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Monetary Plurality in Local, Regional and Global Economies (Financial History)
by Georgina M. GómezThe idea that each country should have one currency is so deeply rooted in people’s minds that the possibility of multiple and concurrent currencies seems unthinkable. Monetary systems contribute to problems of high unemployment and social distress during financial and economic crisis, so reforms to increase the responsiveness and flexibility of the monetary system can be part of the solution. This book discusses ‘monetary plurality’, which is the circulation of several currencies at the same time and space. It addresses how multiple currency circuits work together and transform socio-economic systems, particularly by supporting economies at the local level of regions and cities. The book shows that monetary plurality has been ubiquitous throughout history and persists at present because the existence of several currency circuits facilitates small-scale production and trade in a way that no single currency can accomplish on its own. Monetary plurality can improve resilience, access to livelihoods and economic sustainability. At the same time, it introduces new risks in terms of economic governance, so it needs to be properly understood. The book analyses experiences of monetary plurality in Europe, Japan, and North and South America, written by researchers from East and West and from the global North and South. Replete with case studies, this book will prove a valuable addition to any student or practitioner’s bookshelf.
Monetary Policies in the Age of Uncertainty (SpringerBriefs in Economics)
by Tamotsu Nakamura Yoichi Matsubayashi Kosuke Aoki Wataru TakahashiThis book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.
Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency And Growth In The Mediterranean
by Rym Ayadi Sami MouleyMonetary Policy, central banking, and international norms and regulations; a discussion far from new, nor applying exclusively to the world's most advanced economies. A sound monetary policy and a well-enforced regulatory regime is provided, in explanation of developing nations to channel financial resources more efficiently into investments.
Monetary Policy Analysis and Forecasting in the Group of Twenty: A Panel Unobserved Components Approach
by Francis VitekA report from the International Monetary Fund.
Monetary Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach
by Francis VitekA report from the International Monetary Fund.
Monetary Policy And The Onset Of The Great Depression The Myth Of Benjamin Strong As Decisive Leader
by Mark TomaMonetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.
Monetary Policy Frameworks in a Global Context (CENTRAL BANK GOVERNOR'S SYMPOSIUM)
by Mahadeva Lavan Sterne GabrielThis broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike.Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal
Monetary Policy Implementation in East Asia (Financial and Monetary Policy Studies #51)
by Frank Rövekamp Moritz Bälz Hanns Günther HilpertThis book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.
Monetary Policy Implementation: Exploring the 'New Normal' in Central Banking
by Angelo BaglioniThis book addresses the implementation of monetary policy (MP) and focuses on the operations used by the central banks to implement their policies: the so-called operational framework of MP. The operational framework has become of paramount importance in the last fifteen years, due to the profound transformations taking place in this period. The financial crisis, started in August 2007, has rapidly changed the way in which MP is implemented around the world. Further, innovations have been introduced to address other crises in the following years: a new set of “unconventional” instruments have been adopted, like the large-scale purchases of private and government securities and the long-term refinancing operations. The balance sheets of central banks have increased by huge amounts. The recent surge of inflation has induced several central banks to exit those exceptional policies. However, instead of going back to the traditional “interest rate steering” approach, they are going towards a “new normal” that combines some features of that approach with others inherited from the “quantitative easing” experience. The book therefore addresses the following questions: Which are the common stylized patterns of the unconventional MP across the different countries? Did the economic profession work out a theoretical framework within which to place the unconventional MP? Which are the issues related to the exit strategy from unconventional MP? Which are the main features of the operational framework under the “new normal” approach? This book answers these questions by looking at the experiences of the European Central Bank, the Federal Reserve System alongside other central banks, and providing some original modelling and empirical evidence, which will be of interest to academics, researchers in banking and finance, policy makers, and practitioners in the financial industry.
