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The role of monetary policy in matters relating to financial stability: Monetary policy responses adopted during the most recent Financial Crisis
Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2010
As well as providing an analysis of how financial stability could be sustained through the appropriate targeting of policy instruments at debt gearing, this paper aims to provide an overview of the respective roles which governments and shareholders could assume in deterring financial...
Persistent link: https://www.econbiz.de/10008740556
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The End of the Great Moderation: “We told you so.”
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008
, the simple sum monetary aggregates have had no foundations in economic theory and have sequentially produced one source of … to the widely held views about decreased systemic risk. While better data, based correctly on index number theory and … aggregation theory, now exist, the usual official central bank data are not based on that better approach. While aggregation …
Persistent link: https://www.econbiz.de/10005836728
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Money Growth Has Slowed Sharply—Should Anybody Care?
Tatom, John - Volkswirtschaftliche Fakultät, … - 2006
Milton Friedman, one of greatest economists of all time, died on November 16, 2006 at age 94. He was famous for his conclusion that “inflation is always and everywhere a monetary phenomenon,” and for the related notion that ultimately the only thing a central bank, such as the Federal...
Persistent link: https://www.econbiz.de/10008506906
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U.S. Monetary Policy and Stock Prices: Should the Fed Attempt to Control Stock Prices?
John, Tatom - Volkswirtschaftliche Fakultät, … - 2009
This article rejects the linkages in proposals that the Federal Reserve Bank (Fed) target equity prices. The real federal funds rate (RFF) and stock prices (SP) are uncorrelated; causality tests show a positive effect of SP on RFF and a negative effect of SP on RFF. These results occur as part of...
Persistent link: https://www.econbiz.de/10008476386
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How better monetary statistics could have signaled the financial crisis
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2010
This paper explores the disconnect of Federal Reserve data from index number theory. A consequence could have been the …
Persistent link: https://www.econbiz.de/10008614991
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Zero lower bound, unconventional monetary policy and indicator properties of interest rate spreads
Hännikäinen, Jari - Volkswirtschaftliche Fakultät, … - 2014
This paper re-examines the out-of-sample predictive power of interest rate spreads when the short-term nominal rates have been stuck at the zero lower bound and the Fed has used unconventional monetary policy. Our results suggest that the predictive power of some interest rate spreads have...
Persistent link: https://www.econbiz.de/10011108827
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Monetary Policy of Quantitative Easing at the Central Bank’s High Interest Rates
BLINOV, Sergey - Volkswirtschaftliche Fakultät, … - 2014
This paper investigates the possibility of conducting an unconventional monetary policy of Quantitative easing (QE) at high interest rates using the example and experience of Russia. The Central Bank of the Russian Federation has raised the key interest rate on six occasions during the 12 months...
Persistent link: https://www.econbiz.de/10011110135
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Macroprudential Regulation and the Role of Monetary Policy
Tayler, William; Zilberman, Roy - Volkswirtschaftliche Fakultät, … - 2014
This paper examines the macroprudential roles of bank capital regulation and monetary policy in a Dynamic Stochastic General Equilibrium model with endogenous financial frictions and a borrowing cost channel. We identify various transmission channels through which credit risk, commercial bank...
Persistent link: https://www.econbiz.de/10011111145
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Stability of money demand function in Pakistan
Omer, Muhammad - Volkswirtschaftliche Fakultät, … - 2009
This paper is an attempt to contribute to the ongoing debate: should central bank of Pakistan adopt inflation targeting or continue with the monetary targeting as a monetary policy strategy? A pre-requisite for monetary targeting strategy is a stable money demand function, which in turn requires...
Persistent link: https://www.econbiz.de/10009644923
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Monetary Targeting in Pakistan: A Skeptical Note
Saqib, Omar F; Omer, Muhamad - Volkswirtschaftliche Fakultät, … - 2008
The objective of this study is to evaluate monetary targeting strategy in Pakistan by testing the Quantity Theory of … Keynesians. Our tests on the Pakistani data covering about thirty years reveal that the quantity theory is an inadequate …
Persistent link: https://www.econbiz.de/10005000668