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Rethinking the Role of NAIRU in Monetary Policy : Implications of Model Formulation and Uncertainty

Estrella, Arturo; Mishkin, Frederic S. - 2021

-run concept like the natural rate of unemployment. We examine what effect uncertainty has on the use of NAIRU in policy …. Uncertainty about the level of NAIRU does not imply that monetary policy should react less to the NAIRU gap. However, uncertainty … Brainard (1967), uncertainty about the effect of the monetary policy instrument on the NAIRU gap reduces the magnitude of the …

Persistent link: https://www.econbiz.de/10013231562

Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?

Estrella, Arturo - 2006

We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...

Persistent link: https://www.econbiz.de/10012783973

Will Monetary Policy Become More of a Science?

Mishkin, Frederic S. - 2010

This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of quot;scientific principlesquot;. However, there remains, and...

Persistent link: https://www.econbiz.de/10012759738

Prudential Supervision : Why is it Important and What are the Issues?

Mishkin, Frederic S. - 2010

This paper outlines what problems asymmetric information creates for the financial system and shows and shows that the presence of asymmetric information explains why banks are so important. The paper then goes on to explain why prudential supervision of these institutions is needed, and what...

Persistent link: https://www.econbiz.de/10012763288

Exchange Rate Pass-Through and Monetary Policy

Mishkin, Frederic S. - 2008

This paper discusses what recent economic research tells us about exchange rate pass-through and what this suggests for the control of monetary policy. It first focuses on exchange rate pass-through from a macroeconomic perspective and then examines the microeconomic evidence. In light of this...

Persistent link: https://www.econbiz.de/10012771964

Inflation Targeting : A New Framework for Monetary Policy?

Bernanke, Ben; Mishkin, Frederic S. - 2021

In recent years a number of industrialized countries have adopted a strategy for monetary policy known as `inflation targeting.' We describe how this approach has been implemented in practice and argue that it is best understood as a broad framework for policy, which allows the central bank...

Persistent link: https://www.econbiz.de/10013216857

The Transmission Mechanism and the Role of Asset Prices in Monetary Policy

Mishkin, Frederic S. - 2021

This paper surveys the transmission mechanisms of monetary policy beyond the standard interest rate channel by focusing on how monetary policy affects the economy through other asset prices. It outlines how the monetary transmission mechanisms operating through stock prices, real estate prices,...

Persistent link: https://www.econbiz.de/10013219173

The Channels of Monetary Transmission : Lessons for Monetary Policy

Mishkin, Frederic S. - 2021

This paper provides an overview of the transmission mechanisms of monetary policy, starting with traditional interest rate channels, going on to channels operating through other asset prices, and then on to the so-called credit channels. The paper then discusses the implications from this...

Persistent link: https://www.econbiz.de/10013224684

Monetary Policy and Short-Term Interest Rates : An Efficient Markets-Rational Expectations Approach

Mishkin, Frederic S. - 2021

efficient markets-rational expectations theory to analyze empirically the relationship of money supply growth and short- term …

Persistent link: https://www.econbiz.de/10013226572

Does Stabilizing Inflation Contribute to Stabilizing Economic Activity?

Mishkin, Frederic S. - 2021

This paper discusses recent economic research that demonstrates that the objectives of price stability and stabilizing economic activity are often likely to be mutually reinforcing. Thus, the answer to the title of this paper--"Does stabilizing inflation contribute to stabilizing economic...

Persistent link: https://www.econbiz.de/10013243960