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Monetary Policy Alternatives at the Zero Bound

2004 Deflation (Finance)
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Release : 2004
Genre : Deflation (Finance)
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Monetary Policy Alternatives at the Zero Bound by : Ben Bernanke

Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben Bernanke. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt: "The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset"--Abstract.

Monetary Policy Alternatives at the Zero Bound

2006-03-01
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Release : 2006-03-01
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Kind : eBook
Book Rating : 933/5 ( reviews)

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Book Synopsis Monetary Policy Alternatives at the Zero Bound by : Ben S Bernanke

Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben S Bernanke. This book was released on 2006-03-01. Available in PDF, EPUB and Kindle. Book excerpt: The success of central banks at reducing inflation through lowering interest rates has increased the likelihood that rates could bottom out at zero during a recession. Ben Bernanke--"the nominee to replace Alan Greenspan as Fed Chairman--"and his coauthors look at the effectiveness of unconventional measures available to monetary policymakers "at the zero bound."

Unconventional Monetary Policy and the Federal Reserve

2013 Monetary policy
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Release : 2013
Genre : Monetary policy
Kind : eBook
Book Rating : 378/5 ( reviews)

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Book Synopsis Unconventional Monetary Policy and the Federal Reserve by : Payton E. Dawson

Download or read book Unconventional Monetary Policy and the Federal Reserve written by Payton E. Dawson. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: The "Great Recession" and the ensuing weak recovery have led the Federal Reserve (Fed) to re-evaluate its monetary policy. Since December 2008, overnight interest rates have been near zero; at this "zero bound," they cannot be lowered further to stimulate the economy. As a result, the Fed has taken unprecedented policy steps to try to fulfil its statutory mandate of maximum employment and price stability. Congress has oversight responsibilities for ensuring that the Fed's actions are consistent with its mandate. This book analyses the economic effects of these programs, the current economic context in which these policies have been adopted, policy alternatives that the Fed has not pursued to date and their potential effects, potential legislative options for restricting the Fed's pursuit of unconventional monetary policy, and issues surrounding the eventual "exit strategy" from unconventional policy.

Zero Lower Bound and Monetary Policy in the Euro Area

2008-08 Business & Economics
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Release : 2008-08
Genre : Business & Economics
Kind : eBook
Book Rating : 909/5 ( reviews)

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Book Synopsis Zero Lower Bound and Monetary Policy in the Euro Area by : Lars Protze

Download or read book Zero Lower Bound and Monetary Policy in the Euro Area written by Lars Protze. This book was released on 2008-08. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world try to influence economic activity by altering nominal interest rates which will have an effect on the real rate. However, this is only possible as long as interest rates are above zero. The case of Japan showed that monetary policy was helpless as nominal rates approached zero. This Book starts with an overview of monetary policy with the restriction that interest rates can not fall below zero. Then optimal monetary policy in a low inflation environment is treated. This is done by using a New Keynesian model with sticky prices. Therefore the model and the necessary optimality conditions will be derived (this will be done extensively in the appendix). After deriving the optimality conditions it will be shown how optimal monetary policy will be conducted. To evaluate the outcome of monetary policy a welfare function will be derived. It will be shown how the welfare function to evaluate the outcome of monetary policy is derived from the utility function of the household. As a result it will be shown that a price level target is welfare maximizing although most central banks nowadays use an inflation target instead. Reasons for an inflation target will be shown in the discussion of the model. The second part of the book describes the inflation dynamics in the euro area to see what monetary authority shall do to prevent the economy from falling into the vicious circle of deflation. Two wage contracting models that describe inflation dynamics in the euro area reasonably well will be explained, the Fuhrer-Moore und the Taylor contracting. After showing the optimal policy it will be discussed how severe the zero bound in the euro area is and what policy alternatives are left when monetary policy is restricted. Finally the results obtained will be discussed to see the pitfalls of price level targeting. The large appendix provides the complete derivation of the model and the optimality conditions.

Monetary Policy and the Housing Bubble

2009 Monetary policy
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Release : 2009
Genre : Monetary policy
Kind : eBook
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Book Synopsis Monetary Policy and the Housing Bubble by : Jane Dokko

Download or read book Monetary Policy and the Housing Bubble written by Jane Dokko. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt:

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