Download or read book Essays on Monetary Policy written by Omer Bayar and published by . This book was released on 2010 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks use a series of relatively small interest rate changes in adjusting their monetary policy stance. This persistence in interest rate changes is well documented by empirical monetary policy reaction functions that feature a large estimated coefficient for the lagged interest rate. The two hypotheses that explain the size of this large estimated coefficient are monetary policy inertia and serially correlated macro shocks. In the first part of my dissertation, I show that the effect of inertia on the Federal Reserve's monthly funds rate adjustment is only moderate, and smaller than suggested by previous studies. In the second part, I present evidence that the temporal aggregation of interest rates puts an upward bias on the size of the estimated coefficient for the lagged interest rate. The third part of my dissertation is inspired by recent developments in the housing market and the resulting effect on the overall economy. In this third essay, we show that high loan-to-value mortgage borrowing reduces the effectiveness of monetary policy.

Download or read book Essays in Monetary Economics Collected Works of Harry Johnson written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.

Download or read book The Preparation of Monetary Policy written by J.M. Berk and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.

Download or read book Essays on Monetary Policy written by Christoph Himmels and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on optimal monetary policy. In the first essay I study time-consistent monetary policy in an small open economy model with incomplete financial markets. I demonstrate the existence of two discretionary equilibria. The model is capable of explaining periods of different exchange rate volatilities as well as the transition between those regimes. Following a shock the economy can be stabilised either `quickly' or `slow', where both dynamic paths satisfy the conditions of optimality and time-consistency. I also show that a policy of partially targeting the exchange rate results in far worse welfare outcomes relative to a strict inflation targeting policy. In the second essay, I analyse how a policy maker can avoid expectation traps and coordination failures. Using a framework developed by Schaumburg and Tambalotti (2007) and Debortoli and Nunes (2010) in which a policy maker may or may not default on past promises I show that already mild degrees of precommitment are sufficient to generate uniqueness of the Pareto-preferred equilibrium. In the last chapter, I examine optimal monetary policy from an empirical perspective. I estimate a simple small open economy model separately for a policy maker acting under commitment and discretion and find that the data favours the commitment approach. Furthermore, the data suggest that the Bank of Canada did not target the nominal exchange rate in the inspected time period.

Download or read book Essays in Monetary Economics Collected Works of Harry Johnson written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.

Download or read book Further Essays in Monetary Economics Collected Works of Harry Johnson written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.

Download or read book Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and published by World Scientific Publishing Company. This book was released on 2013-06-27 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.

Download or read book Essays in Macroeconomic Policy written by Miranda S. Goeltom and published by Gramedia Pustaka Utama. This book was released on 2007 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Monetary Economics written by Harry Gordon Johnson and published by . This book was released on 1969 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Selected Essays in Monetary Economics Collected Works of Harry Johnson written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.

Download or read book Essays on Inflation Dynamics and Monetary Policy in a Globalized World written by Muhammad Naveed Tahir and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this thesis is to analyze the impact of globalization on the dynamics of inflation and monetary policy in a globalized world. It consists of three essays.In the first essay we investigate the impact of financial globalization on the behaviour of inflation targeting emerging market economies with respect to exchange rate - Do central banks respond to exchange rate movements or not? We use quarterly data for six emerging market inflation targeting economies from the date of their inflation targeting adoption to 2009 Q4. The chapter uses small open economy new Keynesian model à la Gali and Monacelli (2005), and employs multi-equation GMM technique to investigate the relationship. We find that the response of central bank to the exchange rate in case of Brazil, Chile, Mexico and Thailand is statistically significant while insignificant for Korea and Czech Republic. Theoretically, it should not be so as even under flexible inflation targeting central bank responds to inflation deviation and output gap; we think that the peculiar characteristics of emerging markets, like fear of floating, weak financial system and low level of central bank credibility make exchange rate important for these economies. In the second essay we investigate empirically the relative importance of monetary transmission channels for Brazil, Chile and Korea. This chapter uses monthly data from the inception of inflation targeting regime to 2009 M12. We use a SVAR model incorporating the main monetary transmission channels combined together instead of individual channels in isolation. The empirical results indicate that the exchange rate channel and the share price channel have higher relative importance than the traditional interest rate and credit channel for industrial production. The results are not much different in case of inflation, except for Korea. The high ranking of exchange rate and share price channel is in line with the results by Gudmundsson (2007), which finds that exchange rate channel might have overburdened in the wake of financial globalization.In the third chapter we investigate empirically the role of openness - real and financial - on the inflation dynamics of Brazil, Chile and Korea. The chapter uses monthly data from the inception of inflation targeting regime to the end month of 2009. In this chapter we employ the Generalized Method of Moments (GMM) technique. We use imports to GDP ratio as an indicator for real openness whereas Chinn and Ito index (KAOPEN) and total assets plus total liabilities to GDP ratio form the data set of Lane and Milesi-Ferretti are two proxies for financial openness. The chapter concludes that there exists, generally, a positive relationship between real openness and inflation. However, in case of financial globalization the results are inconclusive as they are sensitive to measurement method of financial globalization.

