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Central Bank Behavior and the Strategy of Monetary Policy : Observations From Six Industrialized Countries

Bernanke, Ben - 1992

intentions to the public; however. no central bank. adheres strictly to targets in the short run. More normatively. the case … some benefits of targeting, as long as there is some commitment by the central bank ultimately to reverse short …

Persistent link: https://www.econbiz.de/10012474897

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/10012461902

Monetary Policy Strategy : How Did We Get Here?

Mishkin, Frederic S. - 2006

-inconsistency problem; 5) central bank independence helps improve the efficacy of monetary policy; and 6) a strong nominal anchor is the key …

Persistent link: https://www.econbiz.de/10012466151

Inflation Band Targeting and Optimal Inflation Contracts

Mishkin, Frederic S. - 2006

In this paper we examine how target ranges work in the context of a Barro-Gordon (1983) type model, in which the time-inconsistency problem stems from political pressures from the government. We show that target ranges turn out to be an excellent way to cope with the time-inconsistency problem,...

Persistent link: https://www.econbiz.de/10012466281

Can Central Bank Transparency Go Too Far?

Mishkin, Frederic S. - 2004

from being too high, and by indicating that the central bank will pursue expansionary policies when output falls very far … will increase support for the central bank's policies and independence, but avoid a focus on the short run that could … interfere with the ability of the central bank to do its job effectively …

Persistent link: https://www.econbiz.de/10012467860

Central Banking Post Crises

Kiley, Michael T.; Mishkin, Frederic S. - National Bureau of Economic Research - 2024

important benefits and is the responsibility of a central bank. Achieving price stability in a complex and uncertain environment … overheating economy. Associated challenges imply that central bank communication and transparency are key elements of monetary …

Persistent link: https://www.econbiz.de/10014512091

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

Estrella, Arturo - 2000

In this paper we rethink the NAIRU concept and examine whether it might have a useful role in monetary policy. We argue that it can, but success depends critically on defining NAIRU as a short-run concept and distinguishing it from a long-run concept like the natural rate of unemployment. We...

Persistent link: https://www.econbiz.de/10012470871

How Big a Problem is Too Big to Fail?

Mishkin, Frederic S. - 2005

the FDICIA legislation of 1991 for improving bank regulation and supervision. However, this criticism of the Stern and …

Persistent link: https://www.econbiz.de/10012466857

Inflation Targeting : Lessons from Four Countries

Mishkin, Frederic S. - 1998

In recent years, a number of central banks have announced numerical inflation targets as the basis for their monetary strategies. After outlining the reasons why such strategies might be adopted in the pursuit of price stability, this study examines the adoption, operational design, and...

Persistent link: https://www.econbiz.de/10012472420

Making Discretion in Monetary Policy More Rule-Like

Mishkin, Frederic S. - 2017

This paper argues that the rules versus discretion debate has been miscast because a central bank does not have to …

Persistent link: https://www.econbiz.de/10012453578