Download or read book Modelling and Identifying Central Banks Preferences written by Carlo A. Favero and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Modeling and Identifying Central Banks Preferences written by Carlo A. Favero and published by . This book was released on 1999 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Modeling and identifying central bank preferences written by Carlo Ambrogio Favero and published by . This book was released on 2000 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Steps Toward Identifying Central Bank Policy Preferences written by Richard Dennis and published by . This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Steps Toward Identifying Central Bank Policy Preferences written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve Bank of San Francisco presents the full text of an article entitled "Steps Toward Identifying Central Bank Policy Preferences," by Richard Dennis. The article discusses conditions under which a policy regime can be identified and illustrates these conditions using a number of popular models.

Download or read book Modeling and Identifying Central Bank Preferences written by Carlo A. Favero and published by . This book was released on 2000 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Changing Face of Central Banking written by Pierre L. Siklos and published by Cambridge University Press. This book was released on 2002-11-21 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.

Download or read book Macrofinancial Modeling At Central Banks written by Mr.Scott Roger and published by International Monetary Fund. This book was released on 2012-01-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and financial stability analysis. It highlights the need to develop macrofinancial models which allow analysis of the macroeconomic effects of macroprudential policy tools and to evaluate elements of the Basel III reforms as a priority. The paper also reviews the main approaches to introducing financial frictions into general equilibrium models.

Download or read book Model uncertainty optimal monetary policy and the preferences of the fed written by Efrem Castelnuovo and published by . This book was released on 2001 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Applied Macroeconometrics written by Carlo A. Favero and published by Oxford University Press, USA. This book was released on 2001 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this book is the discussion and the practical illustration of techniques used in applied macroeconometrics. There are currently three competing approaches: the LSE (London School of Economics) approach, the VAR approach, and the intertemporal optimization/Real Business Cycle approach. This book discusses and illustrates the empirical research strategy of these three alternative approaches, pairing them with extensive discussions and replications of the relevant empirical work. Common benchmarks are used to evaluate the alternative approaches.

Download or read book A Model of Central Bank and Treasury Behavior written by Michael Patrick Amos and published by CreateSpace. This book was released on 2011-01-24 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: A MODEL OF CENTRAL BANK AND TREASURY BEHAVIOR: Lectures (Volume 5) Copyright (c) 2010 by Author: Prof. Dr. Michael Patrick Amos. All Rights Reserved. Back-matter Paperback Re-issue In this book first published in 2010, Dr. Michael Patrick Amos presents a modern non-Walrasian open economy model. Within his theoretical framework, the author discusses in details the concept of public sector rationing in asset markets which he introduced in 1988 in his earlier book Macroeconomic Policy Analysis, Some of the distinguishing features of the present book are the specification of the optimization problem of the treasury, the central-bank, monetary union central-bank, the political machinery and the economists. The treasury's primary policy objectives are the derived utility functions of the households, the firms, the central-bank and the treasury. While, its preferences are to select an optimal portfolio of consumption, and assets. The enlarged menu of assets lets one look at common currency policy and its impact on the various markets, in economies populated with firms, households, treasury, central-bank, political machinery, and economists. One contribution of this book is the specification of the treasury's inter-temporal optimization with multiplicities of constraints of derived utilities of four types of economic agents. The contribution is that interaction model is specified and its comparative statics demonstrate clearly the various new channels through which common currency policy impacts the small open economy, The emphases on value of derived utilities of economic agents, which takes into account the rate of unemployment, inflation, interest rate, exchange rate, and common currency rate, as well as balance of trade deficit and national debt, has become a distinguishing feature of Dr. Michael Patrick Amos' research since his Post-Doctoral work National Debt and Economy which was published in 1991. The present book, is intended to demonstrate the strength of the theoretical frame work, which extends the model of Amos(1988) in several important respects 1) it allows for analysis of common currency policy, 2) it allows for analysis of monetary union central-bank policies, 3) it allows for the analysis of optimization problem of treasury with object of consumption and portfolio selection, and multiplicities of constraints of derived utilities. 4) it allows for specification of the political economy, as it takes into account and explicitly models political machinery to obtainment a model of a political economy. 5) It allows for specification of endogenous behavior of economists. In this monograph, the unique inter-temporal optimization of multiple-derived utility functions subject to multiple-inequality constraints is the distinguishing behavior of economists which enables them to produce the expectational variables creating rational expectations, regressive expectations, and subjective expectations. 6) The counter-factual analysis which allow for analysis of rationing in common currency markets, is presented as proof of the strength of the theoretical frame work which stands the test of time, as new economic systems and structures are endogenous and likely to evolve over time, the general theoretical structure leads to new paradigms for money and finance. Intended for policy makers, economists, and advanced students, the book provides models that can easily be extended to take into account institutional and economic structures of all types of economies and the particular needs of policy analysts before empirical implementations. RANK: On SSRN Top Ten List(Topic): Other Macroeconomics: Aggregative Models. December 7, 2010 to January 17,2011. Create Space Books An Amazon Group Company Createspace.com A Scholarly Monograph: On Advanced Open Economy Macroeconometrics. Volume

Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.

Download or read book Econometric Models of the Euro area Central Banks written by Gabriel Fagan and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole. The volume takes stock of the current macroeconometric modelling infrastructure available within the Eurosystem, highlighting not only the structures and main features of the models used but also their purposes and underlying model-building philosophies. A bird s eye view of the key details of the design, structure and characteristics of the models is provided, along with information on the responses of these models to a series of standard economic and policy shocks. This is the first time that a comprehensive description and systematic comparison of the main macroeconomic models has been published. This book will be of great interest to Central Bank and government economists, as well as academics, economists and students with an interest in central banking, econometric modelling, forecasting and macroeconomic policy.

Download or read book Policy Preference at Central Banks written by Sami Diaf and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work analyzes central banking information flow and proposes a novel strategy to estimate individual-level policy preferences, toward monetary policy objectives, by quantifying the narratives within its different communication channels for the case of the United States. While most of the literature related to central banking corpora used unsupervised topic models to quantify narrative signals, we propose a semi-supervised, keyword-based approach built upon groups of words linked to monetary objectives in order to have a coherent, dynamic estimation of topic prevalence, whose scores could determine individual policy preferences for inflation and unemployment rates. The corpus of Federal Reserve governors' speeches (1996-2020) identified three non-keyword topics matching financial stability, financial innovation and the banking regulation, whose dynamics follow the Chairman's tenure, considered as informative policy signals toward financial markets. Governors' preferences toward monetary policy objectives were better estimated using FOMC transcripts (1994-2016) whose narratives strictly match monetary policy practices and help ranking members on a partisanship scale, with a spectrum linked to the members' educational background. Though released with a five-year delay, the FOMC transcripts, as a proxy of internal communicaton, offer a better picture of the partisanship prevailing within monetary policy committees in the United States, that cannot be learned from Governors' addresses, but remain unable to capture non-conventional, but not less important topics.

Download or read book Policymaking in the European Central Bank written by Karl Kaltenthaler and published by Rowman & Littlefield. This book was released on 2006 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on numerous interviews with high-ranking and founding members of the European Central Bank (ECB), Karl Kaltenthaler identifies and explains the factors that shape the bank's domestic and international monetary strategies. The policy-making model that offers the best roadmap to a healthy economy is that of the German Bundesbank. To secure the long-term needs of the economy, the decisionmakers in the ECB have created a model that attempts to replicate the Bundesbank's success at the European level and to lend credibility to their own policies. Offering unprecedented access to internal decisionmaking at the ECB, Policymaking in the European Central Bank will interest readers who want to understand this important European institution.

Download or read book Bankers Bureaucrats and Central Bank Politics written by Christopher Adolph and published by Cambridge University Press. This book was released on 2013-04-15 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.

Download or read book Robust Monetary Policy Under Uncertainty About Central Bank Preferences written by Moïse Sidiropoulos and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study the impact of central bank opacity on macroeconomic performances in a new Keynesian framework with model uncertainty using robust control techniques. We identify a new source of central bank opacity, which refers to the lack of information about the central bank's preference for robustness in the sense of Hansen and Sargent. We find closed-form solutions for the robust control problem, analysing the impact of the lack of transparency about the central bank's preferences for robustness. We show that an increased transparency about the central bank's preference for robustness makes monetary policy respond less aggressively to cost-push shocks, thus reducing the inflation and output gap variability. As a consequence, inflation and output gap are less volatile than under central bank opacity about its preference for robustness.