Download or read book Banking Monetary Policy and the Political Economy of Financial Regulation written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2014-07-31 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the

Download or read book Essays on the Interaction between Monetary Policy and Financial Markets written by Alain Durré and published by Presses univ. de Louvain. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the consequences of financial bubbles on economic activity, it is still an open question to what extent the monetary policy should react to sharp fluctuations of equity prices. This dissertation attempts to contribute to the debate with some theoretical and empirical analyses of the relationship between monetary policy and financial markets. Chapter 1 incorporates the effect of real equity prices on aggregate demand in a forward-looking expectations neo-Keynesian model. This effect arises either from a wealth effect or from a change in consumers' confidence. The objective function of monetary authorities depends on the output gap and the deviation of expected inflation from the target. A numerical simulation, based on US data, illustrates the quantitative importance of the financial market channel for various exogenous shocks. In Chapter 2, the variation of equity prices enters explicitly in the loss function of the monetary authorities while, at the same time, it affects aggregate demand. This modifies the optimal monetary policy by increasing the volatility of the nominal interest rate. Chapter 3 examines how the launch of the European single currency has affected expectations on future monetary policy by comparing the econometric results of a co-integrated VAR model on pre- and post- January 1999 data. Chapter 4 deals with diverse methodological issues related to the estimation of the Taylor rule, which represents Central Bank decisions by a single and stable function. Several interesting results emerge from the modelling of the Fed funds rate over the period 1987-2002. In particular, assuming a discontinuous and asymmetric response of the Federal Reserve to fluctuations of equity prices, corrects the apparent instability of the rule.

Download or read book Essays in Monetary Theory written by Sir Dennis Holme Robertson and published by . This book was released on 1956 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Money Banking and Regulation written by C.J.M Kool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.

Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.

Download or read book Essays on Monetary Policy written by Adnan Kummer and published by . This book was released on 2015 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on monetary policy. The first essay estimates the impact of the European Central Bank's (ECB) monetary policy rate changes on individual member country's economic output in Eurozone. The results show that real output responds differently in different Eurozone members and highlight the "convergence gap" that continues to exist among member countries. Based on their output response, the sample countries are divided into two groups which exhibit the breakdown of monetary policy transmission mechanism in the currency union. The second essay uses the Taylor rule model to calculate the optimal interest rates for individual eurozone members based on their local economic variables of output gap and inflation rate. The results indicate that at the aggregate level the Taylor rule tracks the ECB policy rate very closely but when the rule is applied to individual Eurozone countries, the models predicts very different rates for member economies. Additionally, the Eurozone sample countries are organized into two sets of groups namely Core versus Periphery and North versus South to analyze whether the national monetary policy requirements of member countries can be grouped based upon their economic characteristics and on their geographical location. In both cases, the rule predicts different rates for the groups compared to the ECB policy rates. The third essay investigates the institutional arrangement of monetary policy and its interaction with macroprudential policy in economic and financial stability. The interactions of macroprudential policy with both monetary and fiscal policy are explored to determine the effectiveness of this new policy framework. The analysis shows that while political and budget support are essential for the policy's design and implementation, there should be no connection politically with the execution of macroprudential policy because of short-sightedness of the political process which could potentially delay or jeopardize the roll-out of the policy's tools when necessary. Overall, the dissertation contributes to the growing literature on monetary policy in currency unions and offers policy insights to overcome the obstacles of monetary policy transmission mechanism and to develop a more robust policy framework for economic and financial stability.