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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

Is Monetary Policy Effective During Financial Crises?

Mishkin, Frederic S. - 2009

fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to …

Persistent link: https://www.econbiz.de/10012463969

Will Monetary Policy Become More of a Science?

Mishkin, Frederic S. - 2007

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 "scientific principles". However, there remains, and will...

Persistent link: https://www.econbiz.de/10012465081

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

Mishkin, Frederic S. - 2001

One decade of inflation targeting in the world offers lessons on the design and implementation of inflation targeting …

Persistent link: https://www.econbiz.de/10012470323

Prudential Supervision : Why Is It Important and What are the Issues?

Mishkin, Frederic S. - 2000

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/10012470811

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 2000

Persistent link: https://www.econbiz.de/10012470870

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 1999

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...

Persistent link: https://www.econbiz.de/10012471842

Strategies for Controlling Inflation

Mishkin, Frederic S. - 1998

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/10012472421

Preventing Financial Crises : An International Perspective

Mishkin, Frederic S. - 1994

In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what...

Persistent link: https://www.econbiz.de/10012474300

Are Real Interest Rates Equal Across Countries? An Empirical Investigation of International Parity Conditions

Mishkin, Frederic S. - 1982

economy models which allow: 1) domestic real rates to differ from world rates, 2) time varying risk premiums in the forward … monetary authorities have no control over their real rate relative to the world rate, limiting the impact of their … policy makers to exertsome control over their domestic real rate relative to those in the rest of the world. However, the …

Persistent link: https://www.econbiz.de/10012478057