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Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes

2007
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Release : 2007
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Book Synopsis Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes by : Ozge Senay

Download or read book Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes written by Ozge Senay. This book was released on 2007. Available in PDF, EPUB and Kindle. Book excerpt: The welfare properties of monetary policy regimes for a country subject to foreign money shocks are examined in a two-country sticky-price model. Money targeting is found to be welfare superior to a fixed exchange rate when the expenditure switching effect of exchange rate changes is relatively weak, but a fixed rate is superior when the expenditure switching effect is strong. However, price targeting is superior to both these regimes for all values of the expenditure switching effect. A welfare-maximising monetary rule yields lower output and exchange rate volatility than price targeting for a wide range of parameter values.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

2015-10-23 Business & Economics
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Release : 2015-10-23
Genre : Business & Economics
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Book Rating : 062/5 ( reviews)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund. This book was released on 2015-10-23. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

International Financial Markets' Influence on the Welfare Performance of Alternative Exchange Rate Regimes

2016
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Release : 2016
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Book Synopsis International Financial Markets' Influence on the Welfare Performance of Alternative Exchange Rate Regimes by : Mathias Hoffmann

Download or read book International Financial Markets' Influence on the Welfare Performance of Alternative Exchange Rate Regimes written by Mathias Hoffmann. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt: In this paper Friedmann (1953) and Mundell ́s (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration. In a new open economy macroeconomic framework the paper shows that financial market integration causes a monetary policy trade-off between stabilising domestic goods prices as opposed to stabilising the terms of trade. Therefore, the welfare ranking of different exchanges rate rules changes during the process of international financial integration. It becomes evident that no single exchange rate regime outperforms in stabilising both domestic consumption and output variability in the process of financial market integration.

International Capital Flows

2007-12-01 Business & Economics
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Release : 2007-12-01
Genre : Business & Economics
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Book Rating : 807/5 ( reviews)

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Book Synopsis International Capital Flows by : Martin Feldstein

Download or read book International Capital Flows written by Martin Feldstein. This book was released on 2007-12-01. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Asset Prices and Monetary Policy

2008-11-15 Business & Economics
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Release : 2008-11-15
Genre : Business & Economics
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Book Rating : 127/5 ( reviews)

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Book Synopsis Asset Prices and Monetary Policy by : John Y. Campbell

Download or read book Asset Prices and Monetary Policy written by John Y. Campbell. This book was released on 2008-11-15. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.

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