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Author: Yoichi Matsubayashi Publisher: Springer Nature ISBN: 9811641463 Category : Business & Economics Languages : en Pages : 70
Book Description
This 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.
Author: Yoichi Matsubayashi Publisher: Springer Nature ISBN: 9811641463 Category : Business & Economics Languages : en Pages : 70
Book Description
This 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.
Author: Oliver Sauter Publisher: Springer Science & Business Media ISBN: 365804974X Category : Political Science Languages : en Pages : 221
Book Description
Oliver Sauter analyzes three aspects of monetary policy under uncertainty. First he shows that the terms risk and uncertainty are often wrongly used as synonyms despite their different meanings. The second aspect is the proper examination and incorporation of uncertainty into a monetary policy framework. The author undertakes systematization with a closer look at each identified form of uncertainty. Thirdly, he focuses on the quantification of uncertainty from two different perspectives, either from a market perspective or from a central bank perspective.
Author: Richard T. Froyen Publisher: Edward Elgar Publishing ISBN: 1847208649 Category : Business & Economics Languages : en Pages : 341
Book Description
Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do. Central Banking In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists. Midwest Book Review Recently there has been a resurgence of interest in the study of optimal monetary policy under uncertainty. This book provides a thorough survey of the literature that has resulted from this renewed interest. The authors ground recent contributions on the science of monetary policy in the literature of the 1970s, which viewed optimal monetary policy as primarily a question of the best use of information, and studies in the 1980s that gave primacy to time inconsistency problems. This broad focus leads to a better understanding of current issues such as discretion versus commitment, target versus instrument rules, and the merits of delegation of policy authority. Casting a wide net, the authors survey the recent literature on the New Keynesian approach to optimal monetary policy in the context of the earlier literature. They emphasize the relationship between policy decisions and the information set available to the policymaker, a central focus of the earlier literature, obscured in much recent work. Optimal policy questions are considered in open as well as closed economy models and the often confusing terminology in the literature is sorted and clarified. Questions are considered within easily analysed models and the authors clearly show why these models lead to different (or equivalent) policy conclusions. Recent policy issues such as desirability of inflation targeting and the relative merits of target versus instrument rules are covered in detail. Economists in academia and in policymaking organizations who want to learn about recent developments in the area of optimal monetary policy, as well as graduate and advanced undergraduate students in macroeconomic and monetary economics, will find this volume a clear and thorough examination of the topic.
Author: Stephen Poloz Publisher: Penguin ISBN: 0735243921 Category : Business & Economics Languages : en Pages : 321
Book Description
SHORTLISTED FOR THE 2022 SHAUGHNESSY COHEN PRIZE FOR POLITICAL WRITING • SHORTLISTED FOR THE 2022 DONNER PRIZE “The Next Age of Uncertainty combines invaluable historical insights with provocative reflections on the economy of the future—a must read.” —Thomas d’Aquino C.M., LL.D., founding CEO of the Business Council of Canada, and author of Private Power Public Purpose From the former Governor of the Bank of Canada, a far-seeing guide to the powerful economic forces that will shape the decades ahead. The economic ground is shifting beneath our feet. The world is becoming more volatile, and people are understandably worried about their financial futures. In this urgent and accessible guide to the crises and opportunities that lie ahead, economist and former Governor of the Bank of Canada Stephen Poloz maps out the powerful tectonic forces that are shaping our future and the ideas that will allow us to master them. These forces include an aging workforce, mounting debt, and rising income inequality. Technological advances, too, are adding to the pressure, putting people out of work, and climate change is forcing a transition to a lower-carbon economy. It is no surprise that people are feeling uncertain. The implications of these tectonic tensions will cascade throughout every dimension of our lives—the job market, the housing market, the investment climate, as well as government and central bank policy, and the role of the corporation within society. The pandemic has added momentum to many of them. Poloz skillfully argues that past crises, from the Victorian Depression in the late 1800s to the more recent downturn in 2008, give a hint of what is in store for us in the decades ahead. Unlike the purely destructive power of earthquakes, the upheaval that is sure to come in the decades ahead will offer unexpected opportunities for renewal and growth. Filled with takeaways for employers, investors, and policymakers, as well as families discussing jobs and mortgage renewals around the kitchen table, The Next Age of Uncertainty is an indispensable guide for those navigating the fault lines of the risky world ahead.
Author: Res Federal Reserve Bank of Kansas City Publisher: ISBN: 9781410214973 Category : Business & Economics Languages : en Pages : 448
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: Francois Trahan Publisher: John Wiley & Sons ISBN: 1118134095 Category : Business & Economics Languages : en Pages : 228
Book Description
Macroeconomic Investment Strategies for an Era of Economic Uncertainty “Over the years, François’ insightful analyses of the business cycle has led to market calls that have both benefitted investors on the upside and (more important to many) protected them from losses on the downside. François’ incredible track record in successfully interpreting the trends that can be found in leading indicators and other macroeconomic data have also led to his well deserved reputation as an expert in sector rotation - providing investors on both the long and short side of the market opportunities to profit from his ideas. In my opinion, his most important and influential macro prediction to date was his call in the middle of the last decade when he predicted that the worst housing crisis in American history would soon be upon us, and that it would have far-ranging implications for both the global economy and world financial markets.”
Author: Charles Albert Eric Goodhart Publisher: ISBN: Category : Monetary policy Languages : en Pages : 520
Book Description
This is a completely revised edition of the well-known monetary textbook. The book discusses the latest analytical developments in monetary economic theory in a comprehensible and practical policy- orientated form for graduates and undergraduates specialising in monetary economics. The book provides a comprehensive survey of monetary economics, with the first nine chapters primarily concerned with micro issues, such as the role of, and demand for, money, the role and functions of banks and of the Central Bank; and the final nine chapters covering macro-economic issues, such as the transmission mechanism of monetary policy and international monetary problems.
Author: Yoichi Matsubayashi
Author: Yoichi Matsubayashi
Author: Oliver Sauter
Author: Richard T. Froyen
Author: Stephen Poloz
Author: 
Author: Res Federal Reserve Bank of Kansas City
Author: Francois Trahan
Author: Charles Albert Eric Goodhart
Author: Lars E. O. Svensson
Author: Helmut Wagner