The Experts below are selected from a list of 153351 Experts worldwide ranked by ideXlab platform
Frederic S. Mishkin - One of the best experts on this subject based on the ideXlab platform.
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Monetary Policy strategy lessons from the crisis
National Bureau of Economic Research, 2011Co-Authors: Frederic S. MishkinAbstract:This paper examines what we have learned and how we should change our thinking about Monetary Policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of Monetary Policy was before the crisis and how central banks viewed Monetary Policy strategy. It will then examine how the crisis has changed the thinking of both macro/Monetary economists and central bankers. Finally, it looks how much of the science of Monetary Policy needs to be altered and draws implications for Monetary Policy strategy.
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Monetary Policy Strategy
2007Co-Authors: Frederic S. MishkinAbstract: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 has been 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, empirical 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.
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Monetary Policy Strategies for Latin America - Monetary Policy Strategies for Latin America
National Bureau of Economic Research, 2001Co-Authors: Frederic S. Mishkin, Miguel A. SavastanoAbstract:The authors examine possible Monetary Policy strategies for Latin America that may help lock in the gains the region attained in the fight against inflation in the 1990s. Instead of focusing the debate about the conduct of Monetary Policy on whether the nominal exchange rate should be fixed or flexible, the focus should be on whether the Monetary Policy regime appropriately constrains discretion in Monetary Policymaking. Three basic frameworks deserve serious discussion as possible long-run strategies for Monetary Policy in Latin America. The authors examine the advantages and disadvantages of a hard exchange-rate peg, Monetary targeting, and inflation targeting, in light of Monetary Policy's recent track record in several Latin American countries, looking for clues about which of the strategies might be best suited to economies in the region. The answer: It depends on the country's institutional environment. Some countries appear not to have the institutions to constrain Monetary Policy if discretion is allowed. In those countries, there is a strong argument for hard pegs, including full dollarization, that allow little or no discretion to Monetary authorities. In countries such as Chile, which can constrain discretion, inflation targeting is likely to produce a Monetary Policy that keeps inflation low yet appropriately copes with domestic and foreign shocks. Monetary targeting as a strategy for Latin America is not viable because of the likely instability of the relationship between inflation and Monetary aggregates, of which there is ample international evidence. No Monetary strategy can solve the basic problems that have existed in Latin American economies for a long time. The authors welcome the recent move in Latin American countries toward inflation targeting, but say no Policy will succeed unless government policies also create the right institutional environment.
Abdul Aleem - One of the best experts on this subject based on the ideXlab platform.
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transmission mechanism of Monetary Policy in india
Journal of Asian Economics, 2010Co-Authors: Abdul AleemAbstract:This paper examines the transmission mechanism of Monetary Policy in India. Considering the external constraints on Monetary Policy, it estimates a series of vector autoregression models to examine the effects of an unanticipated Monetary Policy tightening on the real sector. The empirical results suggest that the lending rate initially increases in response to a Monetary tightening. Banks play an important role in the transmission of Monetary Policy shocks to the real sector.
Anastasios Malliaris - One of the best experts on this subject based on the ideXlab platform.
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Uncertainty, Transparency and Future Monetary Policy
Financial Institutions and Markets, 2008Co-Authors: Marc D. Hayford, Anastasios MalliarisAbstract:In 1994 the Federal Reserve System moved to a more transparent reporting of Monetary Policy. In this paper we first discuss the various sources of uncertainty that play an essential role in the formulation and conduct of Monetary Policy and evaluate the degree of uncertainty faced by Monetary Policy makers. We also analyze the conditions that influence uncertainty about Monetary Policy and give an overview of central bank transparency abroad and Federal Reserve transparency in U.S. in particular. Finally we assess the empirical impact of Monetary Policy transparency on the uncertainty about future Monetary Policy using T-bill rate forecast dispersions from the Survey of Professional Forecasters as a proxy for Monetary Policy uncertainty. Our empirical findings confirm that Federal Reserve transparency has reduced the uncertainty of future Monetary Policy anticipated by market participants.
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Transparent Monetary Policy
SSRN Electronic Journal, 2007Co-Authors: Marc D. Hayford, Anastasios MalliarisAbstract:In 1994 the Federal Reserve System moved to a more transparent reporting of Monetary Policy. In this paper we first discuss the evolution of Federal Reserve transparency in U.S. and second we test its effectiveness. We assess the empirical impact of Monetary Policy transparency on the uncertainty about future Monetary Policy using T-bill rate forecast dispersions from the Survey of Professional Forecasters as a proxy for Monetary Policy uncertainty. We use three statistical methodologies: descriptive statistics, single regression equations and a vector autoregressive model. The empirical findings confirm that Federal Reserve transparency has reduced the uncertainty of future Monetary Policy anticipated by market participants.
Miguel A. Savastano - One of the best experts on this subject based on the ideXlab platform.
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Monetary Policy Strategies for Latin America - Monetary Policy Strategies for Latin America
National Bureau of Economic Research, 2001Co-Authors: Frederic S. Mishkin, Miguel A. SavastanoAbstract:The authors examine possible Monetary Policy strategies for Latin America that may help lock in the gains the region attained in the fight against inflation in the 1990s. Instead of focusing the debate about the conduct of Monetary Policy on whether the nominal exchange rate should be fixed or flexible, the focus should be on whether the Monetary Policy regime appropriately constrains discretion in Monetary Policymaking. Three basic frameworks deserve serious discussion as possible long-run strategies for Monetary Policy in Latin America. The authors examine the advantages and disadvantages of a hard exchange-rate peg, Monetary targeting, and inflation targeting, in light of Monetary Policy's recent track record in several Latin American countries, looking for clues about which of the strategies might be best suited to economies in the region. The answer: It depends on the country's institutional environment. Some countries appear not to have the institutions to constrain Monetary Policy if discretion is allowed. In those countries, there is a strong argument for hard pegs, including full dollarization, that allow little or no discretion to Monetary authorities. In countries such as Chile, which can constrain discretion, inflation targeting is likely to produce a Monetary Policy that keeps inflation low yet appropriately copes with domestic and foreign shocks. Monetary targeting as a strategy for Latin America is not viable because of the likely instability of the relationship between inflation and Monetary aggregates, of which there is ample international evidence. No Monetary strategy can solve the basic problems that have existed in Latin American economies for a long time. The authors welcome the recent move in Latin American countries toward inflation targeting, but say no Policy will succeed unless government policies also create the right institutional environment.
Mark Gertler - One of the best experts on this subject based on the ideXlab platform.
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International Dimensions of Monetary Policy - International Dimensions of Monetary Policy
2010Co-Authors: Jordi Galí, Mark GertlerAbstract:United States Monetary Policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of Monetary Policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing Monetary Policy measures in complex economies.
