Similar Search Results

Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Reis, Ricardo - 2010

minimize the length and severity of the recession, would require a stronger commitment to low interest rates for an extended …

Persistent link: https://www.econbiz.de/10012462989

Inflation targeting and private sector forecasts

Cecchetti, Stephen G. - 2009

Transparency is one of the biggest innovations in central bank policy of the past quarter century. Modern central … cause them to overreact to the signals from the central bank, leading the economy to be too sensitive to common forecast …

Persistent link: https://www.econbiz.de/10012463225

How Central Bankers See It : The First Decade of ECB Policy and Beyond

Cecchetti, Stephen G. - 2008

In this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other...

Persistent link: https://www.econbiz.de/10012464158

Crisis and Responses : the Federal Reserve and the Financial Crisis of 2007-2008

Cecchetti, Stephen G. - 2008

Realizing that their traditional instruments were inadequate for responding to the crisis that began on 9 August 2007, Federal Reserve officials improvised. Beginning in mid-December 2007, they implemented a series of changes directed at ensuring that liquidity would be distributed to those...

Persistent link: https://www.econbiz.de/10012464512

Measuring the Macroeconomic Risks Posed by Asset Price Booms

Cecchetti, Stephen G. - 2006

Modern central bankers are the risk managers of the financial system. They take actions based not only on point forecasts for growth and inflation, but based on the entire distribution of possible macroeconomic outcomes. In numerous instances monetary policymakers have acted in ways designed to...

Persistent link: https://www.econbiz.de/10012466123

Do Capital Adequacy Requirements Matter for Monetary Policy?

Cecchetti, Stephen G. - 2005

procyclical impact of bank capital requirements. By contrast, central bankers in Germany and Japan clearly do not act as the …

Persistent link: https://www.econbiz.de/10012466841

What Measure of Inflation Should a Central Bank Target?

Mankiw, N. Gregory - 2002

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of … the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this … that a central bank that wants to achieve maximum stability of economic activity should use a price index that gives …

Persistent link: https://www.econbiz.de/10012469328

Central Bank Policy Rules : Conceptual Issues and Practical Considerations

Cecchetti, Stephen G. - 1997

The design of rules for central bank policy has been a subject of increasing interest to many monetary economists. The …

Persistent link: https://www.econbiz.de/10012472507

Understanding the Great Depression : Lessons for Current Policy

Cecchetti, Stephen G. - 1997

Depression concern the function of the central bank and the financial system. In my view, there is now a broad consensus … supporting three conclusions. First, the collapse of the finance system could have been stopped if the central bank had properly …

Persistent link: https://www.econbiz.de/10012472803

Measuring Short-Run Inflation for Central Bankers

Cecchetti, Stephen G. - 1996

As central bankers intensify their focus on inflation as the primary goal of monetary policy, it becomes increasingly important to have accurate and reliable measures of changes in the aggregate price level. Measuring inflation is surprisingly difficult, involving two types of problems. Commonly...

Persistent link: https://www.econbiz.de/10012473047