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The importance of output for the monetary policy rules
the policy makers the central banks monetary policy regimes
2011/8/21
We examine the importance of variable output (Gross Domestic Product (GDP) growth rate) on the preferences of the policy makers. We do so by examining the effect of output regimes on the form of monet...
The political economy under monetary union: has the euro made a difference?
integrated pan-European economy integration process political economy channel domestic political shocks
2011/8/21
Economic and monetary union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and c...
Monetary Policy Roundtable
information Monetary Policy Economic Policy Research financial institutions
2011/8/21
The article offers information on the fourth Monetary Policy Rountable hosted by the Bank of England and the Centre for Economic Policy Research in Great Britain. The events was intended to provide a ...
Are Two Heads Better Than One? Monetary Policy by Committee
monetary policy group decision making
2011/8/21
Two experiments were conducted to test the common hypothesis that groups make decisions more slowly than individuals. One of these experiments imitates real-life monetary policy decisions. In both cas...
Monetary policy and corporate bond yield spreads
Firm characteristics economic conditions policy regimes corporate bond yield spreads
2011/8/21
Firm characteristics, economic conditions and policy regimes are the key determinants that most researchers have used to explain corporate bond yield spreads. In this article, we examine whether monet...
Economic policy outlook
economic policy outlook global financial crisis economic forecast stimulus measures
2011/8/21
The article discusses the economic policy outlook in Great Britain after the global financial crisis. It says that economic forecast will stay uncertain since policymakers are working to change stimul...
The Macroeconomics of Financial Crises: How Risk Premiums and Liquidity Traps Affect Policy Options
Financial crisis Credit crunch Liquidity trap Risk premiums Policy options Fiscal policy Monetary policy
2011/8/21
The paper offers an overview of what structural models of the IS-LM and Mundell-Fleming variety can tell about the macroeconomics of economic crises. In addition to demonstrating how the emergence of ...
COORDINATION OF MONETARY AND FISCAL POLICY IN A MONETARY UNION: POLICY ISSUES AND ANALYTICAL MODELS
European Monetary Union monetary and fiscal policy new neoclassical synthesis (NNS) models policy coordination
2011/8/21
The European Monetary Union raises new and interesting questions about the coordination of monetary and fiscal policy. In this lecture, I discuss some of these questions and the answers that a new cla...
Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the Light of Recent Developments
optimal monetary and fiscal policy nominal rigidities the utility of agents the consensus assignment New Keynesian models
2011/8/21
In the last few years papers have begun to analyse optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This articl...
The Case for Forecast Targeting as a Monetary Policy Strategy
inflation-forecast targeting control short-term interest rates monetary policy inflation-forecast targeting
2011/8/21
At central banks around the world, including the Bank of England, Sweden's Riksbank, Norway's Norges Bank, and the Reserve Bank of New Zealand, policy is conducted on the basis of inflation-forecast t...
Measuring the Time Inconsistency of US Monetary Policy
alternative explanation inflation monetary policy asymmetric preferences implicit target
2011/8/21
This paper offers an alternative explanation for the great inflation of the 1970s by measuring a novel source of monetary policy time inconsistency. In the presence of asymmetric preferences, the mone...
Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory
central bank procedures federal funds rate interest on bank reserves money multiplier
2011/8/21
The subprime financial crisis has forced several central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made the deficiencies and lack of r...
Optimal Monetary Policy with an Uncertain Cost Channel
parameter uncertainty min–max cost channel optimal monetary policy Taylor rule.
2011/8/21
The cost channel of monetary transmission describes a supply-side effect of interest rates on firms' costs. Previous research has found this effect to vary, both over time and across countries. Moreov...
Is Monetary Policy Effective during Financial Crises?
monetary policy economic crisis improve economic conditions global financial crisis
2011/8/21
The article discusses the effectiveness of monetary policy during times of economic crisis. The author addresses arguments concerning perceived failures of U.S. monetary policy to improve economic con...
Global Financial Transmission of Monetary Policy Shocks
monetary policy global equity markets macroeconomic determinants transmission process
2011/8/21
The paper analyses the transmission of US monetary policy shocks to global equity markets and the macroeconomic determinants of the underlying transmission process. We show that there is a substantial...