Monetary Policy Normalization: One Hundred Years After Keynes' Tract on Monetary Reform (Contributions to Economics)
by Paolo Savona Rainer Stefano MaseraIn light of the pickup of inflation at the end of 2021 and monetary policy shifts by the world's major central banks, this book examines interrelated issues in the normalization of monetary policy. It covers topics including the role of technological innovations such as derivatives and cryptocurrencies in monetary and financial management, the role of monetary policy in financial crises (especially public debt), and the major repricing needed for central banks and the global economy. In addition, the book discusses the problem of how flexible money should be and the importance of predictive tools for these decisions, with attention to the advances of languages for scientific research, including those on the workings of the economy. The work addresses the geopolitical and social challenges that have arisen as a result of the invasiveness of monetary policy in its various manifestations in the context of major leading currencies. It is aimed at scholars and students of monetary and financial economics.
Monetary Policy Over Fifty Years: Experiences and Lessons (Routledge International Studies in Money and Banking)
by The Deutsche BundesbankThis book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them. The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets. The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.
Monetary Policy Rule in Theory and Practice: Facing the Internal vs External Stability Dilemma (Routledge International Studies in Money and Banking #78)
by Nicolas BarbarouxThis new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.
Monetary Policy Transmission in Mauritius Using a VAR Analysis
by Charalambos TsangaridesA report from the International Monetary Fund.
Monetary Policy after the Great Recession: The Role of Interest Rates (Routledge International Studies in Money and Banking)
by Arkadiusz SierońWalter Bagehot noticed once that “John Bull can stand many things, but he cannot stand two per cent.” Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book’s aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions—such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption—and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.
Monetary Policy and Central Banking in Korea
by Woosik MoonThis study is among the first to examine the theory and practice of monetary policy in South Korea. Woosik Moon provides a detailed analysis of the central bank of South Korea, one of the most successful and important economies in Asia. He covers everything from monetary policy to inflation targeting and macroprudential regulation, explaining how these policy tools were used to deal with the aftermath of the 2007-2011 financial crisis. He then brings his study into our current moment, speculating as to how the use of these policies will change in order to deal with the fallout of the Covid-19 pandemic. This book offers in-depth investigations and the provision of the most up-to-date information about the Bank of Korea's monetary and financial actions, serving as essential reading for central bankers and professionals of financial markets around the world, as well as anyone interested in monetary policy-making.
Monetary Policy and Central Banking in the Middle East and North Africa (Routledge Political Economy of the Middle East and North Africa)
by David Cobham Ghassan DibehThis book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.
Monetary Policy and Credit Control: The UK Experience (Routledge Revivals)
by David H. GowlandThis book, first published in 1978, provides an analysis of British monetary policy and considers what techniques of monetary control were most appropriate to the context of the U.K. during the 1970s and 1980s. David Gowland answers crucial questions surrounding economic management in the period between 1971 and 1976, in particular whether rapid monetary expansion was the cause of the acceleration of U.K. inflation. With an analysis of the government’s experimentation with policy at its core, this is a unique study which will be of interest to students of monetary policy and recent British economic history.
Monetary Policy and Crises: A Study of Swedish Experience (Routledge Library Editions: Monetary Economics Ser.)
by Brinley ThomasThis book, first published in 1936, is both an instructive chapter in economic history and a stimulating period in the history of economic thought. The author examines the years of economic recovery in Sweden and the measures that the country adopted to cope with the crisis due to the War. This title will be of interest to students of monetary e
Monetary Policy and Financial Repression in Britain, 1951–59
by William A. AllenBritish monetary policy was reactivated in 1951 when short-term interest rates were increased for the first time in two decades. The book explores the politics of formulating monetary policy in the 1950s and the techniques of implementing it, and discusses the parallels between the present monetary situation and that of 1951.
Monetary Policy and Food Inflation in Emerging and Developing Economies (Routledge Focus on Environment and Sustainability)
by Abdul-Aziz Iddrisu Imhotep Paul AlagidedeThis book focuses on the impact of monetary policy and food price volatility and inflation in emerging and developing economies. The tendency for food price volatility to blot inflation forecasting accuracy, engender tail dynamics in the overall inflation trajectory and derail economic welfare is well known in the literature. The ability of monetary policy to exact stability in food prices, theoretically, has also been well espoused. The empirical evidence, however, is not only in short supply, but also the studies available have dwelt on approaches that underplay the volatile behaviour of food prices. This book focuses on inflation targeting in emerging economies such as Chile, Mexico, Turkey, Brazil, Hungary, Russia, Colombia, South Africa, Indonesia and Ghana, as these are economies with considerable proportion of the consumption basket occupied by food. The book provides the means to understand at first hand the correct way to model food inflation, account for the related policy responses to deviations either in the short or medium to long term, and in market conditions that are subject to excessive variability. Strong evidence is presented that captures deviations of food prices from their trend and the accompanying monetary policy effect in stabilizing such variabilities across distinct frequencies. The novel approach in this book addresses the burgeoning puzzles of asymmetry in monetary policy effect on food prices at high, medium and low episodes of food inflation. In doing so, this book presents a powerful tool for researchers interested in understanding not just the transmission mechanism, but also the magnitudes involved, and to policymakers whose existing tools have failed them. Future studies will do well to deepen the evidence and seek new grounds to which the phenomenon manifests beyond and below emerging markets. This book will be of great interest to students, scholars and policymakers involved in agricultural economics, financial economics, food security and sustainable development.
Monetary Policy and Inflation: Quantity Theory of Money (Routledge Focus on Economics and Finance)
by Mateusz MachajRecent years have seen a return to high inflation that has sparked debate about the causal role of monetary policy in significant price increases, especially in the context of the quantity theory of money. This book builds upon a long-accepted tradition of quantity theory of money in explaining long-run inflation levels. It elucidates how and why – despite its important limitations – the theory can be applied throughout history, including the 2022 spikes in inflation. It also demonstrates how and why the quantity theory, with some internally good reasons, is not part of the modern monetary policy framework. The book argues that firstly, the issue of non-operationability of the money supply is a policy problem, but not a causality problem. Secondly, while some models can work without money, and while a simple deterministic relationship between money base and aggregates may not exist, the author shows that there is still room for quantity theory to be true. Thirdly, perhaps most importantly, as the book shows, the apparent lack of a relationship between the inflation index and money supply with single-digit inflation is a statistical artifact resulting from confounding factors. To conclude, although the quantity theory of money has not been employed in recent Central bank policy, it still holds up surprisingly well in explaining real world phenomena, including the current record inflation levels. The practical significance of this book is to illustrate to researchers and scholars how classical macroeconomic thinking can explain key monetary factors that lead to inflation, but also at the same time show that it is fully compatible with modern macroeconomics and is not just a thing of the past.
Monetary Policy and Its Unintended Consequences (Karl Brunner Distinguished Lecture Series)
by Raghuram RajanA call for an end to aggressive monetary policy and a return to smart growth from an eminent researcher and former central banker.Central banks took extraordinary measures to stabilize markets and enhance growth after the financial crisis of 2008, but without giving much thought to the long-term consequences. It was a response, Raghuram Rajan argues, that set a dangerous precedent: the more centrals bank did, the more they were expected to do, and the more they ended up doing. Monetary Policy and Its Unintended Consequences looks back at what this meant for where we are now.A former central banker who foresaw the 2008 crisis and wrote a bestselling book about the risks of excessively accommodative monetary policy, Rajan takes a hard look at central bank behavior and its embrace of increasingly aggressive strategies to keep economies afloat. Despite efforts to strengthen markets, the 2020 pandemic showed economies remain as vulnerable as ever to adverse shocks, prompting large-scale interventions that, in the case of Covid, led to persistent inflation and market volatility. By examining these undertheorized outcomes, Rajan hopes central banks will recognize the unintended consequences of using all of the instruments available to them, which will encourage them to return to their core mandates of low inflation and financial stability.Monetary Policy and Its Unintended Consequences is the most thorough account yet of the choices central banks have made to meet the economic challenges of our century and why they must rethink these choices.
Monetary Policy and Macroeconomic Stabilization: The Roles of Optimum Currency Areas, Sacrifice Ratios, and Labor Market Adjustment
by Ole RosteAs a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>
Monetary Policy and Macroprudential Regulation with Financial Frictions
by Pierre-Richard AgenorAn integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation.Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Agénor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries.