Monetary Policy Rules

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Monetary Policy Rules

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Author : John B. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

Monetary Policy Rules written by John B. Taylor 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.

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Monetary Policy Rule In Theory And Practice

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Author : Nicolas Barbaroux
language : en
Publisher: Routledge
Release Date : 2013-08-21

Monetary Policy Rule In Theory And Practice written by Nicolas Barbaroux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-21 with Business & Economics categories.

This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.

Handbook Of Monetary Policy

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Author : Jack Rabin
language : en
Publisher: CRC Press
Release Date : 2020-04-30

Handbook Of Monetary Policy written by Jack Rabin and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-30 with Business & Economics categories.

This handbook explains the development and implementation of monetary policy. It examines theories and issues related to the preservation of economic activity and explores why the preservation of economic stability is a principal goal of public policy.

Discretionary Monetary Policy Versus Rules

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Author : Mr.Guy Meredith
language : en
Publisher: International Monetary Fund
Release Date : 1992-08-01

Discretionary Monetary Policy Versus Rules written by Mr.Guy Meredith 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 1992-08-01 with Business & Economics categories.

This paper compares the hypothetical performance of various monetary policy rules with that of the discretionary policies actually pursued in Japan over the 1986-91 period. The results suggest that simple rules based on targeting growth in either the money supply, nominal income, or prices would have failed to stabilize economic variables more successfully than discretionary policies. At the same time, it appears that an indicator of monetary conditions incorporating movements in the real exchange rate and the real interest rate would have been useful in assessing the effect of current policies on future activity.

Strategies For Monetary Policy

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Author : John H. Cochrane
language : en
Publisher: Hoover Press
Release Date : 2020-05-01

Strategies For Monetary Policy written by John H. Cochrane and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-01 with Business & Economics categories.

As the Federal Reserve System conducts its latest review of the strategies, tools, and communication practices it deploys to pursue its dual-mandate goals of maximum employment and price stability, Strategies for Monetary Policy—drawn from the 2019 Monetary Policy Conference at the Hoover Institution—emerges as an especially timely volume. The book's expert contributors examine key policy issues, offering their perspectives on US monetary policy tools and instruments and the interaction between Fed policies and financial markets. The contributors review central bank inflation-targeting policies, how various monetary strategies actually work in practice, and the use of nominal GDP targeting as a way to get the credit market to work well and fix the friction in that market. In addition, they discuss the effects of the various rules that the Fed considers in setting policy, how the Fed's excessive fine-tuning of the economy and financial markets has added financial market volatility and harmed economic performance, and the key issues that impact achievement of the Fed's 2 percent inflation objective. The volume concludes by exploring potential options for enhancing our policy approach.

The Taylor Rule And The Transformation Of Monetary Policy

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Author : Robert Leeson
language : en
Publisher: Hoover Press
Release Date : 2013-09-01

The Taylor Rule And The Transformation Of Monetary Policy written by Robert Leeson and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-01 with Political Science categories.

A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.

Alternative Monetary Policy Rules For India

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Author : Michael Debabrata Patra
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01

Alternative Monetary Policy Rules For India written by Michael Debabrata Patra 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 2012-05-01 with Business & Economics categories.

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion.

Fiscal Policy Rules

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Author : Mr.George Kopits
language : en
Publisher: International Monetary Fund
Release Date : 1998-07-22

Fiscal Policy Rules written by Mr.George Kopits 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 1998-07-22 with Business & Economics categories.

What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.

Inflation Targeting And Policy Rules

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Author : Oscar R. Medina
language : en
Publisher: CRC Press
Release Date : 2016-04-05

Inflation Targeting And Policy Rules written by Oscar R. Medina and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-05 with Business & Economics categories.

Inflation Targeting and Policy Rules is an essential book for understanding how Mexico's monetary policy has been evolving and functioning, from the beginning of the century to recent, highlighting the doctrine of policy rules and focusing on inflation targeting, both fundamental elements necessary to comprehend the operation of the main central ba

Jointly Optimal Monetary And Fiscal Policy Rules Under Borrowing Constraints

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Author : Mr.Michael Kumhof
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-01

Jointly Optimal Monetary And Fiscal Policy Rules Under Borrowing Constraints written by Mr.Michael Kumhof 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 2009-12-01 with Business & Economics categories.

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents.