Monetary history and monetary policy
In: Journal of Monetary Economics, Band 20, Heft 1, S. 177-182
In: Journal of Monetary Economics, Band 20, Heft 1, S. 177-182
In: Journal of Monetary Economics, Band 7, Heft 2, S. 195-206
In: Journal of Monetary Economics, Band 39, Heft 1, S. 67-79
In: EUI working paper, 218
World Affairs Online
In: International studies review, Band 10, Heft 1, S. 100-102
ISSN: 1468-2486
In: Journal of political economy, Band 66, Heft 5, S. 375-388
ISSN: 1537-534X
In: Monetary, Fiscal and Trade Policies
Intro -- Contents -- Preface -- Chapter 1 -- Central Banks, Monetary Policy, and Their Efficiency -- Abstract -- I. Introduction: History of Central Bankning -- (i) The North American Banks (1781-1912) -- (ii) The Creation of the Federal Reserve System (1913-Present) -- II. Monetary Policy and Its Instruments and Objectives -- (i) The Goals of Monetary Policy -- (ii) The Instruments and Implementation of Monetary Policy -- III. Modern Monetary Policy and Its Fficiency -- (i) Macroeconomic Theory and Modern Monetary Policy -- (ii) The Latest Pursued Inefficient Monetary Policies -- (iii) A Theoretical Model of Monetary Policy Efficiency -- (iv) Some Empirical Results -- IV. Some Socio-Politico-Economic Considerations of Central Banking -- (i) Social Implications of the Central Banks Efficiency -- (ii) Monetary Policy and Its Effects on Wall Street and Main Street -- V. Conclusion: Monetary Policy and Social Welfare -- References -- Chapter 2 -- Asymmetric Monetary Policy Action Effects: Evidence and Implications Regarding Europe -- Abstract -- 1. Introduction -- 2. Literature Review -- 3. Estimating the Euro Area - Country Specific Effects of Monetary Policy Shocks -- 3.1. The Empirical Model: A Bayesian Panel Var Approach -- 3.2. Data, Country Specific Characterisics and Model Estimation -- 3.2.1. The Data -- Macroeconomic Variables -- Stock Market Performance Variables -- Monetary Policy Measure -- 3.2.2. Stylized Facts of the 19 EU Countries (or the Dynamics of the Major Indicators in EU Area) -- 3.2.3. Model Estimation -- 3.3. Impulse Response Functions -- Monetary Policy Effects on Real Economic Activity Variables -- Monetary Policy Effects on Stock Market Performance Indicators -- Impulse Response Functions of Real Economic Activity Variables to Interest Rate Shocks for the 19 Countries
In: International Economic Association Series
Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume edited by Axel Leijonhufvud, with contributions by a number of noted monetary economists, including Nobel Laureate Robert Lucas
In: Journal of common market studies: JCMS, Band 27, Heft Mar 89
ISSN: 0021-9886
Examines the European Monetary System experience and whether it can be applied to the International Monetary System. Addresses the relationship between the ERM currencies and the US dollar. There have been suggestions for a 'common dollar policy'. However, advance agreement on a common policy is difficult to imagine, in view of the differing interests of individual ERM countries, as well as the United States. (Abstract amended)
This paper develops a business cycle model with a financial intermediation sector. Financial wealth is defined as a predetermined state variable. Both, the additional sector of financial intermediaries and predetermination of financial wealth, affect the demand for real financial wealth. If real financial wealth also enters the monetary policy rule, the conditions for stability and uniqueness of the macroeconomic equilibrium path change fundamentally compared to standard New Keynesian business cycle models. Here, real financial wealth is interpreted as a real broad monetary aggregate. Furthermore, different interest rate rules and their consequences for stability and uniqueness of the macroeconomic equilibrium path are considered. Two monetary policy rules are found to be feasible - i.e. if these monetary policy rules are applied there exists a stable and unique macroeconomic equilibrium path. Simulations of the model showed that the monetary policy rule considering inflation and broad money as indicators is optimal.
BASE
In: Journal of Monetary Economics, Band 1, Heft 3, S. 397-401
In: Journal of monetary economics, Band 50, Heft 5, S. 1029-1059
We use the two-country model of the euro area developed by Quint and Rabanal (2014) to study policymaking in the European Monetary Union (EMU). In particular, we focus on strategic interactions: 1) between monetary policy and a common macroprudential authority, and; 2) between an EMU-level monetary authority and regional macroprudential authorities. In the first case, price stability and financial stability are pursued at the EMU level, while in the second case each macroprudential authority adopts region-specific objectives. We compare cooperative equilibria in the simultaneous-move and leadership solutions, each obtained assuming policy discretion. Further, we assess the effects on policy performance of assigning shared objectives across policymakers and of altering the level of importance attached to various policy objectives.
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