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A Framework for the Pursuit of Price Stability

McDonough, William J. - Federal Reserve Bank <New York, NY> - 1997

[...]In my view, a goal of price stability requires thatmonetary policy be oriented beyond the horizon of itsimmediate impact on inflation and the economy. Thisimmediate horizon is on the order of two to three years.This orientation properly puts the focus of a forwardlookingpolicy on the time...

Persistent link: https://www.econbiz.de/10005870224

The Rationale for Inflation Targeting

Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997

[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...

Persistent link: https://www.econbiz.de/10005870226

Part IV.New Zealand

Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997

[...]Inflation targeting in New Zealand followed legislationthat mandated a Policy Targets Agreement (PTA)between the elected government and the newlyindependent central bank, which resulted in a jointlydecided numerical target for inflation.[...]

Persistent link: https://www.econbiz.de/10005870261

Part V. Canada

Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997

[...]Inflation targeting in Canada was not the result oflegislation. However, as in New Zealand, the inflationtarget in Canada is jointly determined and announcedby both the government and the central bank.[...]

Persistent link: https://www.econbiz.de/10005870263

Part VI. United Kingdom

Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997

[...]Like the other countries examined, the United Kingdomadopted inflation targets after a successful disinflation.Unlike these countries, however, the UnitedKingdom took this step in the aftermath of a foreignexchange rate crisis in order to restore a nominalanchor and to lock in past...

Persistent link: https://www.econbiz.de/10005870264

Creating an Integrated Payment System: The Evolution of Fedwire

Adam, Gilbert; Hunt, Dara; Winch, Kenneth C. - Federal Reserve Bank <New York, NY>; London School of … - 1997

[...]This paper traces the evolution of Fedwire fromtwelve separate payment operations, linked only by aninterdistrict communications arrangement, to a more unifiedand efficient system. Our account highlights both thedifficulties the Federal Reserve encountered as it soughtto standardize and...

Persistent link: https://www.econbiz.de/10005870268

International Policy Coordination and Simple Monetary Policy Rules

Berger, Wolfram; Wagner, Helmut - Fernuniversität <Hagen> / Fakultät für … - 2008

This paper studies the optimal design of monetary policy in an optimizing two-country sticky price model. We suppose that the production sequence of final consumption goods stretches across both contries and is associated with vertical trade. Prices of final consumption goods are sticky in the...

Persistent link: https://www.econbiz.de/10009022098

Globalization and Asset Prices: Which Trade-Offs Do Central Banks Face in Small Open Economies?

Knütter, Rolf; Wagner, Helmut - Fernuniversität <Hagen> / Fakultät für … - 2008

How can globalization affect the optimal choice of monetary policy strategy during asset price booms in a small open economy? Globalization can have an impact on both the supply and the demand side of the economy. Focusing on the supply side of globalization, it has been shown that a flattening...

Persistent link: https://www.econbiz.de/10005867565

Zentralbank-Kommunikation und Finanzstabilität –Eine Bestandsaufnahme

Knütter, Rolf; Mohr, Benjamin - Fernuniversität <Hagen> / Fakultät für … - 2008

Die Studie geht der Frage nach, welche Auswirkungen Zentralbank-Kommunikation auf Finanzstabilität haben kann. Wir … legen die grundlegendenKonzepte der Finanzstabilität sowie der Zentralbank-Kommunikation dar, indem wireinen Überblick über … diskutieren und Schlussfolgerungenim Hinblick auf die Fragestellung zu ziehen, ob Zentralbank-Kommunikation dieFinanzmärkte …

Persistent link: https://www.econbiz.de/10005867591

Policy Rules and Targets: Framing the Central Banker’s Problem

Cecchetti, Stephen G. - Federal Reserve Bank <New York, NY> - 1998

Central bank policymakers are not primarilyrandom number generators.1 Reading boththe financial press and the work of academics,however, one might get the opposite impression.Reporters (and the readers of their stories) seem toattach considerable importance to each Federal OpenMarket Committee...

Persistent link: https://www.econbiz.de/10005870097