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| Author | : Günter Coenen |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2001 |
| Genre | : |
| ISBN | : |
| Author | : Günter Coenen |
| Publisher | : |
| Total Pages | : 58 |
| Release | : 2003 |
| Genre | : Demand for money |
| ISBN | : |
| Author | : Lauri Kajanoja |
| Publisher | : |
| Total Pages | : 35 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
| Author | : Volker Wieland |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 140 |
| Release | : 2009-12-01 |
| Genre | : Business & Economics |
| ISBN | : 3642029531 |
Bridging the theory and practice of monetary policy, this book presents aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers. It also outlines important lessons for policymakers.
| Author | : Benjamin M. Friedman |
| Publisher | : Elsevier |
| Total Pages | : 755 |
| Release | : 2010-11-17 |
| Genre | : Business & Economics |
| ISBN | : 0444532382 |
How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully atrecent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policiesQuestions fiscal-monetary connections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years.
| Author | : Marian Bell |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Economic statistics are often only an approximation of the underlying reality they are attempting to measure. Official statistics, especially in timely first releases, can be subject to significant uncertainty and revision. In this speech, Marian Bell, a member of the Monetary Policy Committee, looks at the various ways in which data uncertainty might arise and discusses how policymakers should respond. A particular difficulty for statisticians can be the allocation of movements in nominal variables to changes in prices and volumes. Such uncertainty is high when the structure of the economy and relative prices change significantly. In such circumstances, looking at a money value measure of activity may be informative. Moreover, estimated levels of real activity appear more prone to revision than growth rates, so we should be wary of conventional, mechanical estimates of the output gap, which rely heavily on information on the level of activity. Ms Bell concludes that revisions to data stemming either from more information or methodological improvements will inevitably lead us to reassess our view of the underlying truth. Improvements to statistics are to be welcomed, and understanding the nature of data uncertainty and revisions should inform our judgements about the state of the world.
| Author | : Michal Andrle |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2013-11-25 |
| Genre | : Business & Economics |
| ISBN | : 1475516681 |
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those derived from simple money growth rules), interest-rate based frameworks, and intermediate cases. Our framework acknowledges that ex-post adherence to targets is in itself an objective of policy in LICs; here we provide a novel interpretation of target misses in terms of structural shocks (aggregate demand, policy, shocks to money demand, etc). In the case of Kenya, we find that: (i) the setting of money targets is consistent with money demand forecasting, (ii) targets have not played a systematic role in monetary policy, and (iii) target misses mainly reflect shocks to money demand. Simulations of the model under alternative policy specifications show that the stronger the ex-post target adherence, the greater the macroeconomic volatility. Our findings highlight the benefits of a model-based approach to monetary policy analysis in LICs, including in countries with money-targeting frameworks.
| Author | : Oliver Sauter |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 223 |
| Release | : 2014-01-31 |
| Genre | : Political Science |
| ISBN | : 365804974X |
Oliver Sauter analyzes three aspects of monetary policy under uncertainty. First he shows that the terms risk and uncertainty are often wrongly used as synonyms despite their different meanings. The second aspect is the proper examination and incorporation of uncertainty into a monetary policy framework. The author undertakes systematization with a closer look at each identified form of uncertainty. Thirdly, he focuses on the quantification of uncertainty from two different perspectives, either from a market perspective or from a central bank perspective.
| Author | : Ingo Klein |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 285 |
| Release | : 2013-06-29 |
| Genre | : Business & Economics |
| ISBN | : 1475736029 |
The field of econometrics has gone through remarkable changes during the last thirty-five years. Widening its earlier focus on testing macroeconomic theories, it has become a rather comprehensive discipline concemed with the development of statistical methods and their application to the whole spectrum of economic data. This development becomes apparent when looking at the biography of an econometrician whose illustrious research and teaching career started about thirty-five years ago and who will retire very soon after his 65th birthday. This is Gerd Hansen, professor of econometrics at the Christian Albrechts University at Kiel and to whom this volume with contributions from colleagues and students has been dedicated. He has shaped the econometric landscape in and beyond Germany throughout these thirty-five years. At the end of the 1960s he developed one of the first econometric models for the German econ omy which adhered c10sely to the traditions put forth by the Cowles commission.
| Author | : Benjamin M. Friedman |
| Publisher | : Elsevier |
| Total Pages | : 1729 |
| Release | : 2010-11-10 |
| Genre | : Business & Economics |
| ISBN | : 0444534717 |
How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years
