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Monetary policy implementation: Misconceptions and their consequences
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
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Monetary Facts Revisited
Gertler, Pavel - 2016
facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …
Persistent link: https://www.econbiz.de/10012989876
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Capital Regulation, Risk-Taking and Monetary Policy : A Missing Link in the Transmission Mechanism?
Borio, Claudio E. V. - 2013
Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and waning of conceptual frameworks and the changing characteristics of the financial system. In this paper,...
Persistent link: https://www.econbiz.de/10012710837
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All the Money in Europe? An Investigation of the Economic Properties of Ec-Wide Extended Monetary Aggregates
Monticelli, Carlo - 2013
broad money is used as a benchmark, since econometric analysis confirms previous findings that it can play a useful role in … necessary for money measures to be useful for monetary policy and economic analysis. Although such extended aggregates do not … yet outperform the traditional measure of EC-wide broad money, the results suggest that they may shortly become an …
Persistent link: https://www.econbiz.de/10014060648
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All the Money in Europe? An Investigation of the Economic Properties of Ec-Wide Extended Monetary Aggregates
Monticelli, Carlo - 2013
broad money is used as a benchmark, since econometric analysis confirms previous findings that it can play a useful role in … necessary for money measures to be useful for monetary policy and economic analysis. Although such extended aggregates do not … yet outperform the traditional measure of EC-wide broad money, the results suggest that they may shortly become an …
Persistent link: https://www.econbiz.de/10014060649
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The Real-Time Predictive Content of Money for Output
Amato, Jeffery D.; Swanson, Norman R. - 2013
of output. Money data are also revised on a regular basis. Taking these data imperfections into account, we reassess the … forecasters in real-time, we are able to provide a comprehensive assessment of whether money is useful for predicting output. We …
Persistent link: https://www.econbiz.de/10014061325
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Talking about monetary policy: the virtues (and vice?) of central bank communication
Blinder, Alan S. - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
Central banks, which used to be so secretive, are communicating more and more these days about their monetary policy. This development has proceeded hand in glove with a burgeoning new scholarly literature on the subject. The empirical evidence, reviewed selectively here, suggests that...
Persistent link: https://www.econbiz.de/10009138505
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Measuring Disagreement in UK Consumer and Central Bank Inflation Forecasts
Moessner, Richhild - 2014
We provide a new perspective on disagreement in inflation expectations by examining the full probability distributions of UK consumer inflation forecasts based on an adaptive bootstrap multimodality test. Furthermore, we compare the inflation forecasts of the Bank of England's Monetary Policy...
Persistent link: https://www.econbiz.de/10013067922
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Central Bank Swaps Then and Now : Swaps and Dollar Liquidity in the 1960s
McCauley, Robert N. - 2020
This paper explores the record of central bank swaps to draw out four themes. First, this recent device of central bank cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second, Federal Reserve swap facilities have generally...
Persistent link: https://www.econbiz.de/10012837527
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On Money, Debt, Trust and Central Banking
Borio, Claudio E. V. - 2019
This essay examines in detail the properties of a well functioning monetary system - defined as money plus the … between money and debt, the viability of cryptocurrencies as money, money neutrality, and the nexus between monetary and …
Persistent link: https://www.econbiz.de/10012893451