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Monetary policy and global spillovers: mechanisms effects and policy measures: an overview
The global economy of today 'is a small world after all.' The high degree of international trade integration and financial interconnectedness has created tight linkages across most countries even between countries that may be very distant geographically or that may not have significant trade or financial ...
Macro-prudential policy and the conduct of monetary policy
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low ...
Monetary policy under uncertainty and learning: an overview
Central bank economists and academic economists conducting research on the design of monetary policy have made significant advances in recent years. This work has led to a clearer understanding of the desirable properties of interest rate rules, the role of announcements and communication, and the ...
Central banks going long
Long-term interest rates have for long played an ambiguous role in the operation of monetary policy. The Federal Reserve Act of 1913 that created the Federal Reserve set the monetary policy objective to be: '... to promote effectively the goals of maximum employment stable prices and moderate long-term ...
Short-term interest rates and bank lending terms: evidence from a survey of U.S. loans
The long period of low interest rates that followed the global financial crisis has rekindled interest in how short-term interest rates affect bank behavior. In particular it has led to a debate on how low policy rates influence bank risk-taking. This risk-taking channel of monetary policy corresponds ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Expectations, learning and monetary policy: an overview of recent research
The conduct of monetary policy in terms of interest rate or other rules has been extensively studied in recent research. This literature gives a central role to forecasts of future inflation and output, and the question of whether monetary policy should be forward- ooking has been subject to discussion ...
Negative interest rates: lessons from the Euro area
In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing package ...
Fiscal multipliers and policy coordination
This paper is about an economy in a liquidity trap that is an environment with a zero nominal interest rate deflationary pressures and subpar growth. The paper shows two fiscal policy multipliers in a relatively standard New Keynesian liquidity trap economy with taxation costs. It computes real ...
Interest rate policies banking and the macroeconomy
The debate over the effectiveness of monetary policy often centers around the benefits of low interest rates as a stimulus for the real economy. The idea is that low interest rates encourage spending either in the form of consumption or investment and this promotes employment and production. The ...