Communication
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Author : Anke Weber
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Monetary Policy Committees Learning And Communication written by Anke Weber 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 2010-04-01 with Business & Economics categories.
This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
Lessons For Monetary Policy
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Author : Mr.Otmar Issing
language : en
Publisher: International Monetary Fund
Release Date : 2011-04-01
Lessons For Monetary Policy written by Mr.Otmar Issing 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 2011-04-01 with Business & Economics categories.
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target.
Market Predictability Of Ecb Policy Decisions
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Author : Mr.Kevin Ross
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2002-12-01
Market Predictability Of Ecb Policy Decisions written by Mr.Kevin Ross 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 2002-12-01 with Business & Economics categories.
Many surveys of the ECB's monetary framework emphasize the inability of financial markets to correctly predict monetary policy decisions. At the same time, these surveys of financial market participants have given relatively high marks to the United States Federal Reserve and the Bank of England on their ability to be understood by financial markets. Against this background, this paper examines the ability of financial markets to correctly anticipate these three central bank policy decisions over the first 31⁄2 years of the ECB. The paper relies on calculations that market participants employ in anticipating policy changes and on term structure regressions that provide ex post evidence of market surprises. While the results suggest that all three central banks are broadly predictable, markets have had difficulty anticipating large changes and cuts in ECB policy interest rates. These surprises may be tied to the large number of policy meetings, particular characteristics of the EONIA money market, and the unique circumstances of the ECB. An added factor may be the absence of a consistent policy on communicating the current stance-if any-of the ECB's policy bias on the future direction of interest rates.
Advanced Introduction To Central Banks And Monetary Policy
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Author : de Haan, Jakob
language : en
Publisher: Edward Elgar Publishing
Release Date : 2022-08-12
Advanced Introduction To Central Banks And Monetary Policy written by de Haan, Jakob and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-12 with Business & Economics categories.
Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.