Monetary Policy Rules

Monetary Policy Rules
Title Monetary Policy Rules PDF eBook
Author John B. Taylor
Publisher University of Chicago Press
Pages 460
Release 2007-12-01
Genre Business & Economics
ISBN 0226791262

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This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

The Taylor Rule and the Transformation of Monetary Policy

The Taylor Rule and the Transformation of Monetary Policy
Title The Taylor Rule and the Transformation of Monetary Policy PDF eBook
Author Robert Leeson
Publisher Hoover Press
Pages 368
Release 2013-09-01
Genre Political Science
ISBN 0817914064

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A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.

Interest and Prices

Interest and Prices
Title Interest and Prices PDF eBook
Author Michael Woodford
Publisher Princeton University Press
Pages 805
Release 2011-12-12
Genre Business & Economics
ISBN 1400830168

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With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

International Dimensions of Monetary Policy

International Dimensions of Monetary Policy
Title International Dimensions of Monetary Policy PDF eBook
Author Jordi Galí
Publisher University of Chicago Press
Pages 663
Release 2010-03-15
Genre Business & Economics
ISBN 0226278875

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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.

Monetary Policy Strategies

Monetary Policy Strategies
Title Monetary Policy Strategies PDF eBook
Author International Monetary Fund
Publisher International Monetary Fund
Pages 28
Release 1988-10-04
Genre Business & Economics
ISBN 1451952570

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The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of simple rules lose their force under a mixed strategy.

Strategies for Monetary Policy

Strategies for Monetary Policy
Title Strategies for Monetary Policy PDF eBook
Author John Howland Cochrane
Publisher
Pages
Release 2020
Genre Monetary policy
ISBN 9780817923785

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"As the Federal Reserve reviews its monetary policy strategy, key experts provide an in-depth discussion of the financial tools, debates, and practices that will ensure a sound US economy"--

Monetary and Macroprudential Policy Rules in a Model with House Price Booms

Monetary and Macroprudential Policy Rules in a Model with House Price Booms
Title Monetary and Macroprudential Policy Rules in a Model with House Price Booms PDF eBook
Author Mr.Pau Rabanal
Publisher International Monetary Fund
Pages 38
Release 2009-11-01
Genre Business & Economics
ISBN 1451873980

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We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.