This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of...

1:-On the History of Monetary Policy -- 2.:-An Alternative Model: Stabilizing the Long-Term Interest Rate -- 3:-New Instruments for Monetary Policy -- 4:-Paths to the Fixed-Rate Model – How, Where, and When? -- 5:-Some Supplements -- 6:-On the Governance Structure of Fully Independent Central...

This book critically explores past and present principles of central banking, and outlines a new framework for future stabilization policy. Through compact and concise chapters, it demonstrates why a constant long-term interest rate would be the most beneficial target for monetary policy to...

1. Introduction -- 2. State Intervention and Principle of Proportionality -- 3. Literature Review – Global Economics Leading Up To and Resulting From the 2007 Economic Crisis -- 4. Interventions by Governments -- 5. Research Methods -- 6. Overview of EU Responses to the Global Economic Crisis...

We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian VAR with time-varying parameters estimated over 1958-2012. Our main findings are: (i) The contribution of financial shocks to GDP growth fluctuates from about 20 percent in...