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Author: Stephen Giovanni Cecchetti
Publisher: Centre for Economic Policy Research
Published: 2000
Total Pages: 164
ISBN-13: 9781898128533
DOWNLOAD EBOOKConcludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
Author: John Y. Campbell
Publisher: University of Chicago Press
Published: 2008-11-15
Total Pages: 444
ISBN-13: 0226092127
DOWNLOAD EBOOKEconomic 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: Éric Tymoigne
Publisher: Routledge
Published: 2008-11-21
Total Pages: 337
ISBN-13: 1135976732
DOWNLOAD EBOOKIn 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: William Curt Hunter
Publisher: MIT Press
Published: 2005
Total Pages: 650
ISBN-13: 9780262582537
DOWNLOAD EBOOKA study of asset price bubbles and the implications for preventing financial instability.
Author: Paul De Grauwe
Publisher: CEPS
Published: 2008
Total Pages: 22
ISBN-13: 929079819X
DOWNLOAD EBOOKThe 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: Board of Governors of the Federal Reserve System
Publisher:
Published: 2002
Total Pages: 0
ISBN-13: 9780894991967
DOWNLOAD EBOOKProvides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Kent Matthews
Publisher: John Wiley & Sons
Published: 2006-02-22
Total Pages: 210
ISBN-13: 0470032812
DOWNLOAD EBOOKSince the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.
Author: Mark Gertler
Publisher: Centre for Economic Policy Research
Published: 1998
Total Pages: 44
ISBN-13: 9781898128403
DOWNLOAD EBOOKThis 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: Peter J. N. Sinclair
Publisher: Routledge
Published: 2009-12-16
Total Pages: 402
ISBN-13: 1135179778
DOWNLOAD EBOOKInflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author: Mr.Peter Stella
Publisher: International Monetary Fund
Published: 1997-07-01
Total Pages: 40
ISBN-13: 1451850506
DOWNLOAD EBOOKCentral banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
