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International Liquidity : The Fiscal Dimension

Obstfeld, Maurice - 2011

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

Persistent link: https://www.econbiz.de/10013120324

The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2013

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market … context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy … coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in …

Persistent link: https://www.econbiz.de/10013092069

Creditor Rights and Corporate Risk-Taking

Acharya, Viral V. - 2010

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...

Persistent link: https://www.econbiz.de/10013149976

Monetary Policy Strategy : Lessons from the Crisis

Mishkin, Frederic S. - 2011

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy...

Persistent link: https://www.econbiz.de/10013130559

Does Inflation Targeting Make a Difference?

Mishkin, Frederic S. - 2010

Yes, as inferred from panel evidence for inflation-targeting countries and a control group of high-achieving industrial countries that do not target inflation. Our evidence suggests that inflation targeting helps countries achieve lower inflation in the long run, have smaller inflation response...

Persistent link: https://www.econbiz.de/10012760404

Monetary Policy Strategy : How Did We Get Here?

Mishkin, Frederic S. - 2010

This paper, which is the introductory chapter in my book, quot;Monetary Policy Strategyquot;, forthcoming from MIT Press, outlines how thinking in academia and central banks about monetary policy strategy has evolved over time. It shows that six ideas that are now accepted by monetary...

Persistent link: https://www.econbiz.de/10012760655

One Decade of Inflation Targeting in the World : What Do We Know and What Do We Need to Know?

Mishkin, Frederic S.; Schmidt-Hebbel, Klaus - 2021

One decade of inflation targeting in the world offers lessons on the design and implementation of inflation targeting, the conduct of monetary policy, and country performance under inflation targeting. This paper reviews briefly the main design features of 18 inflation targeting experiences,...

Persistent link: https://www.econbiz.de/10013223866

The Trilemma in History : Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility

Obstfeld, Maurice; Shambaugh, Jay; Taylor, Alan M. - 2021

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10013225964

Strategies for Controlling Inflation

Mishkin, Frederic S. - 2021

This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate pegging, monetary targeting, inflation targeting, and the...

Persistent link: https://www.econbiz.de/10013237255

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar Period

Obstfeld, Maurice - 2012

The interwar period was marked by the end of the classical gold standard regime and new levels of macroeconomic disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open-economy trilemma the inability of policymakers...

Persistent link: https://www.econbiz.de/10012755788