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| Author | : John Y. Campbell |
| Publisher | : University of Chicago Press |
| Total Pages | : 444 |
| Release | : 2008-11-15 |
| Genre | : Business & Economics |
| ISBN | : 0226092127 |
Download Asset Prices and Monetary Policy Book in PDF, ePub and Kindle
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.
| Author | : William Curt Hunter |
| Publisher | : MIT Press |
| Total Pages | : 650 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 9780262582537 |
Download Asset Price Bubbles Book in PDF, ePub and Kindle
A study of asset price bubbles and the implications for preventing financial instability.
| Author | : Éric Tymoigne |
| Publisher | : Routledge |
| Total Pages | : 337 |
| Release | : 2008-11-21 |
| Genre | : Business & Economics |
| ISBN | : 1135976732 |
Download Central Banking, Asset Prices and Financial Fragility Book in PDF, ePub and Kindle
In this book Tymoigne argues that financial stability should be the sole goal of central banks and suggests an alternative to the inflation targeting framework showing how interest-rate policy can help to solve some of the problems faced by central bankers.
| Author | : Stephen Giovanni Cecchetti |
| Publisher | : Centre for Economic Policy Research |
| Total Pages | : 164 |
| Release | : 2000 |
| Genre | : Business & Economics |
| ISBN | : 9781898128533 |
Download Asset Prices and Central Bank Policy Book in PDF, ePub and Kindle
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
| Author | : Paul De Grauwe |
| Publisher | : CEPS |
| Total Pages | : 22 |
| Release | : 2008 |
| Genre | : Monetary policy |
| ISBN | : 929079819X |
Download Stock Prices and Monetary Policy Book in PDF, ePub and Kindle
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.
| Author | : Ichiro Fukunaga |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 2009 |
| Genre | : Assets (Accounting) |
| ISBN | : |
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How should central banks take into account movements in asset prices in the conduct of monetary policy? We provide an analysis to address this issue using a dynamic stochastic general equilibrium model incorporating both price rigidities and financial market imperfections. Our findings are twofold. First, in the presence of these two sources of distortion in the economy, central banks face a policy tradeoff between stabilizing inflation and the output gap. With this tradeoff, central banks could strike a better balance between both objectives if they took variables other than inflation, such as asset prices, into consideration. Second, these benefits decrease when central banks rely on limited information about the underlying sources of asset price movements and cannot judge which part of the observed asset price movements reflects inefficiencies in the economy.--Author's abstract.
| Author | : Mark Gertler |
| Publisher | : Centre for Economic Policy Research |
| Total Pages | : 44 |
| Release | : 1998 |
| Genre | : Banks and banking, Central |
| ISBN | : 9781898128403 |
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This report collects the views of several prominent scholars and central bankers on whether and how asset price developments can be incorporated in the design of monetary policy. The views were expressed in a concluding panel discussion of a conference on Asset Prices and Monetary Policy organized by CEPR and the Bank for International Settlements.
| Author | : Willi Semmler |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 327 |
| Release | : 2011-06-15 |
| Genre | : Business & Economics |
| ISBN | : 3642206808 |
Download Asset Prices, Booms and Recessions Book in PDF, ePub and Kindle
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.
| Author | : Mr.Pau Rabanal |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2009-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1451873999 |
Download Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts Book in PDF, ePub and Kindle
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.
| Author | : Willi Semmler |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 249 |
| Release | : 2007-03-21 |
| Genre | : Business & Economics |
| ISBN | : 3540246967 |
Download Asset Prices, Booms and Recessions Book in PDF, ePub and Kindle
"Asset Prices, Booms and Recessions" is a book on Financial Economics from a dynamic perspective. It focuses on the dynamic interaction of financial markets and economic activity. The financial markets to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity 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 feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The current version of the book has moved to a more extensive coverage of the topics in financial economics by updating the literature in the appropriate chapters. Moreover it gives a more extensive treatment of new and more advanced topics in financial economics such as international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models and dynamic portfolio decisions. Overall, the book presents material that researchers and practitioners in financial engineering need to know about economic dynamics and that economists, practitioners and policy makers need to know about the financial market.
