The Money Study Group (MSG) at Fifty: Twenty Years of the MSG and Another Thirty of the Money, Macro, Finance Research Group (MMF)
In: The Manchester School, Band 88, S. 1-17
In: The Manchester School, Band 88, S. 1-17
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In: CEPR Discussion Paper No. DP13519
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Working paper
Central Bankers are currently facing big challenges in designing and implementing monetary policy, as well as with safeguarding financial stability, with the world economy still in the process of digesting the legacy of the crisis. The crisis has changed central banking in many ways: by shifting the focus of monetary policy from fighting too high inflation towards fighting too low inflation; by prompting new 'experimental' non-conventional measures, which risk to cause large, long-lasting market distortions and imbalances and which also have more far-reaching distributional consequences than 'normal, conventional' monetary policy; and by broadening central banks' responsibilities particularly in the direction of safeguarding banking stability and financial stability at large. This raises several questions for the future: How long will ultra-easy monetary policies last? What are post-crisis growth trajectories, and how will the natural rate of interest rates evolve? How could an exit from ultra-easy monetary policy and a return towards higher nominal interest rates be eventually managed smoothly? Does ultra-easy monetary policy itself affect the economy in a lasting and structural way? Is the pre-crisis economic paradigm governing monetary policy still valid? If not, in what ways should it be adjusted? Are there any reasonable and practical alternatives? Against this background and given the larger post-crisis range of central banks' responsibilities: is the current institutional set-up governing central banks and their relationship to government, Parliament and the financial system still appropriate? What adaptations might be considered? Would they bring an improvement or, on the contrary, a set-back to the unsuccessful policy approaches of the 1960s and 1970s? To discuss these issues, on 14 April 2016 the Baffi Carefin Center (Bocconi University) hosted a SUERF Conference. This introductory chapter aims to provide a framework for the various contributions in this book, and also summarizes some main ideas from later chapters for an overview.
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Depression and Protectionism considers the case of the oldest advocate of free trade and its greatest exponent, Britain, and examines the developments that led to the reversal of that policy in the 1930s. It also discusses the consequences of the protectionst policy for the domestic economy. * Discusses the most important debate in international economics* Using an explicit economic framework, the book examines the economic origins of the industrial tariff in Britain
In: The Great Depression of the 1930s, S. 140-164
In: IEA Current Controversies No. 40
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In: Journal of Interdisciplinary Economics, 2005, Vol. 16(1), 5-30
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In: Routledge international studies in money and banking, 62
In: Studies in macroeconomic history
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 49, Heft 1, S. 39-60
ISSN: 1467-9485
Price controls are a very old means of trying to contain inflation. In Britain they were used in the Second World War and again in the 1960s. On the first occasion they seemed to work quite well though there were other factors involved—notably rationing. The second episode was not successful. Rationing seems to have been crucial.
In: Bank of Finland Research Discussion Paper No. 7/2000
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In: Studies in Banking and International Finance
The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.
In: Studies in Banking and International Finance
This volume is the second collection of the series of lectures, held annually at City University, London, in honour of Henry Thornton, the renowned 19th Century monetary economist. As with Monetary Economics in the 1980s (0-333-46220-3), the essays by extremely eminent contributors are wide-ranging in both subject and approach but all develop topics considered by Henry Thornton over a century ago and link historical perspectives to contemporary debates about financial institutions and monetary economics.
In: International affairs, Band 71, Heft 3, S. 615-616
ISSN: 1468-2346