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Author: James A. Dorn
Publisher: Cato Institute
ISBN: 194864715X
Category : Business & Economics
Languages : en
Pages : 334
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Book Description
Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed’s exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.
Author: James A. Dorn
Publisher: Cato Institute
ISBN: 194864715X
Category : Business & Economics
Languages : en
Pages : 334
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Book Description
Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed’s exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.
Author: Charles F. Manski
Publisher: Harvard University Press
ISBN: 0674067541
Category : Political Science
Languages : en
Pages : 218
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Book Description
Manski argues that public policy is based on untrustworthy analysis. Failing to account for uncertainty in an uncertain world, policy analysis routinely misleads policy makers with expressions of certitude. Manski critiques the status quo and offers an innovation to improve both how policy research is conducted and how it is used by policy makers.
Author: Charles Richard Bean
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this speech, Charles Bean, Chief Economist and member of the Monetary Policy Committee, reviews and assesses the three types of uncertainty which affect monetary policy makers: uncertainty about the data; uncertainty about the nature and persistence of shocks; and uncertainty about the structure of the economy. Focusing on uncertainty about the structure of the economy, he notes the unusual stability of inflation and output growth in the past decade or so. There are a number of possible explanations, including plain good luck, structural changes in the economy and improved policymaking. Mr Bean goes on to note that the short-run trade-off between inflation and activity seems to have flattened as inflation has stabilised at low levels and he attributes this in part to improved monetary policy making. He goes of this change.
Author: Adesoji Farayibi
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
This paper reiterates that policy choices are implemented in an uncertain world. Uncertainty undermines the accuracy of the outcome of macroeconomic policies and places more demand on policy makers to look for a way of generating the desired results from policy choices. The dynamics in the monetary aggregates magnifies the effect of uncertainty on monetary policies. To manage economic policy successfully in such world therefore, the paper discusses the nature, sources and implications of such uncertainty. It also explains the various techniques and guides to reduce the effect of uncertainty on desirable outcome of macroeconomic policies. Particularly, the paper reviews inflation and monetary targeting with a view to finding how monetary policy choices fare under uncertainty. The paper concludes that policy makers should internalize a stable process into their operational framework of in order to properly reduce the effect on the misbehaviour of macroeconomic variables.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The Federal Reserve Bank of San Francisco presents the full text of an article entitled "Is the Fed Too Thin? Monetary Policy in an Uncertain World," by Glenn D. Rudebusch. Estimates of the Taylor rule suggest that monetary policy in the United States can be characterized as having reacted in a moderate fashion to output and inflation gaps. The article discusses an attempt to match the historical policy rule with an optimal policy rule by incorporating uncertainty into the derivation of the optimal rule and by examining plausible variations in the policymaker's model and preferences.
Author: Paul Levine
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Res Federal Reserve Bank of Kansas City
Publisher:
ISBN: 9781410214973
Category : Business & Economics
Languages : en
Pages : 448
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Book Description
One of the most difficult challenges facing central banks is how to conduct monetary policy in an uncertain economic environment. This challenge is magnified when ongoing changes in the structure of the economy make economic models and forecasts less reliable. How should policymakers act in an environment of increased uncertainty? Should they be more cautious and wait for additional information about the economy that might reduce uncertainty? Or, should they react more aggressively in an attempt to keep the economy on course? In designing monetary policy in an uncertain world, how much should policymakers depend on formal rules, and how much should they rely on judgment? To address these questions, the Federal Reserve Bank of Kansas City sponsored a symposium, titled, "Monetary Policy and Uncertainty: Adapting to a Changing Economy," at Jackson Hole, Wyoming, on August 28-30, 2003. The symposium brought together a distinguished group of central bank officials, academic economists, and business economists to discuss and debate these issues. Over the years, the Jackson Hole symposium has provided a forum for the exchange of ideas on important public policy issues of interest to central banks around the world. Its continuing success is due to the contributions of all those who participate, including authors, discussants, panelists, and audience members. Special thanks also go to Craig Hakkio, Gordon Sellon, and other members of the Bank's Research Division who developed this year's program. Thomas M. Hoenig President and Chief Executive Officer Federal Reserve Bank of Kansas City
Author: Glenn D. Rudebusch
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Vítor Gaspar
Publisher: Cambridge University Press
ISBN: 9780521671071
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. How should central banks set monetary policy? In which way should they take uncertainty into account when designing a monetary policy strategy? Should they respond to shocks aggressively or cautiously? These questions are discussed both with reference to the experience of the Bundesbank and of the European Central Bank and in relation to a simple stylized economic model.
Author: David A. Dodge
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 15
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Book Description
