This paper surveys the changes triggered by the financial crisis and the theoretical and practical options for the renewal of the inflation targeting framework. While a comprehensive overview would be impossible to provide, it seeks to present the changes in the monetary strategy of Magyar...

In light of the global financial cycle (GFC), this paper investigates the effectiveness of monetary policy in Brazil since the adoption of the inflation targeting regime. The theoretical section analyses monetary policy from the New Macroeconomic Consensus perspective, emphasizing the...

This paper surveys the changes triggered by the financial crisis and the theoretical and practical options for the renewal of the inflation targeting framework. While a comprehensive overview would be impossible to provide, it seeks to present the changes in the monetary strategy of Magyar...

This BIS Paper discusses lessons provided by the global financial crisis for inflation targeting and financial stability. It contains selected presentations from the BIS-sponsored sessions at two Latin American and Caribbean Economic Association (LACEA) annual meetings: November 2008, in Rio de...

In this paper, we use an estimated DSGE model of the UK economy to investigate perceptions of the effectiveness of monetary policy since the onset of the 2007–08 financial crisis in a number of measures of deflation probability — the Survey of Economic Forecasts, financial-market option...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

This paper studies the evolution of the natural interest rate in five Southeast Asian countries and considers the effect of economic shocks on the natural interest rate in these countries. The natural interest rate is the interest rate that would prevail in an economy in equilibrium and in the...

On September 3-4, 2009, SUERF and Utrecht University School of Economics jointly organized the 28th SUERF Colloquium on "The Quest for Stability" in Utrecht, the Netherlands. The papers contained in this SUERF Study jointly published with DNB and Rabobank are based on contributions to this...

This chapter utilizes the social fabric matrix approach (SFM-A) to provide a detailed description of the Federal Reserve's (Fed's) daily operations and the recent financial crisis. The SFM of the Fed's operations presents the primary components- major norms, institutions, technologies- relevant...