, there is also an emphasis on how monetary policy should integrate climate change and environmental considerations. This paper aims to examine the various ways central banks are addressing these issues....

What is the relation between monetary policy and financialstability policy? How can they be distinguished? How similar or different are they? Should they have the same or different goals? How should they be conducted? Should they be coordinated or conducted separately? Should they be conducted by the ...

This volume collects some of the papers presented at the XXV Annual Conference of the Central Bank of Chile, which took place in November 2022 in Santiago, Chile.1 The theme of the conference was Heterogeneity in Macroeconomics: Implications for Monetary Policy. The main objective of this conference ...

, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social...

This volume collects some of the papers presented at the XXVI Annual Conference of the Central Bank of Chile, which took place in November 2023 in Santiago, Chile.1 The theme of the conference was Implications of Climate Change and Ecosystem Services Degradation for Macroeconomic and Financial ...

With the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean ...

. Whether during the Global Financial Crisis, through individual country slumps, or at the trough of the pandemic recession, independent central banks were typically part of the solution rather than part of the problem. Attacks on the independence of a...

Sixty years ago, Milton Friedman questioned the usefulness of the optimal control approach because of policymakers’ imperfect knowledge of the economy and favored instead a simple rule approach to monetary policy (1947, 1948). These are still live issues, despite the development of powerful techniques ...

their power or remit. These include everything from enhanced financial regulation to quasi-fiscal policy to mitigating economic inequality. Some recent populist proposals appear to be based on the presumption that central banks can issue large quantities...

Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed...