Monetary Policy Strategy
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Monetary Policy Strategy
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Author : Frederic S. Mishkin
language : en
Publisher: MIT Press
Release Date : 2009-08-21
Monetary Policy Strategy written by Frederic S. Mishkin and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-21 with Business & Economics categories.
A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Monetary Policy In The Euro Area
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Author : Otmar Issing
language : en
Publisher: Cambridge University Press
Release Date : 2001-07-26
Monetary Policy In The Euro Area written by Otmar Issing and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-07-26 with Business & Economics categories.
How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.
The Monetary Policy Strategy Of The Ecb Reconsidered
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Author : Jordi Galí
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2004
The Monetary Policy Strategy Of The Ecb Reconsidered written by Jordi Galí and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
As one of the world's key central banks, the European Central Bank comes under intense public scrutiny. Yet, its constituency is diverse, with different national traditions of central banking and varied views about the conduct of monetary policy. The ECB acts on behalf of all the members of EMU, but belongs to no particular member state. It is accountable to the European Parliament, which has only a very recent tradition of oversight of monetary policy. For these reasons, there is a need for a regular, rigorous, non-partisan and pan-European analysis of the options facing the ECB and the policies it pursues. Monitoring the European Central Bank addresses this need. Written by a team of distinguished academic economists known internationally for their work on macroeconomics and monetary policy, MECB produces a full report and an Update each year. The full report describes the issues faced by the ECB during the preceding year; assesses the policy choices that were made; and sets out the issues likely to arise during the coming year. The Update offers a follow-up to the main report, and is written in the light of the Bank's own annual report. 'Duisenberg record' and the recent review by the ECB of its monetary policy strategy. It finds that the ECB has failed to achieve its stated key objective of avoiding inflation in excess of 2 per cent. Tough rhetoric without delivery has been a strategic mistake. Actual inflation appears to be adrift due to inattentive policy. This could lead to a dangerous and costly-to-correct climb in the inflation rates, unless sufficient attention is paid soon to this issue by the ECB. The ECB should have used its review of the monetary policy strategy to admit this failure and to adjust its inflation target range upwards, bringing words in line with actual policy. It did not, and stresses continuity instead. Money still continues to play too prominent a role in the ECB's stated strategy. The report examines several of the arguments often given for a prominent role of money, and finds none of them convincing. Inflation at present and in the future should be the central focus of the ECB's analysis, not money growth rates. Deflation is a risk that is always present when inflation is low. The ECB should admit this rather than avoi
The Monetary Policy Strategy Of The European Central Bank Review And Recommendations
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Author : Lars P. Feld
language : en
Publisher:
Release Date : 2021
The Monetary Policy Strategy Of The European Central Bank Review And Recommendations written by Lars P. Feld and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The European Central Bank (ECB) is currently conducting a review of its monetary policy strategy. The last formal review took place in 2003. Now the focus is on the extent to which this strategy has contributed in recent years to fulfill the mandate set out in the Treaties of the European Union and whether certain elements need to be adjusted. Against this background, the Kronberger Kreis, the academic advisory board of the Stiftung Marktwirtschaft (Market Economy Foundation), examines whether the ECB's monetary policy strategy still holds promise for success, whether its mandate should be reinterpreted and how the use of specific instruments should be assessed. In its analysis, the Kronberger Kreis draws on the experience of the financial crisis, the euro debt crisis and the coronavirus crisis and argues that greater attention should be paid to the side effects and proportionality of monetary policy measures. The central banks of the Eurosystem are now the largest creditors of the member states. Fiscal dominance of monetary policy should be avoided. The ECB's hierarchical mandate prioritizing price stability should not be called into question. The envisaged numerical target for consumer price inflation of below, but close to, two percent remains reasonable. However, the ECB should also consider other measures of inflation in its decisions and their communication. In addition, the ECB should rely more strongly on quantitative benchmarks (interest rate rules, money supply growth). The transparency of monetary policy could be significantly increased, for example, by publishing surveys and forecasts of the ECB's Governing Council. In principle, all measures must take into account the need to strengthen the independence of the ECB and the stability of the monetary union.
The Ecb Monetary Policy Strategy And The Money Market
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Author : Vítor Gaspar
language : en
Publisher:
Release Date : 2001
The Ecb Monetary Policy Strategy And The Money Market written by Vítor Gaspar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Monetary policy categories.
Price Stability As A Target For Monetary Policy
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Author : Lars E. O. Svensson
language : en
Publisher:
Release Date : 1999
Price Stability As A Target For Monetary Policy written by Lars E. O. Svensson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Anti-inflationary policies categories.
Discusses how price stability can be defined and how price stability can be maintained in practice. Considers some lessons for the Eurosystem.
The Monetary Policy Of The Ecb
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Author :
language : en
Publisher:
Release Date : 2004
The Monetary Policy Of The Ecb written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Banks and banking, Central categories.
Study Guide The Economics Of Money Banking And Financial Markets Sixth Edition
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Author : John McArthur
language : en
Publisher:
Release Date : 2001
Study Guide The Economics Of Money Banking And Financial Markets Sixth Edition written by John McArthur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Re Examining Monetary And Fiscal Policy For The 21st Century
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Author : Philip Arestis
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004
Re Examining Monetary And Fiscal Policy For The 21st Century written by Philip Arestis 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 2004 with Business & Economics categories.
This book provides a much-needed re-examination of monetary and fiscal policies, their application in the real world and their potential for macroeconomic policy in the 21st century. It provides a detailed discussion and critique of the 'new consensus' in macroeconomics along with the monetary and fiscal policies encapsulated within it. The authors argue that monetary policy is an ineffective means of controlling inflation and, if not used properly, can also have detrimental effects on the supply-side of the economy. They further contend that fiscal policy remains a potent instrument for influencing aggregate demand. Using detailed analysis the authors emphasise the role of capacity constraints as possible inflation barriers and argue against the NAIRU as a labour market phenomenon. The book concludes by critically examining the economic policies of the European Economic and Monetary Union. Written by two of the leading scholars in the field, this provocative new volume is concise, well argued and rich in new insights. It will interest all those concerned with the current problems and future development of monetary and fiscal policy.
Annual Report
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Author : European Monetary Institute
language : en
Publisher:
Release Date : 1997
Annual Report written by European Monetary Institute and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Banks and banking, Central categories.